Ian Barbour

IQ Capital has secured a £50m cornerstone commitment from the British Business Bank for its new Fund V, extending a partnership that now spans seven funds and nearly two decades. Founded in 2005 and based in Cambridge and London, IQ Capital focuses on deep tech spanning AI, semiconductors, advanced energy, bioengineering and security. The latest commitment reinforces the UK government’s strategy of backing science-led venture capital to address a persistent scale-up funding gap. Under Managing Partner Max Bautin, the firm has grown to over £1bn in assets under management and supported more than 250 founders, with portfolio companies including Thought Machine, Paragraf, Cambridge GaN Devices and CyberSmart, alongside exits to Apple, Meta, Google, Siemens and Qualcomm. The investment highlights the role of patient, specialist capital in converting the UK’s research strength into globally competitive deep-tech companies, particularly in areas with long development cycles and strategic importance to national resilience and industrial capability. #deeptech #venturecapital #UKtech #AI #semiconductors

1

Further broad coverage has followed Seraphim Space Investment Trust’s latest RNS outlining valuation uplifts across its four largest holdings. In This Is Money, Jeff Prestridge referenced SSIT’s performance and recent portfolio momentum following his three years as an investor. https://lnkd.in/eXJ3c2qn In interactive investor, Ian Cowie highlighted the trust’s share price appreciation and the strategic relevance of its defence-related space exposure. https://lnkd.in/etiqyH68 #SeraphimSpace #DualUse #SpaceTech #DefenceTech #SpaceEconomy

40

2 Comments

Great to see Seraphim Space Investment Trust covered in MoneyWeek, where it was called 2025's best-performing investment trust. The article reviews recent performance, including the move from a discount to a premium to net asset value, alongside increased investor interest. It also highlights the trust’s role in providing public market access to private space companies in a sector with a limited number of pure-play opportunities, and outlines key portfolio developments. Thanks to Rupert Hargreaves for the piece. Read it here: https://lnkd.in/etrxR7-M (Forward-looking statements are based on assumptions and subject to change. Past performance is not indicative of future results, and actual outcomes may vary due to market and operational conditions.) #SeraphimSpace #DualUse #SpaceTech #SpaceEconomy #VentureCapital #DefenceTech

61

1 Comment

UK Investor Group Forms to Highlight the Importance of Good Governance "The Governance for Growth Investor Campaign (GGIC) warns that the British government’s sweeping overhaul of listing rules in its bid to try and attract more innovative and high-growth companies to UK has watered down longstanding shareholder rights that will ultimately dent investor enthusiasm." This effort is laudable but at least part misses a fundamental point. They are trying to take action for better governance in the context of the current public company governance model when what is really needed is a radical change to the model itself. If you want improvement, then this should begin with defining the governing objective as optimizing capital allocation and maximizing operating performance and longer-term shareholder value. Increasing "transparency" etc. is all well and good but will not move the needle in a material way. #corporategovernance #governancearbitrage #newgovernancemodel https://lnkd.in/g-U473ZH

7

They say "Talent compounds".... So does capital! It was a pleasure for VirtualNonExecs.com to work with the team at Stack BTC PLC (Aquis Stock Exchange) to appoint VNXD members Ray Christopher and David Galan to the board. Two seriously heavyweight operators. Ray Christopher has spent 25+ years managing multi-billion-pound balance sheets for companies like Amazon, Dell, Regus and Alliance Boots, executing over £10bn of global capital markets transactions and helping fund Amazon’s early international expansion. David Galan brings a rare blend of public market, IPO and operational leadership, having led transactions totalling $1bn+, including scaling businesses through to Nasdaq listings and turning around #AIM-listed companies. Now Stack has announced strategic equity investment from Nigel Farage and Blockchain.com as it builds what it describes as the UK’s leading Bitcoin treasury company. It’s an interesting model: 👍 Acquire strong UK operating businesses, while steadily growing a Bitcoin treasury reserve. 👍 A new type of public company for the digital monetary era. At VirtualNonExecs we love working with ambitious, tech-driven businesses like this. When exceptional founders combine with exceptional operators… Momentum follows. Paul Withers Mike Critchley Gary Cain David C. Andrew Hughes Michael Wain BA (Hons) Millie Egan Emma Brown Laura Archbold Elizabeth Gooch MBE Tom Yates #Virtualnonexecs #Bitcoin #Success

19

The London Metal Exchange has opened a consultation to make its temporary front-month lending rule permanent amid persistently low warehouse stocks. The proposal would refine the rule with tiered thresholds tied to stock levels, aligning it with Tom-Next lending limits, as the LME continues broader market reforms including electronic options trading slated for late 2026.

1

Pleased to share that RCK Partners have partnered with the Nuclear Industry Association. The NIA plays a key role in supporting energy security, and economic growth. The partnership connects us with an exciting network of companies and policymakers who are shaping the future of nuclear energy! Both RCK & NIA have a shared connection in Lord Iain McNicol. Iain is Chair of the NIA and also a Non-Executive Director to RCK.     At RCK Partners, we understand the unique challenges businesses within the Nuclear sector face when claiming R&D tax credits. Through this collaboration, we’ll provide tailored support to help NIA members, helping them make informed decisions, and confidently drive innovation within their organisations. 

14

I’m having more and more conversations with offshore investors who are looking for something a bit more specific than traditional asset classes. The AANZ Fund is a great example of that - giving exposure to the aviation sector through a structured New Zealand investment while also meeting Active Investor Plus Visa requirements. It’s a really interesting shift towards more specialised, high-quality opportunities. AANZ has liquidity, is asset backed and has quarterly distributions for investors who want income on the way through their AIP investment. Happy to have a conversation if this is of interest.

18

When we started building Zest Equity, the goal was simple: create an infrastructure layer that makes private transactions transparent and more efficient for everyone involved: dealmakers, investors, and partners alike. With the launch of Zest Arrange and Zest Escrow, alongside our SPV capabilities, we are strengthening that foundation. Regulation and digital execution are not just about speed, they are about alignment, governance, and providing visibility to all parties throughout the lifecycle of a deal. As private markets across MENA continue to attract global capital, trust becomes the real currency. Our focus has always been to build systems where clarity replaces ambiguity, and where every stakeholder can transact with confidence. Grateful to our clients and partners who continue to build with us.

28

1 Comment

The stock looks so undervalued to its peer group and when good drill results emerge it will catch up

19

One year in to my investing journey with Blackworks Capitals first fund and quite pleased with the results. We finished our first full year of investing gaining 45.3% net of fees, more than doubling our S&P500 benchmark. As I move in to 2026 the focus remains on improving the systems, managing risk, growing the business, and finding new rivers to go fly fishing on. The last part being of critical importance to the first three. Reflecting on the last year is bittersweet. It’s been a year of personal struggle and personal growth but for once in my career I’ve found a balance between my professional endeavors and my personal enjoyment of life. I’ve found in that balance I’m better at both. I’m very much looking forward to the rest of the year, got a lot planned for the company and a lot planned in life. As for the company, if you are interested in following along, check out the company page and sign up for the monthly investor letter I write talking about how everything is going and my thoughts on the market.

15

3 Comments

This comes at a key moment to help shape investment in space - to protect our national interests, project our industrial strengths and promote UK and the City.

3

I wonder if Kelvin Capital’s launch of the Catalyst Fund reflects a broader opportunity in backing established, EBITDA-positive UK businesses at inflection points such as succession, ownership transition, and strategic expansion. The combination of a new platform with an existing investment track record of more than £150 million since 2009 suggests a deliberate move toward supporting mature SMEs through their next phase of growth. #PrivateEquity #GrowthCapital #UKSMEs

1

✨ Game Changers – Collaboration in Action ✨ As CEO of FIS360 Ltd, I am delighted to see this year’s Sellafield Ltd Annual Research, Development & Innovation Review highlight the positive impact of the Game Changers open innovation programme. Since day one, FIS360 has designed and delivered Game Changers in partnership with Sellafield Ltd. Shaping challenges, connecting to global networks of innovators, and guiding the development of solutions that make a tangible difference. This year alone, through Game Changers, we have delivered two breakthroughs: ▪️The UK’s first autonomous HGV drive on the Sellafield site ▪️Camdroid, a breakthrough inspection tool unlocking access to some of the Sellafield site’s most difficult-to-reach areas These projects improve safety, accelerate decommissioning, and save millions for the UK taxpayer – proof of the power of open innovation in action. At FIS360, our skill is in bringing people together, providing independent project management and guidance, and creating the conditions where innovation can thrive. It’s a privilege to see the positive impact Game Changers is having – not just at Sellafield, but across the NDA Group and beyond. Find out how a tailored Open Innovation programme from FIS360 could help support your business: https://bit.ly/44nxAbh #GameChangers #Sellafield #Nuclear #Decommissioning #OpenInnovation #Collaboration #FIS360Ltd

28

2 Comments

In this episode of the SRI360 Podcast, I sit down with Ben Guest, the seasoned Managing Director of Gresham House New Energy Division, which invests in a portfolio of utility-scale, operational battery energy storage systems in the UK. With a remarkable 29-year career spanning infrastructure, technology, public equities, and venture capital, Ben brings a wealth of experience to the table. Having been a pioneer investor in battery energy storage since its early developmental stages, his expertise in sustainable energy investing is refreshing. Ben's global upbringing, with roots in Argentina and Africa, as well as educational experiences in France, Japan, Sweden, and the UK, adds a unique perspective to his journey. Tune in as Ben guides us through the intricacies of investing in the renewable energy sector in the UK and some lessons we can take from it. 🎧 Don't miss the conversation! https://lnkd.in/ePX6N8pu #renewableenergy #batterystorage #sustainability #EnergyTransition #EcoFriendlyInvestments #CleanEnergyRevolution #CleanEnergyFinance #BenGuest #SRI360

1

2 Comments

UK AI infrastructure startup Nscale has raised $2 billion in Series C funding at $14.6 billion valuation, and plans for IPO in 2026.  Nscale was launched in 2024 by founder Josh Payne.  Nscale investors include Sandton Capital Partners, Kestrel 0x1, Blue Sky Capital Managers, Florence Capital, Blue Owl Managed Funds, Dell, Lenovo Fidelity Management & Research Company, G Squared, Nokia, Point72, T.Capital, Astra Capital Management, Citadel, Dell, Jane Street & Linden Advisors. https://lnkd.in/gqCC6Fyw

1

Issue #3 of the Vertis Credit Observer is posted this week. We look at the UK AltNet sector. The investment narrative of 2019 to 2023 was almost entirely a build story. The focus has since shifted to monetisation. Whether that shift came in time is the subject of this issue. We also sat down with the CEO behind one of the sector's few successful exits to ask what the rest of the industry can learn from the cycle. Nicolas Razzouk is holding the pen on this one. Subscribe so you don't miss it. https://lnkd.in/dw6sQdpx

17