More than just an academic interest...

private equity from universities

What do the names PowderJect, Aim-listed Celoxia, Oxford BioMedica and Oxford Instruments have in common?

They have all been spin-outs from leading UK universities. The secondary connection, however, is that such businesses have made their early stage investors - business angels and venture capitalists including hedge funds - some handsome returns.

With more hedge funds getting involved further down the 'liquidity curve,' and even though the initial outlays required by such start-ups may be s