The Aztec Group, an independent fund and corporate services provider, has assisted the Dementia Discovery Fund (DDF) with its final close and will continue to support the fund during its administration.
Alzheimer's
Initially launched in 2015, the DDF is a specialist fund that provides venture finance for companies developing new medicines for dementia. It was formed through a collaboration between leading pharma companies, the UK Department of Health and Alzheimer’s Research UK.
Bringing together funding from the private sector, charity and industry, the DDF already has a portfolio of 16 investments in drug discovery companies and projects. It recently passed the £130 million target after receiving a personal investment of $50 million from Bill Gates (Microsoft co-founder and philanthropist). The fund reaches its final close at £250 million.
In relation to the ongoing administration of the fund, the Aztec Group will support through multiple activities, including financial reporting, investor reporting and complementary corporate services. The administration of the fund will be performed from the Aztec Group’s Southampton office and will be led by the director of the group, Jim Whittingham.
“We’re delighted to support such an exciting and, above all, worthy investment initiative intent on tackling a disease that is estimated to affect around 50 million people worldwide,” commented Edward Moore, CEO, the Aztec Group. “There is certainly a growing appetite for impact investing, where investors can make a social impact alongside a financial return, and the DDF is a great example of this. The Group is naturally proud and excited to be involved and to be given the opportunity to offer the fund our expertise and experience in this specialist field.”
“We have a long-standing presence in the UK, supporting over 70 UK-based managers with their onshore administration requirements,” stated Whittingham. “To be selected to administer this remarkable fund is a huge endorsement of our credentials in the UK market and we look forward to developing the excellent relationship we already have in place between the two teams.”