Parkwalk EIS Funds

Parkwalk EIS Funds have invested in over 100 companies, which have raised in excess of £1bn of funding between them since 2010 and over 1,000 patents protect their technology and processes. As of Q2 2019 the Parkwalk Funds are approximately invested 55% in seed/series ‘A’ and 45% in series ‘B’, ‘C’ or AIM-listed companies. The University of Cambridge Enterprise Funds, University of Oxford Innovation Funds and the University of Bristol Enterprise Funds generally comprise earlier stage investee companies.
Below is a snapshot of the Funds' performance to date.

  • Tax
  • 2010/11
  • 2011/12
  • 2012/13
  • 2013/14
  • 2014/15
  • 2015/16
  • 2016/17
  • Realised
  • 1.82x
  • 1.30x
  • 0.67x
  • 0.55x
  • 0.63x
  • 0.48x
  • Unrealised
  • 0.43x
  • 0.44x
  • 1.11x
  • 1.21x
  • 1.55x
  • 1.84x
  • 1.41x
  • Total
    % Return
  • 2.24x
  • 1.74x
  • 1.77x
  • 1.76x
  • 2.18x
  • 2.31x
  • 1.41x
  • Total % Return inc.
    EIS Reliefs & Fees
  • 2.55x
  • 2.11x
  • 2.15x
  • 2.01x
  • 2.43x
  • 2.67x
  • 1.74x

Valuations as of 21st May 2019, on all investments made across all Funds per tax year
Past performance is no guide to future performance

Realised Return is cash returned to investors per £ invested (including loss relief if applicable)
Unrealised Return is value of the balance of  the portfolio including escrow and potential earn-outs on exits
Performance figures exclude performance fees
For details of the basis on which fees are charged to the Funds, see the Funds’ prospectuses
Please contact Parkwalk for monthly historical data for each Funds’ performance

  • Parkwalk Fund
  • Cambridge Enterprise Fund I
  • Cambridge Enterprise Fund II
  • Cambridge Enterprise Fund III
  • Cambridge Enterprise Fund IV
  • Cambridge Enterprise Fund V
  • Cambridge Enterprise Fund VI
  • Oxford Innovation Fund I
  • Oxford Innovation Fund II
  • Oxford Innovation Fund III
  • Oxford Innovation Fund IV
  • Bristol Enterprise Fund I
  • Bristol Enterprise Fund II
  • Bristol Enterprise Fund III
  • Fund Launch Date
  • Q2 2013
  • Q3 2014
  • Q1 2015
  • Q1 2016
  • Q1 2017
  • Q4 2018
  • Q1 2014
  • Q1 2015
  • Q1 2016
  • Q4 2017
  • Q1 2016
  • Q1 2017
  • Q1 2019
  • Status
  • Part Exited
  • Part Exited
  • Part Exited
  • Fully Invested
  • Fully Invested
  • Investing
  • Part Exited
  • Part Exited
  • Fully Invested
  • Investing
  • Fully Invested
  • Fully Invested
  • Open to Investors
  • Gross NAV
  • 229.6%
  • 295.7%
  • 301.4%
  • 223.9%
  • 125.1%
  • 98.4%
  • 230.6%
  • 163.6%
  • 169.9%
  • 104.3%
  • Net NAV
  • 267.9%
  • 341.5%
  • 355.2%
  • 258.5%
  • 144.3%
  • 115.0%
  • 268.4%
  • 188.8%
  • 196.4%
  • 120.5%

Gross NAV is £ value per £ invested (including loss relief if applicable)
Net NAV includes initial tax relief (and loss relief if applicable) and is stated after the deduction of initial and annual fees and excludes performance fees

Exits & IPO’s

As of Q2 2019, Parkwalk have achieved twenty exits. Three portfolio companies have had extremely successful trade sales, two exits were generated through secondary sales and four of our portfolio companies have successfully listed their shares on the Alternative Investment Market of the London Stock Exchange (AIM) – Itaconix (formerly called Revolymer), Horizon Discovery, Mirriad and Xeros.

Parkwalk have also exited the Tracsis plc and Horizon Discovery plc holdings and part-exited the Xeros holding for multiple returns.

In total six of our current portfolio companies are AIM-listed.

Parkwalk invested in Tracsis plc in May 2011 at 45p per share (31.5p net of tax reliefs). In June 2014 we exited our holding in a single block trade at 308.5p, representing a nearly 10x tax-free uplift in just three years and two days. Read more here.

The cash return to investors was significantly more than their entire subscription into the UK Tech Fund II. Several of the Fund’s other portfolio companies are also showing progress.

Parkwalk exited Horizon Discovery in May 2017 having invested in May 2013. The exit generated a 2.36x return (3.37x inclusive of initial tax reliefs) for our investors.
Having invested in a private funding round, Horizon had a successful IPO in March 2014, raising £40m to list with a market capitalisation of £120m.

Parkwalk invested in Eykona in September 2010. In Q1 2014 the company entered into solvent, voluntary liquidation. Parkwalk investors received preference shares in Fuel-3D, a new company formed to exploit the IP generated by Eykona in 3D scanning. Investors also received loss relief on their Eykona investment even though the overall cash return to investors in the UK Tech Fund I is positive.
Parkwalk invested in Itaconix (then named Revolymer) in April 2011, and the company successfully raised £25m when it listed on AIM in July 2012 at a small uplift to our original investment level.
Parkwalk invested in Reinnervate in December 2010, and after a further funding round the company was sold to Reprocell of Japan in July 2014 for a loss. Parkwalk investors received loss relief on their investment even though the overall cash return to investors in the UK Tech Fund II is positive.
Parkwalk first invested in Xeros in October 2010, at 33.0p per share equivalent (26.4p net of initial tax relief). In September 2014 we part-exited for the UK Tech Fund I, returning to investors more than the total cost of their investment in the Fund in under four years.

The UK Tech Funds I and II have now both returned more to investors in cash than the cost of their investments into each Fund.

Parkwalk invested in Clean Air Power in 2013 and 2014. In September 2015 the company’s assets were sold and Parkwalk investors received negligible value. Parkwalk investors received loss relief on their investment.
Parkwalk invested in Mode Diagnostics in May 2012. In Q1 2016 the company was voluntarily struck-off and its assets were sold for a nominal sum.
In September 2015 Vocal IQ was acquired by a large US tech company.
The transaction is subject to a non-disclosure agreement, however it led to a (many) multiple return to Parkwalk investors.
The Parkwalk-managed University of Cambridge Enterprise Fund III invested in Reduse in June 2015. In October 2016 the company entered voluntary liquidation.
In June 2016 Cambridge CMOS Sensors was acquired by ams AG. Transaction details are confidential but the exit generated a multiple return for Parkwalk investors across multiple Funds, and may increase substantially subject to certain milestones.
In August 2017 Navetas was acquired. Transaction details are confidential but if an earn-out is achieved Parkwalk investors will receive c. 85% of their investment cost back over a four year holding period.
In September 2017 Parkwalk sold its holding in First Light Fusion for a double digit multiple return after investing in 2011 and 2013.
In August 2018 Parkwalk sold its holding in Quethera to Astellas Pharma Inc. for up to £85m in upfront and contingent payments, resulting in double digit multiple returns for Parkwalk investors in the University of Cambridge Enterprise Fund III.

Past performance is no guide to future performance. Projections and forecasts are also not a reliable indicator of future performance. The performance of a fund can fall as well as rise. Investors may receive back less than originally invested. An investment in smaller and unquoted companies carries a higher risk than many other forms of investment. Shares in unquoted companies are highly illiquid and as such there may not be a readily available market to sell such an investment. Tax treatment depends on the individual circumstances of each investor and may be subject to change. Investments referred to in this website are not suitable for all investors. Interested parties are strongly recommended to seek specialist financial and tax advice before investing in any Parkwalk product. Any investment in a Parkwalk product must only be made on the basis of the terms of the full Information Memorandum. Parkwalk is not able to provide advice as to the suitability of investing in a Parkwalk product.