RTW Biotech Opportunities (RTW) has invested a further $4.1m in private portfolio company Encoded Therapeutics as part of a $275m Series F financing. The proceeds will be used to advance Encoded’s lead gene therapy, ETX101, through pivotal and expansion studies in Dravet syndrome, as well as scale up manufacturing and progress its wider neurology pipeline. ETX101 is a one-time gene therapy targeting the underlying genetic cause of Dravet syndrome, a severe form of childhood epilepsy. Encoded has reported encouraging Phase 1/2 data and secured Regenerative Medicine Advanced Therapy (RMAT) designation from the US FDA. RTW first backed Encoded in its Series D in June 2020. The company represented just 0.1% of RTW’s NAV at 31 July 2026.
Ruffer Investment Company (RICA) is changing the basis on which its management fee is calculated, meaning shareholders will pay a lower fee when the investment company trades at a discount. From 1 January 2027, its manager, Ruffer LLP, will receive an annual management fee of 1% of the lower of RICA’s market capitalisation and net assets, calculated monthly. Currently, the 1% fee is charged on net assets. The board said the new structure would provide greater alignment between the manager and shareholders and reflected its continued focus on delivering value.
International Public Partnerships (INPP) independent non-executive director Stephanie Coxon has resigned from the board with immediate effect following “differences of view on certain matters”. Coxon, who joined the board in 2022, said the differences were unrelated to the Audit Committee’s business, INPP’s financial reporting, portfolio performance or operational position, or to the conduct or performance of investment adviser Amber Infrastructure. The board has begun an external search for a permanent replacement. Giles Adu has been appointed interim chair of the Audit and Risk Committee, with all other board committee memberships unchanged.
