b'Mercia Asset Management PLC101Annual Report and Accounts 202119. InvestmentsThe net change in the value of investments for the year is an increase of 8,749,000 (2020: 188,000 decrease). The table below reconciles the opening to closing value of investments for both the current and prior years. Year ended Year ended31 March 31 March2021 2020000 000As at 1 April 87,471 87,659Investments made during the year 15,647 17,449Investee company loan repayments (250) (1,793)Disposals (16,736) Unrealised fair value gains on investments 10,773 3,351Unrealised fair value losses on investments (685) (19,195)as at 31 March 96,220 87,471On 8 June 2020, Crowd Reactive Limited repaid a 150,000 debt investment made by the Group.On 9 July 2020, the Group sold its investment in The Native Antigen Company Limited for a total cash consideration of 5,248,000, recognising a realised gain of 1,755,000. Strategic report GovernanceOn 19 October 2020, the Group sold its investment in Clear Review Limited for a total cash consideration of 1,043,000, recognising a realised gain of 543,000. On 1 March 2021, the Group sold its investment in Oxford Genetics Limited for a total cash consideration of 30,696,000, recognising a realised gain of 17,953,000.Investments held as part of the Groups direct investment portfolio are carried in the balance sheet at fair value in accordance withFinancial statementsthe IFRS 10 Investment Entity exemption. The measurement basis for determining the fair value of investments held at 31 March is as follows:as at As at31 March31 March 2021 2020000 000Listed investment 4,488 475Price of last investment round 48,210 35,750Enterprise value 26,717 26,437Cost 3,245 9,103Impaired value 13,560 15,70696,220 87,471As at 31 March 2021 the Group held direct investments with an economic interest of 20% or more as follows:Net assets/Interest held (liabilities) Profit/(loss)% 000 000 Date of financial statementsEdge Case Games Limited 21.2 1,912 (31) 30 September 2020Impression Technologies Limited 67.3 (251) (1,893) 31 December 2020Intechnica Limited 27.5 499 400 31 March 2020LM Technologies 47.4 13 (506) 31 December 2020Medherant Limited 29.0 (2,180) (2,337) 31 March 2021nDreams Limited 35.4 (846) (1,243) 31 March 2020Nightingale-EOS Limited 25.3 1,014 (14) 31 July 2020Soccer Manager Limited 39.0 (2,552) 137 31 October 2020sureCore Limited 22.0 163 (821) 30 June 2020Ton UK Limited t/a Intelligent Positioning 29.9 1,109 (763) 31 December 2019VirtTrade Limited t/a Avid Games 20.3 (4,113) (990) 31 August 2020Warwick Acoustics Limited 35.8 1,632 (1,614) 30 September 2020'