International Biotechnology (ticker: IBT) was launched in 1994 making it one of the oldest sector-specialised equity trusts. It was initially run by Rothschild Asset Management but after a turbulent few years, Schroders Ventures Life Sciences took over in 2000. Schroders Ventures Life Sciences eventually split from Schroders and set itself up as SV Health. IBT mostly invests in listed biotech stocks but has always had a significant percentage (currently around 10%) in unquoted companies. Although income from its portfolio is minimal, since 2016 it has adopted an enhanced dividend policy that p...