An investment company led by a Fife-based serial entrepreneur has been admitted onto London’s alternative investment market after raising almost £8 million.
Recently-formed Intuitive Investments Group will specialise in the life sciences sector and aims to deliver a return to shareholders of 20% per annum.
Founded by serial entrepreneur David Evans, the investment objective of the company is to generate capital growth over the long term through investment in a focussed portfolio of fast growing and high potential life sciences businesses.
The portfolio will stretch across pharmaceuticals, diagnostics and healthcare along with related tools and technologies.
Businesses operating predominantly in the UK, wider Europe and the US will be key to the group’s investments.
Mr Evans founded Intuitive Investments Group after an approach by a London-based organisation to set up an investment company given his long-standing presence in the life sciences and diagnostic sector.
He said: “It was too good an opportunity to turn down and I’m very excited by the opportunity to build something of significance in the sector.
“This is the first step in building an investment company that can make a return for shareholders and do some good.
“Having reached the age of 60, I felt it was a good way of book ending my career as I had started in the sector in the 1980’s with Tayside Enterprise Board which had been set up to invest in early stage companies in the area.”
Joining Mr Evans at the group are Malcolm Gillies, who holds a number of directorships including Collagen Solutions and Plasmox, Cormack Kilty, founder of Biotrin International and Colin Willis, managing director of Hotspur Development Capital.
The group also has a five-strong advisory panel.
Mr Evans said: I have gathered together a group of people who I think present a well-balanced board and advisory team with extensive experience in the whole life sciences sector.”
The group has already made significant progress with two potential investments, one in the UK and one in America.
The group is not currently looking at businesses in Dundee, which has seen a number of successful life science university spin outs, including Exscentia from Dundee University.
However, Mr Evans said he continued to have a strong network in the city and would look at any opportunities that arose.
The group is currently evaluating several opportunities across the broader Scottish context, but is “geography, stage and sector agnostic” ultimately looks at an opportunity on the impact and return it is going to make.
“I don’t claim to have any midas touch – you can have all the data and spreadsheets in the world, but they are not going to tell you if something is going to be successful or not.
“I’ve built a gut feel over a long period of time for what is likely to work and what isn’t and the name of the company, Intuitive, sums up my investment style and decision making which is a combination of the rational and emotional.”
The group points to the life sciences sector as a “compelling investment opportunity” with a global market with ceaseless research and innovation.