b'wwStrategic report Governance Financial statementsIndicator How it was measured PerformanceThird-party funds Measured in terms of fundc.658mmanagement contracts securedunder management and under active management(FuM) 2020 c.658m2019 c.381mThe FuM increase was mainly due to the acquisition of the VCT fund management contracts, offset by distributions to fund investors and fair value impairmentsInvestment realisation Measured in terms of the 0.0mcash proceeds received from proceeds receivedrealised investments2020 0.0m2019 0.0mNo cash realisations were completed during the year, although external interest in the Groups direct investments is increasing.Post year end 4.8million was received from the sale of The Native Antigen CompanyRevenue Measured in terms of all 12.7mrevenues derived from bothfund management and direct investing activities 2020 12.7m2019 10.7mThe Groups revenue increase was largely derived from the acquisition of the VCT fund management contractsNet revenues/ Measured in terms of total 0.1mrevenues less all staff and (expenses) administrative expenses2020 0.1m2019 (1.4)mIn 2020 the Group reached the turning point where its total revenues exceeded its total operating costsNet asset value Measured in terms of the Groups32.1pconsolidated balance sheet net per share assets divided by the number of shares in issue at the year end 2020 32.1p2019 41.6pThe Groups net asset value per share reduced due to the dilutive impact of the placing in December 2019 and the near-term impact of the COVID-19 pandemic on the direct investment portfolio valuationMercia Asset Management PLC 23Annual Report and Accounts 2020'