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BILLIONAIRE Michael Spencer has placed a giant bet on a string of growing firms amid speculation he could join the house of Lords.
New accounts for the Icap founder’s personal investment vehicle, IPGL Holdings, show he invested £75.5million in private and listed companies in the year to March 31, 2019.
Big investments included stakes in insurer Singapore
Life and investment platform AJ Bell. Spencer, who is tipped to be handed a peerage in the coming weeks, also increased his holding in Chapel Down, the English sparkling wine maker. IPGL, chaired and owned by Spencer, had net assets of £1.05 billion as of March last year, confirming his status as a self-made billionaire.
He has since spent over £10million on a 10 per cent share of the Tote bookmaker, and £20million on ‘femtech’ start-up Elvie.
Spencer has made 11 big investments since selling his FTSE 100 trading giant Nex to Chicago’s CME for £3.9billion in 2018 receiving £721.6million for his 18 per cent stake. Smaller investments include backing an African oil start-up with veteran oil and gold prospector Algy Cluff.
A spokesman said: ‘Michael Spencer is developing IPGL into a venture capital investor and private office.’
Spencer, 64, one of the City’s biggest Tory donors, made political donations of £716,000.
His firm also set aside £9million to cover an ongoing legal battle between his boutique investment bank Tellimer, formerly called Exotix Capital, and the liquidators of Lehman Brothers.