(Sharecast News) - Berenberg initiated coverage on intellectual property-based business developer IP Group on Friday, saying that it now believes the group's portfolio was the "most mature" it had been in its eighteen-year history.The German broker hit IP Group with a 'buy' rating out of the gate, hailing its strong portfolio and rich pipeline, coupled with its lowest valuation to-date.Berenberg, which started IP Group off with a 160p target price, said the outfit presented an "attractive diversified vehicle" for investors to gain exposure to major trends within the technology and life sciences industries.IP Group has holdings in 155 companies across the biotech, virtual reality, artificial intelligence, fintech and energy sectors - many of which Berenberg said held the potential to become "meaningful value drivers".Berenberg highlighted IP Group's acquisition of Touchstone Innovations in 2017 as being a major diversification point for the firm's portfolio, adding assets, coinvestor relationships and further sector competence."With the business having scaled from 2011, the shares have traded at 0.9-2.5x NAV, and are now at the bottom of the range. Furthermore, even assuming a middle-of-the-road 11% net IRR implies that a 1.3x multiple should be applied."