Puma I

In 1996 we established Puma I to invest in fast growing development capital opportunities, including companies preparing for flotation in the future as well as quoted companies.

The fund allowed us to participate directly in some of our best investment recommendations, and also provided equity backing for a selection of private companies with attractive ideas and businesses but which were not yet ready for flotation.

Puma I's annual internal rate of return to investors, after all costs and charges, was 76% per annum from its inception in May 1996 to liquidation of all its investments in September 2000.