Coming soon: 2017/18 VCT offers opening this autumn
VCT fundraising season is underway earlier than usual this year, as many Venture Capital Trusts have either announced or already opened offers for subscription.
Before the end of September we expect investors will have a choice of ten VCT offers launched this tax year. This compares to just two at the end of September 2016. You can view current VCT offers here.
Altogether, the VCT offers announced or opened so far have the potential to raise up to £758 million, which if met by investor demand would exceed last year’s decade-high fundraising.
Below are the VCT offers we expect to open soon. We are updating this page as and when further details become available. Meanwhile, you can register for VCT alerts here.
VCT manager interviews – playlist:
|Intention announced||11 October 2017|
|Funds sought||Up to £9 million (€10 million equivalent)|
The two VCTs managed by Beringea – ProVen VCT and ProVen Growth & Income VCT – have announced what is, by the standards of the season, a surprisingly modest fundraise. Each VCT will raise up to the equivalent of €5 million (approximately £4.5 million), the maximum that can be raised without issuing a prospectus. This comes on the back of a special dividend announcement following recent exits from Third Bridge, MatsSoft, APM Healthcare (Community Pharmacies) and Abzena. Whereas most VCTs are raising more (in some cases significantly so) than they have done in previous years, the ProVen VCTs buck the trend.
Update (23.10.2017) – the ProVen VCT top-up offers are now open. See offer page for details »
|Intention announced||19 June 2017|
|Funds sought||Up to £10 million
(£5 million + overallotment facility of £5 million)
The Calculus VCT, which often invests alongside Calculus Capital’s long-running EIS fund, is merging with the Neptune Calculus VCT. The combined trust will be seeking to raise up to £10 million. Due to the merger process, a prospectus has already been released on 4 August 2017, although it was conditional on certain resolutions being passed by shareholders at the General Meeting. These have now been passed and the merger is in the process of completion.
Update (25.10.2017): the offer is now open and the application form is available. See offer page for details »
Amati AIM VCTs
|Intention announced||28 June 2017|
|Funds sought||Up to 30 million (£20 million plus £10 million over-allotment)|
Edinburgh-based Amati Global Investors manages two AIM VCTs with around £111 million in combined net assets. Amati, named after the Italian violin maker, is a well-regarded smaller companies investor that also manages the TB Amati UK Smaller Companies fund. The VCTs have announced they seek to raise £20 million this year – a merger of the two VCTs is also being proposed, and if this goes ahead there could be overallotment of a further £10 million. See page for details »
|Intention announced||19 September 2017|
|Funds sought||Up to £30 million (£20 million plus £10 million over-allotment)|
Pembroke VCT, one of the youngest venture capital trusts, announced that it is raising further capital this autumn. The VCT is managed by Oakley Investment Managers, part of Peter Dubens’s Oakley Capital. The investment style is biased towards consumer brands with premium pricing potential; the portfolio includes hospitality (Five Guys), fashion (Bella Freud), leisure (Boom Cycle) and consumer goods brands.
The VCT has two share pools, Ordinary and B Ordinary, with net assets of £36 million across both (March 2017). The new offer will be for the B share class and seeks to raise £20 million, with an over-allotment facility of up to £10 million. It is likely to open in November 2017. Read more and register for VCT alerts.
Hargreave Hale AIM VCTs
|Intention announced||18 September 2017|
|Date expected||VCT2 is open; VCT 1 details expected in December|
|Funds sought||£7.5 million|
Hargreave Hale manages two AIM VCTs (numbered 1 and 2), which have similar investment remits but slightly different approaches to fundraising.
Hargreave Hale AIM VCT 2 did not use its overallotment facility under the last share offer launched December 2016. That facility has now been triggered, allowing investors to subscribe up to £7.5 million more under the terms of that offer (the amount of overallotment having been extended since the original prospectus). Go to offer page »
Meanwhile, AIM VCT 1 is expected to confirm its fundraising strategy in December. The creation of a new share class is a possibility, but we’re awaiting a promised further announcement to expand on the details.
Octopus Titan VCT
|Intention announced||3 July 2017|
|Funds sought||Up to £200 million
(£120 million + overallotment facility of £80 million)
The UK’s largest VCT by some distance, Octopus Titan raised £120 million last year and is set to exceed that with its next offer, which could reach £200 million including over-allotment.
Titan is the vehicle for the Octopus Ventures team; the VCT rule changes have caused little hindrance, as the team has focused on growth capital investments since day one. They seek technology-enabled businesses with a large market opportunity, and tend to fund businesses from early stage through several funding rounds. It is a higher-risk approach, but exits including sales to internet giants Amazon, Microsoft and Google underline the ambition and the types of company sought. Remember, past performance is not a guide to the future. Download our free research report on Octopus Titan VCT »
|Intention announced||7 July 2017|
|Funds sought||£80 million across four VCTs|
Mobeus Equity Partners is a respected name in VCT management. The oldest of the four Mobeus VCTs launched in 1999. Although its traditional strength has been backing MBOs – a type of investment no longer allowed in VCTs since November 2015 – Mobeus has repositioned itself for growth investing, building an impressive team and making nine growth capital investments to date. The Mobeus VCTs have not raised funds since 2015; we expect this offer to be popular. Download our free research report »
|Intention announced||14 June 2017|
A new name for a well-established VCT manager, Albion Capital (formerly Albion Ventures) can trace its roots to one of the earliest VCTs launched in 1996. Its stable includes six VCTs with over £335 million in asset value; these include the Kings Arms Yard VCT and Crown Place VCT. Its linked offers allow investors to either choose individual VCTs or spread their money across all six.
Update: Albion Venture Capital Trust (which was seeking to raise up to £6 million) has suspended its participation in the linked offer. The other five Albion VCTs remain open. See page for details.
|Intention announced||26 July 2017|
|Funds sought||£60 million across three VCTs|
NVM boasts one of the UK’s longest track records, managing the original Northern VCT since 1995. The three Northern VCTs had a combined net asset value of £226 million at 30 June 2017. Last year’s small top-up offer raised £12.9 million within 48 hours from existing investors. This year NVM has announced the intention to raise up to £60 million – up to £20 million in each VCT – which means new investors could get the opportunity to subscribe. That said, they may still need to decide quickly as the initial allotment will be on a first-come, first-served basis with existing shareholders first in the pecking order.
Update [22.09.2017] – the Northern VCT offers are now open. Read more and apply.
Maven Income and Growth 3 & 4 VCTs
|Intention announced||19 July 2017|
|Funds sought||Up to £40 million across both VCTs
(£30 million + overallotment facility of £10 million)
Maven Capital Partners, which branched out from Aberdeen Asset Management in 2009, manages six VCTs. Two of them, Maven Income & Growth 3 and 4, are launching a joint offer that will let investors subscribe to one or both.
Maven is a private equity house with seven offices throughout Scotland and England – a degree of nationwide coverage few other VCT managers can match. It typically invests in larger deals, between £2 million and £8 million, with the possibility of its non-VCT funds investing alongside.
The target amount is £30 million across both VCTs with an overallotment facility of £10 million. Three of Maven’s recent VCT offers closed early due to being oversubscribed.
Update [25.09.2017] – the Maven VCT offers are now open. Read more and apply online.
|Intention announced||2 August 2017|
|Funds sought||Up to £60 million across two VCTs (£45 million + overallotment facility of £15 million|
A venerable name in VCTs, having launched the original Baronsmead VCT in 1995. The two current Baronsmead VCTs, similar in size, have a combined net asset value of around £346 million (at 31 May 2017). They are managed by private equity firm Livingbridge, formerly called ISIS Equity Partners. Both are generalist VCTs that invest in both unquoted and AIM-traded companies, often co-investing with each other in order to make bigger investments into more established companies. Like fellow VCT heavyweight Mobeus, they have not raised funds for two years.
Update [04.10.2017] – The Baronsmead VCTs offer is now open – and you can apply online.
Remember, all VCTs are considered high risk and you should not invest money you cannot afford to lose: capital is at risk. Please read the provider’s documentation carefully (once available) before you invest.
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