Major investments by valuation - 30 June 2011

Name	Geography	Type of Investment	Date of initial investment	Book Value £000
Direct Investments
Method Products*	US	Consumer products	2004	18,043
HealthTech Holdings	US	Hospital information systems	2007	15,663
Updata Infrastructure	UK	Wide area networks	2009	15,500
Apogee Group	UK	Digital printing solutions	2010	11,000
Nationwide Energy Partners	US	Energy service provider	2010	10,235
Rave Reviews Cinemas	US	Cinema operations	2002	7,130
Entuity Limited	UK	Network management software	2000	6,500
Penguin Computing*	US	Linux server systems	2004	6,025
Luxury Link*	US	Internet commerce	2006	5,386
Yes To, Inc*	US	Consumer products	2008	5,059
Zoom Eyeworks*	US	Consumer products	2010	4,347
Quoted investments
Weatherford	US	Oilfield services	1984	24,003
Fund Investments
Brockton (Funds I & II)	UK	Real estate	2006	18,782
BV Investment Partners (Funds V, VI & VII)	US	Media and communications	1996	9,791
Amadeus Capital (Funds I & II)	UK	Technology	1998	4,671

*San Francisco Equity Partners manages these investments
This list represents about 72% of the total portfolio. Please note that while the information referred to above is correct as at 30 June 2011, this list of investments may become out of date at any time due to changing circumstances, acquisitions or disposals