Gresham House has opened the Baronsmead VCTs to investors today (9 January), with two other VCTs set to launch over the next two weeks from different managers.

Across the Baronsmead Venture Trust and Baronsmead Second Venture Trust, Gresham House is seeking to raise £40m, with a £10m over allotment facility and a minimum investment of £5,000.

The VCTs target an annual dividend yield of 7% of net asset value, which the firm said has been achieved in each of their last five financial years.

They currently hold net assets of £419m invested in a combined portfolio of over 85 companies, with a bias towards tech companies. Two-fifths (41%) of the VCTs is invested in AIM-quoted companies and 29% in unquoted companies.

The remainder is split between three equity funds: Gresham House Micro Cap, Multi Cap Income and UK Smaller Companies.

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