Ultraleap, IP Group's third largest holding at end-2023, was written down by £26.5m to £6.5m at end-2024 amid the company's restructuring and headcount reduction triggered by changing dynamics and slower customer adoption in the extended reality (XR) sector. That said, IP Group highlighted that the company recently announced a partnership to exploit the value of its foundational patents that, if successful, has the potential to yield substantial future value for IP Group.