Last week, I had the pleasure of attending an outstanding event hosted by the Pioneer Group at the newly redeveloped Victoria House in London. As the investment manager of the Pioneer Life Sciences EIS Knowledge Intensive Fund, which Sapphire manages, this was an invaluable opportunity to hear first-hand from some of the UK’s leading voices in life sciences, innovation, and policy, and to see where the next generation of companies will grow.

The day marked the launch of a major new report commissioned by Pioneer Group and The Crown Estate, asking a fundamental question: what would it take to replicate Oxford’s world-class science commercialisation model across the rest of the UK? Part One of the report, unveiled last week, focused on access to capital, with Part Two due to explore venture building, infrastructure, talent, and ecosystem development.

“A Once-in-a-Generation Opportunity”

The panel, chaired by Toby Reid (Executive Director, Pioneer Group), featured:

• Danuta Jeziorska, Uncover Therapeutics – CEO and Founder (previously CEO and Founder of Nucleome Therapeutics)
• Alex Hammacher, Head of Strategic Operations & Corporate Finance, Oxford Science Enterprises
• Steve Bates, Chief Executive Officer, BioIndustry Association
• Robin Martin, Head of Investment Strategy and Research (Real Assets), L&G

As one speaker put it:

“Universities must convert their innovation into real-world impact if they’re to remain relevant now.” 

The report made a compelling case for national ambition. If the Oxford Science Enterprises (OSE) model were applied nationally, it could:

• Mobilise £15 billion of capital over ten years.
• Unlock £27 billion of early-stage co-investment.
• Double the number of spinouts created.
• Support the creation of 56,000 new jobs.
• Deliver a total return of £85 billion to 320 billion to the UK economy.

Building the Continuum of Capital

Alex Hammacher of OSE spoke candidly about the challenge of scaling:

“We’ve raised £850 million, invested in nearly 70 core companies, and delivered £700 million worth of exits. But we haven’t returned a penny to shareholders, everything is reinvested back into the portfolio. It’s about compounding success.”

However, he also acknowledged the structural issue many spinouts face:

“Each time we’ve sold a business, we hear: you sold too early, you sold for too little, you didn’t keep it in the UK. And those are fair criticisms. But when capital requirements quadruple or 5x and there isn’t a strong enough UK co-investor base, you are almost pushed into a sale.” 

• “69% of UK research takes place outside the Golden Triangle”.
• “But attracts less than 15% of venture capital”.
• “With companies on average raising three times less”.

Steve Bates commented that this gap represents both a challenge and an opportunity:

“...if we can better connect capital to regions outside Oxford, Cambridge and London, we could transform local economies and retain more intellectual property in the UK."

Mobilising UK Capital

The panel also discussed the need to engage UK pension funds more fully in this effort. Robin Martin of L&G emphasised that defined contribution pension schemes could become a vital part of the solution, but the industry must improve transparency and create investment vehicles that are scalable and risk-managed.

One speaker summarised the issue memorably:

“I’m just making opportunities that only those overseas will invest in. My challenge is not the scientists, not the universities, it’s that the money in Britain is not supporting Britain’s growth.”

Victoria House: A Hub for Innovation

After the panel, we were taken on a guided tour of the newly redeveloped Victoria House, and it was superb. The building is not just office space but a hub for collaboration, providing high-quality lab space, offices, and communal areas that bring together academics, entrepreneurs, and supporters.

Glenn Crocker, the Executive Director at The Pioneer Group, explained to us that the building represents more than bricks and mortar, but is a place where ideas will take shape, where businesses will grow. We all hope that discoveries will be made that will change lives.

“Victoria House is intended to be a national asset. As well as providing laboratories and offices for life science companies in London, it is rapidly becoming a place to meet and bump into people in the industry from across the UK and beyond. We know we will have succeeded when we start hearing the stories about chance encounters at Victoria House that have led to amazing successes.” 

Walking through the space, I could see firsthand how this environment will help companies progress from early proof-of-concept to commercial scale. The atmosphere was vibrant, and it was clear that this was much more than a building; it was a community.

Meeting the Companies

A highlight of the day was meeting several of the companies backed by the Pioneer Life Sciences EIS Knowledge Intensive Fund. My colleague, Ben McMeekin, joined me as we toured the building and spoke with founders.

We met companies working on breakthrough science, including those developing cutting-edge immunology testing platforms, such as ImmuONE, which uses advanced in vitro models to make lung research safer and more predictive, as well as Neobe Therapeutics, Nunabio, and Microneedle Solutions, which are all focused on diagnostics and therapeutic development. Hearing directly from these teams about their progress and ambitions was inspiring and reinforced the importance of providing them with the capital and environment to succeed.

Reflections

The message I took away from the day was clear: the UK has the science, talent, and ambition to lead globally, but must continue to strengthen the infrastructure and capital base needed to support growth. As one panellist put it:

“We have created a high-quality problem – now we must solve it.”

Leaving Victoria House, I felt encouraged. The facilities are world-class, the discussion was honest and constructive, and the opportunity for UK innovation remains significant. The next decade will be critical, and events like this remind us that collaboration between investors, universities, policymakers, and entrepreneurs will be essential to unlocking the country’s full potential.

Next Steps:
If you would like to find out more about Victoria House or inquire more about how to set up an investment fund, pricing, and options, fill out this form, and we will be in touch right away.

Below is a video summary of this article.