b'Strategic report Governance Financial statementsRyan CawoodCEO, OXGENE.Jocelyne BathCOO, OXGENE.Portfolio developmentsNet assets 17.5million gross invested into 18 portfolio companies during the year including one new direct 141.5m investment, One Touch Apps, t/a Clear ReviewNet fair value decrease of 15.8millionnear-term 2019: 126.1m COVID-19 impact (2019: 3.9million increase) Unrestricted cash Direct investment portfolio decreased to 87.5million (2019: 87.7million) 30.2m 12 portfolio companies received new investmentWoodall Nicholson from external investment partnersGroup 2019: 29.8m Notwithstanding COVID-19 impact, continuingThe Group completed its underlying commercial progress made by a numberhighest value PE fund exit so far, having sold a Revenue of portfolio companies including nDreams, whichstake in Woodall 12.7m continues to be the Groups largest direct investment Nicholson Group Limited at a multiple of 2019: 10.7m 9.6x the original Operational highlights investment. Direct investment portfolioThird-party FuM increased to c.658million (2019:See more on 87.5m c.381million) contributing 11.7million in revenuepage 32FuM increase largely reflects the acquisition of2019: 87.7m NVM VCT fund management business that added c.250million in managed funds Net revenues Venture FuM c.476million (2019: c.224million)0.1m Private equity FuM c.60million (2019: c.61million)Debt FuM c.122million (2019: c.96million)2019: 1.4m net expensesMercia Asset Management PLC03Annual Report and Accounts 2020'