VCT Information

The Blackfinch Spring VCT invests in early stage high-growth technology-enabled companies. The Company is seeking to raise up to £20 million (with an over-allotment facility of up to a further £10 million). The objective of the Company is to invest in innovative growth-stage technology-enabled companies which are on their scale-up journey. Investments are targeted in unquoted companies where there is likely to be a reasonable prospect of a trade sale or clear exit strategy in due course. The Company’s current portfolio consists of 23 Portfolio Companies, and it is expected to increase by a further 5-15 companies per annum.

The Calculus VCT is looking to raise £10m with an over-allotment facility for a further £10m and is seeking to make investments into VCT qualifying companies in the fastest growing sectors in the UK - technology, healthcare and media.  The Calculus VCT consists of 38 portfolio companies across a unique sector blend.

Calculus prefers to invest in companies with established, proven products and business models. They favour revenue generating companies, requiring proof of an explicit market need. There needs to be a clear route to exit, and, most importantly, a strong and adaptable management team aligned to Calculus' growth plans and exit timeframes.

The VCT targets a regular annual dividend of 4.5% of NAV, which has consistently been met.

Foresight has launched an new offer for subscription to raise up to £15m (with an over-allotment facility for a further £10m) by the issue of FWT shares.  The FWT Share class was launched in December 2019 and has already raised c.£27 million and has made 36 investments (including nine follow-ons). 

FWT share class investors benefit from a maturing strategy which has been operating since 2016. Across the EIS and VCT funds, the FWT strategy has invested over £67 million into 34 companies across 64 investments and recorded two exits to date, generating an average return of 6.7x. The Fund and the investment team are now recognised as one of the UK’s leading and most informed investors in the deep technology and advanced engineering sectors.

The FWT strategy is a unique collaboration between Foresight Group, a leading independent infrastructure and private equity investment manager which has been managing investment funds on behalf of institutions and retail clients for more than 39 years and WAE Technologies Limited (WAE), a global engineering and zero emissions powertrain business.

Foresight VCT plc is pleased to announce the launch of an offer for subscription (Offer) to raise up to £20 million (with an over-allotment facility to raise up to a further £5 million) through the issue of new shares. The Offer will provide shareholders and new investors with a further opportunity to invest in the Company and benefit from the VCT tax reliefs available to qualifying investors.

The Offer is seeking to raise up to £10,000,000 (and up to £50,000,000 if the overallotment facility is fully utilised) and will be open from 15 December 2023 until 31 July 2024.

The Fuel Ventures VCT will focus on investing in top-performing portfolio companies, often co-investing with Fuel Ventures existing EIS funds. The VCT will be able to invest in companies throughout the year rather than being focused on tax year end, whilst offering greater diversification than the existing EIS funds.

The Company will invest in a diverse range of sectors predominantly in technology and digital businesses with a focus on marketplace, platform or software-as-a-service models. 

No Performance fee will be charged in the first year's offer.

The Guinness VCT will invest in growth stage companies that require scale-up capital across a range of sectors including technology, education, healthcare, manufacturing, retailing, leisure and food & drink. To be considered for investment, companies should have a product, service or technology that has already gained traction in the market such that they are now looking to raise scale-up funds to further commercialise their product or service.

The Offer is seeking to raise up to £10 million with an over-allotment facility for a further £5m and will be open from 14th September 2023 until 28th June 2024, unless the Offer is fully subscribed before this date.

Since launching the 2022 Offer, the Company has raised £4.5 million and invested £1.6 million in five VCT Qualifying Companies across a range of sectors, including advertising and marketing, business services, software and technology, retail and Edtech. Some £2 million of undeployed cash is currently invested in short term liquid instruments, including money market funds.

Investors can apply for one or more of the Maven VCTs, and in respect of one or both of tax years 2023/24 and 2024/25. The aggregate amount to be raised under the Offers is up to £30 million, with each Maven VCT initially raising up to £5 million and having the option to utilise an over-allotment facility to raise up to a further £2.5 million.

Maven is one of the most active managers in the VCT industry, having consistently demonstrated that it has the investment expertise and resource to successfully deploy VCT funds in private and AIM quoted companies with strong growth potential. Maven’s regional business model allows its nationwide team to source, structure, manage and exit VCT investments throughout the UK.  

The Maven VCTs were launched between 2000 and 2004 and have each benefitted from a number of successful fundraisings, which have increased their capacity to make VCT Qualifying Investments and expand their portfolios. The Boards are committed to adding further scale to their respective Companies and increasing absolute net asset value by growing their highly diversified portfolios. The funds raised will allow the Maven VCTs to continue the development of the portfolios through new investments, while also providing further funding to existing portfolio companies that are making tangible commercial progress and delivering sustained revenue growth.

The board of Molten Ventures VCT plc is once more pleased to offer an opportunity to invest in this highly rated VCT with its consequent tax advantages. The Company is an established, technology focused VCT managed by Elderstreet Investments Limited, a subsidiary of Molten Ventures plc.  The New public offer is for Ordinary Shares with a target fundraise of £20 million (plus an over-allotment facility of up to £20 million).

The Company’s strategy is to invest in unquoted VCT qualifying companies principally in the technology sector. The Manager has particular expertise in growing businesses through a ’hands-on’ investment style and, in aggregate with Molten Ventures plc, Molten Ventures EIS and other funds under the management of Molten Ventures, aims to hold a significant stake and a board or observer positions in its portfolio companies. Molten Ventures screen thousands of business plans per annum, talk to about 1,000 companies and, in a typical year, targets approximately 15 to 30 investments, including follow-on investments.

Variable Early Bird discount available from 12th October until 28th February 2024, starting at 1.25% discount and scaling down by 0.25% each month.

Octopus Future Generations VCT is a relatively new VCT which is backing businesses with the power to transform the world for the better.  Octopus believes the companies that understand what it means to make the world a better place have the potential to deliver some of the best returns to investors over the coming decades.  The VCT will invest in businesses with high growth potential within one of three sustainability themes:

• Building a sustainable planet – these businesses aim to reduce emissions, protect ecosystems or create a more circular economy.
• Empowering people to create a fairer and more equitable society – these businesses aim to use technology to further society, for example by improving access to digital learning or financial advice, or advancing cybersecurity and privacy solutions.
• Revitalising healthcare – these businesses aim to use technology to improve healthcare while making it easier and cheaper for people to access. 

Each company has the ambition and proposition to address huge societal issues, ranging from inequality to climate change. Octopus Future Generations VCT is investing in unquoted smaller companies armed with innovative technology, talented management teams and often in sectors prime for disruption.

To date the VCT has invested over £24m into 25 companies.

Praetura Growth VCT builds on Praetura’s 12-year track record of investing in small and medium-sized companies. The investment strategy – across both Praetura Growth VCT and Praetura EIS Growth fund – is to invest in growing UK businesses with strong management teams that operate predominantly in the North of England.

Praetura’s existing investment funds carry a bias towards opportunities in the North, targeting a two-thirds allocation-to-deals ratio based outside of London. The team believe that this strategy will provide Investors with access to the best of Northern founders at more attractive valuations for growth opportunities than are available in London and the South-East of England, where VCT investments are traditionally focused.

The Offer is seeking to raise up to £10 million, together with an over-allotment facility of up to a further £10 million.

ProVen VCT plc and ProVen Growth and Income VCT plc (the “ProVen VCTs” or the “Companies”) have launched a combined Offer for Subscription to raise up to a total of £20 million (being up to £10 million per Company) with an overallotment facility of up to a further £20 million (£10 million per Company).

This Offer will seek to build on the ProVen VCTs’ track-record of investing in entrepreneurial, growing businesses, as demonstrated by the recent disposals included in the table below. Investors in this Offer will also be buying into an existing diversified portfolio of companies, thereby gaining access to the potential flow of future dividends.

Returns generated by the portfolio will be enhanced by a range of attractive tax benefits (subject to the investor’s tax position), including 30 per cent income tax relief on the initial investment and tax free dividends.

ProVen VCT plc and ProVen Growth and Income VCT plc (the “ProVen VCTs” or the “Companies”) have launched a combined Offer for Subscription to raise up to a total of £20 million (being up to £10 million per Company) with an overallotment facility of up to a further £20 million (£10 million per Company).

This Offer will seek to build on the ProVen VCTs’ track-record of investing in entrepreneurial, growing businesses, as demonstrated by the recent disposals included in the table below. Investors in this Offer will also be buying into an existing diversified portfolio of companies, thereby gaining access to the potential flow of future dividends.

Returns generated by the portfolio will be enhanced by a range of attractive tax benefits (subject to the investor’s tax position), including 30 per cent income tax relief on the initial investment and tax free dividends.

ProVen VCT plc (PVN VCT) and ProVen Growth and Income VCT plc (PGI VCT) and together, the ProVen VCTs are looking to raise up to £15m each, with an over-allotment facility of up to £5m each, through the issue of new ordinary shares (the Offer). The Offer will give an opportunity to investors to invest in two established VCTs, each with existing portfolios of over 50 small and medium-sized private companies, all carefully selected as having the potential for rapid growth.  

As at 30 November 2023, the ProVen VCTs had combined net assets of £331.9 million and each of the Companies had a portfolio of over 50 companies spanning a wide range of sectors including consumer/ecommerce, SaaS, business services and healthcare.

The prospectus, containing full details of the Offer, is available to download below.

Puma Alpha VCT is firmly focused on the scale-up space, because the Company and the Investment Manager believe this will deliver the Company a better risk-adjusted return for its Investors. The Investment Manager has used its compelling proposition to attract scaling businesses across a broad range of sectors, and has a healthy pipeline of new investments where the Investment Manager believes it can continue to capitalise on depressed valuations

The Company’s net asset value has increased by 19% between 31 August 2022 and 31 August 2023, and the number of portfolio companies has increased from nine as at 31 August 2022 to 16 as at 13th December 2023. 

Unlike a number of other VCTs, the Company has a generalist, sector-agnostic approach that is currently invested in 16 companies across the following eight sectors – software and other technology, financial and insurance technology, logistics technology, HR technology, business services, advanced manufacturing, consumer and consumer services..

Puma VCT 13 is one of 14 Puma VCTs that have been established since 2005. As a series, the Puma VCTs have invested into 58 qualifying companies and achieved 36 full exits.

The Company looks for scale-up businesses with a proven commercial proposition (product or service) and management teams with deep knowledge of the sector in which they operate. When examining potential investment targets, the Investment Manager will focus on leadership quality, the proposition’s commercial validity, the potential market opportunity and clarity of the growth plan.

The Offer seeks to raise up to £50,000,000, with the Directors having discretion to increase the Offer to raise up to a further £20,000,000.

Seneca Growth Capital VCT Plc is a generalist VCT aiming to generate returns from a diverse portfolio of both private and AIM quoted growth capital investments. These investment returns are intended to provide Investors with an attractive income stream and also capital growth over the longer term. The VCT is managed by Seneca Partners Limited.

The Company is seeking to raise up to, in aggregate, £10 million under the Offer in the 2023/24 and 2024/25 tax years with an over-allotment facility of up to a further £10 million.

The Company has now raised nearly £20 million since the launch of the B Share class in August 2018, which has enabled the B Share Pool to make a total of thirty-two investments and achieve nine full and partial exits, at a 1.7x weighted average return, since inception.

***Early Bird Discount of 1% and Loyalty Discount of 0.5% from the Promoter's Fee before 31st OCtober 2023***

The Triple Point Venture VCT (TPV) is looking to raise £10m through the issue of new Venture shares, with an over-allotment facility for a further £20m.

The Triple Point Venture VCT gives clients access to a portfolio of 45 ambitious early-stage companies, along with the opportunity to claim up to 30% income tax relief, and tax-free dividends and growth. 

TPV generally uses a “challenge-led” investment strategy, which focuses on early-stage businesses who’s software or technology aims to solve significant problems faced by large, medium or small sized business customers. This is the TPV’s business-to-business (B2B) thematic focus.

Target investee companies are likely to have already secured, or be in the process of securing, a contract from a meaningful customer organisation. TPV has a portfolio of more than 45 investments in different qualifying companies and at investment typically takes equity stakes of 1% to 18%. At initial investment, Triple Point will obtain information rights and will usually secure either a director or a board observer right.