IP Group says it has no exposure to SVB

IP Group said it had no relationship with the failed US tech investors Silicon Valley Bank or its UK arm.

IP, which invests in science and innovation companies said it had "no direct deposits, credit facilities or other relationships with the collapsed lender.

"As announced last week, IP Group has a strong balance sheet and as at 31 December 2022 had gross cash and deposits of £241.5m and total potential liquidity (including quoted shares and undrawn debt) of over £500m," IP said in a statement.

"While we continue to monitor the response to the situation, we have evaluated our portfolio and are working closely with the small number of portfolio companies that may require short term liquidity. Our strong financial position means we are well placed to support our portfolio."

Reporting by Frank Prenesti for Sharecast.com