Venture Capital Trusts

Help small companies grow, save income tax and receive tax-free dividends

A Venture Capital Trust (VCT) is a publicly listed company run by a fund manager. It aims to make money by investing in small, unquoted, entrepreneurial companies and helping them grow. 

When you as a private investor buy shares in a VCT, you get access to a portfolio of small companies. The government is keen for experienced investors to invest in this kind of company, because they create jobs and support economic growth. However, investing in small businesses is risky. To help compensate for this, the government offers generous tax benefits: 

  • Up to 30% tax relief – save up to £60,000 on your income tax bill when you invest in newly issued VCT shares 
  • Tax-free dividends – £294 million paid out in 2018/19 alone
  • Tax-free growth – no CGT on gains
  • No need to declare dividends on your tax return
  • Generous allowance – invest up to £200,000 per tax year

Remember, tax rules can change and tax benefits depend on circumstances. 

See all current offers below – you can read our review, download the offer documents and apply online. We also list VCT offers due to open this tax year – you can register your interest and we'll send you an alert as soon as the offer is live.  

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Albion VCTs

Albion Capital is one of the longest established VCT managers. The VCTs have a broad spread of underlying investments in earlier-stage technology, more mature asset-based businesses, renewable energy, healthcare and education, with a credible team managing these.

Generalist - - - - - -
Coming soon  
Baronsmead VCTs

The Baronsmead VCTs are amongst the longest-standing and most diverse of all VCTs. They give investors access to a portfolio of more than 150 companies spread across legacy MBO investments, AIM-quoted companies and newer early-stage growth investments, as well as three Gresham House equity funds, and money market funds. Target dividend of 7% – not guaranteed.

Generalist - - - - - -
Coming soon  
Blackfinch Spring VCT

A new VCT to be managed by the Blackfinch Ventures team

Generalist 5% from 2024 5.5% 4.5% (5.5% existing investors) 1% (0% existing investors) - £84,000 / £20m
26 Nov 2021 for first allotment  
Calculus VCT

The Calculus VCT invests alongside the long-established Calculus EIS fund, which launched in 1999, offering a lower entry point for investors seeking Calculus’ approach to building a broadly diversified portfolio.

Generalist 4.5% of NAV 5% 2.85% (3.35% for existing shareholders) 2.15% (1.65% for existing shareholders) 0.10% £10m sought
28 Jan 2022  
Downing FOUR VCT – AIM Shares

Downing FOUR VCT – AIM Shares is a newly created share class within Downing FOUR VCT. It will seek to invest in a portfolio of 15–20 AIM-quoted companies.

AIM Not specified 4.5% 3.25% (3.75% for existing shareholders) 1.25% (0.75% existing shareholders) 0.10% £457,500 / £10m
29 Oct 2021 for early bird saving  
Downing FOUR VCT – Healthcare Shares

Downing FOUR Healthcare Shares, one of the three active share classes within the Downing FOUR VCT, seeks to invest in early and mid‐stage healthcare companies.

Specialist 4% of NAV 4.5% 3.25% (3.75% for existing shareholders) 1.25% (0.75% existing shareholders) 0.10% £482,188 / £10m
29 Oct 2021 for early bird saving  
Downing FOUR VCT – Ventures Shares

Downing FOUR Ventures Shares (previously known as Generalist) is one of the three active share classes within the Downing FOUR VCT. It seeks to invest in a portfolio of small, ambitious technology businesses.

Generalist 4% of NAV 4.5% 3.25% (3.75% for existing shareholders) 1.25% (0.75% existing shareholders) 0.10% £844,852 / £10m
29 Oct 2021 for early bird saving  
Draper Esprit VCT

Diverse VCT portfolio with a focus on growth businesses, particularly in software and computer services. The acquisition of Elderstreet by Draper Esprit promises to enhance deal flow and provide the VCT with opportunities to invest in larger, more established businesses.

Generalist - - - - - -
Coming soon  
Foresight Williams Technology Shares

A new share class of Foresight Solar & Technology VCT, part of the collaboration between Foresight Group and Williams Advanced Engineering, seeking to invest in early-stage high-growth technology businesses

Generalist 5% from 2024 5.5% 3% (3.5% for existing shareholders) 2.5% (2% existing shareholders) 0.10% £8.8m / £20m
29 Dec 2021 for 2021/22 allotment  
Maven Income and Growth VCTs

Maven Capital Partners is a highly regarded fund manager, known for its strong regional presence. The Maven VCTs are now a blend of more mature management buyout investments, early-stage high-growth private companies, AIM-quoted companies, private equity investment trusts and cash or cash equivalents.

Generalist Unspecified 5.5% 4.25% (4.5% for existing shareholders) 1.25% (1% existing shareholders) 0.10% £4.4m / £20m
28 Jan 2022 for early bird  
Mobeus VCTs

Mobeus is a private equity house with a strong track record of VCT management. Its four VCTs once predominantly invested in MBOs; since the VCT rule change in 2015 Mobeus has built up an experienced growth investing team, led by Trevor Hope (formerly of the ProVen VCTs). Mobeus focuses on mid-stage growth companies; investors will continue to be exposed to the MBO portfolio although this will be replaced over time.

Generalist - - - - - -
Coming soon  
Northern VCTs

The three Northern VCTs are among the longest-running and have built up a strong investor following over the years. Since December 2019 the management has been under the ownership of Mercia Asset Management plc.

Generalist - - - - - £50m sought
Coming soon  
Puma Alpha VCT

Puma’s fourteenth VCT, the first with an evergreen structure. It aims to invest in scale-up opportunities among established, income-yielding growth capital companies.

Generalist - - - - - £15m sought
Coming soon  
Puma VCT 13

Launched in 2018, the thirteenth VCT managed by Puma Investments is now moving to an evergreen structure.

Generalist 4p–6p 3% 2.5% (3.5% existing shareholders) 0.5% (0% existing shareholders) 0.10% £6.9m / £25m
30 Nov 2021 for early bird saving  
Triple Point VCT 2011

Generalist, growth-oriented Venture Share class for Triple Point 2011 VCT, investing primarily in B2B companies.

Generalist 5p per share 5.5% 4% (5% existing investors) 1.5% (0.5% existing investors) 0.10% £1.2m / £10m
22 Oct 2021  

Amati is a highly regarded fund manager with a track record of investing in smaller listed businesses. For investors willing to tolerate the potential volatility of AIM, this could be an offer to consider.

AIM - - - - - £40m / £40m CLOSED    
Downing ONE VCT

A blend of AIM companies, earlier-stage growth opportunities and asset-backed investments

Generalist - - - - - £15m / £15m CLOSED    
Hargreave Hale AIM VCT

An established offer from a well regarded fund management house. This VCT invests in both AIM and unquoted companies, differentiating it from other AIM VCTs in our view. Read more…

AIM - - - - - £40m / £40m CLOSED    
Octopus AIM VCTs

Octopus AIM VCT and Octopus AIM VCT 2 (together the Octopus AIM VCTs) offer exposure to a well established portfolio of largely profitable AIM companies plus earlier-stage businesses from newer investments.

AIM - - - - - £40m / £40m CLOSED    
ProVen VCTs

An established VCT offering new investors a diverse portfolio of maturing companies alongside new investments. Beringea has a solid track record of investing in companies with growth potential and supporting them until a profitable exit can be achieved.

Generalist - - - - - £40m / £40m CLOSED    
Seneca Growth Capital VCT

A growth-focused VCT share class from Seneca Partners investing in a mix of unquoted and AIM quoted companies

Generalist - - - - - - CLOSED    
Unicorn AIM VCT

Unicorn is a specialist smaller company fund manager. The manager looks for companies with strong cash flows and potential to pay and grow dividends over time. This is a large, well diversified VCT.

AIM - - - - - - CLOSED    

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