Amid market challenges, Syncona restructures fund, seeks new evergreen vehicle

Publicly traded U.K. investment firm Syncona intends to turn its existing evergreen fund into a closed-end vehicle that returns funds to shareholders, and raise a new, private evergreen fund to continue investing in start-ups.

Syncona Ltd. (LSE:SYNC) said the changes follow a long period of underperformance, with its share price down 52% since February 2021, and Managing Partner Roel Bulthuis acknowledged that “a small proportion” of its investors are seeking liquidity in the relatively near term...