Albion VCTs

The three Albion VCTs are managed by Albion Capital, a well-resourced investment manager which has been investing in technology and scale-up companies for over 20 years led by experienced managing partner Will Fraser-Allen.

Each of the VCTs, Albion Enterprise VCT (AAEV), Albion Technology & General VCT (AATG), and Albion Crown VCT (CRWN), targets an annual dividend of 5% of NAV – dividends are variable and not guaranteed.

Combined, the Albion VCTs have net assets of over £784 million (March 2026) and a portfolio of around 75 companies – predominantly in the fintech, AI & Data and healthtech sectors. There is also a small legacy portfolio of income-generating renewable energy investments.

Over the five years to 30 June 2026, the three Albion VCTs have produced NAV total returns (including dividends reinvested) ranging from 12.9% to 25.8%. Past performance is not a guide to the future.

• Seeking to raise up to £40 million in aggregate with a £20 million overallotment facility
• Target dividend of 5% of NAV per annum – variable and not guaranteed
• Minimum investment £6,000 (£2,000 per VCT)
• Available in the 2026/27 tax year
• Offer opens: 7 September 2026 (9am)

The Albion VCTs are managed by Albion Capital Group LLP (“Albion”), which manages £1 billion of assets, of which over £780 million is in VCTs.

The 20-strong investment team is led by managing partner Will Fraser-Allen, an experienced technology investor, who joined Albion in 2001. To attract and retain talent, he actively encourages equity ownership across the business. Out of 50 employees, 15 are now partners, including 12 from the investment team.

The team contains a mix of specialist healthcare, financial technology and software investors as well as a dedicated team which helps portfolio companies with operational issues such as hiring, governance and corporate finance. An example is Partner Jane Reddin, an experienced talent director previously of EQT and Balderton Capital. Jane works with founders to build senior teams and assist with leadership development and organisational scaling.

Albion also manages UCL’s Technology Funds, which are dedicated to commercialising University College London’s world-class research and form a valuable part of the VCTs’ deal pipeline.

Since 2015, the Albion VCTs have focused purely on growth opportunities with a bias towards healthcare technology – particularly the digitalisation of healthcare – financial technology, digital risk, and AI & Data stack sectors. The investment team looks for B2B businesses with a unique offering, operating in fast-growing markets, specifically companies the manager believes have reached an inflection point and require additional funding to accelerate growth.

The VCTs will invest across a range of maturity stages: early stage, growth, and scale up, depending on turnover. It is expected most companies will have turnover greater than £1 million, with a small proportion of earlier-stage ventures. Albion believes diversification across sectors, size, and maturity of the businesses can help build ‘all-weather portfolios’.

The three Albion VCTs have net assets of £784 million (March 2026): mostly technology investments, with a smaller portion in legacy asset-backed investments and cash.

The combined portfolio includes around 75 unquoted companies, most of which have some degree of co-investment across the VCTs. The sector breakdown of the combined portfolio is shown below; however, percentages will vary between the individual trusts.

The combined Albion VCT portfolio is concentrated, with the top ten holdings accounting for 43% of NAV. The VCTs’ largest holding, Quantexa, is valued at £126.3 million or around 16.1% of total NAV (March 2026).

Strong performance from the VCTs’ largest holdings has resulted in 69% of the portfolio being invested in businesses generating revenues in excess of £5 million (March 2026).

In the five years to 30 June 2026, the VCT(s) achieved 27 full and partial exits, generating proceeds of £205 million against a cost of £93 million. The most notable previous exit was the sale of Egress in July 2024 (detailed below), realising proceeds of £64.2 million, a 7.6x return.

As is to be expected, not all investments work out. One example is Seldon Technologies.

The company developed software to allow global businesses to deploy machine learning models within their existing processes and operations. Customers such as IKEA, Volkswagen and PayPal relied upon it to streamline day-to-day operations and achieve cost efficiencies.

Albion VCTs invested a total of £5.1 million. However, the business faced challenging trading conditions and was ultimately acquired in June 2026 by True Foundry. The VCTs received no proceeds from the transaction, resulting in a full write-down of the combined holding.

Dividend Reinvestment Scheme (DRIS)

The VCTs operate a dividend reinvestment scheme that allows shareholders to reinvest future cash dividend payments in new shares if desired. As these are new shares they should be eligible for tax relief (you will need to claim this on your tax return or directly with HMRC) and the shares will count towards the VCT annual subscription limit. 

Share buy-back policy

The boards intend to buy back shares at up to a 5% discount to the prevailing net asset value. This is not guaranteed – please see the offer documents for details. 

Discount history

VCT shares are traded on the London Stock Exchange. Similar to investment trusts, the share price can fluctuate and can be different from the VCT’s net asset value (NAV), i.e. the value of the VCT’s underlying investments. The difference between the share price of a VCT, and its net asset value per share, is called a discount.

Based on data from Morningstar, the average discount to NAV as at 30 June 2026 was -4.4%. Over the previous five years the average discount to NAV was -5.0%.

The discount history is based on the closing share price of the VCT at the end of each month, divided by the latest net asset value at the time. Past performance is not a guide to the future. Investors looking to sell their VCT shares may get a better price using the VCTs’ share buyback facilities, although this is not guaranteed.

This, like all investments available through Wealth Club, is only for experienced investors happy to make their own investment decisions without advice. 

VCTs are high-risk so should only form part of a balanced portfolio and you should not invest money you cannot afford to lose. They also tend to be illiquid and hard to sell and value. Before you invest, please carefully read the Risks and Commitments and the offer documents to ensure you fully understand the risks. 

To retain the tax benefits, VCTs should be held for at least five years. If you sell VCT shares and reinvest in new shares of the same VCT (including any mergers) within six months, tax relief can be restricted. Tax rules can change and benefits depend on circumstances.

Annual rebate when you invest through Wealth Club

The Albion VCTs include an annual rebate for Wealth Club investors, payable for the first three years. 

This is a rebate of our renewal commission and should be equivalent to a percentage (shown in the table above) of your subscription. Terms and conditions apply.

Deadlines 

• Offer opens: 7 September 2026 (9am)
• Early bird discount: 0.5% (1% for existing investors) available on the first £10 million raised
• Fist allotment: 15 December 2026 (9am)
• Second allotment: 18 March 2027 (9am)
• Final allotment: 1 April 2027 (4pm)

The Albion VCTs have been investing in fast-growing UK businesses since 2015, with a particular emphasis on the fintech, AI & Data and healthtech sectors (51% of the portfolio), and have built a reputation for backing some of the UK’s brightest startups.

The VCTs have experienced strong recent performance. In particular the VCTs’ largest holding, Quantexa, has enjoyed several large markups following third-party funding, including from world-class investors like the Ontario Teachers Pension Plan, Warburg Pincus and a range of top-tier banks. However, investors should note the position now accounts for 16.1% of the total NAV, which increases concentration and could make the VCTs higher risk.

In our view, the ability to access a growing portfolio of technology and healthcare businesses – combined with a target of paying dividends every other month – makes this an offer worth considering. Investors should form their own view.

This financial promotion has been communicated and approved by Wealth Club Ltd on 12 August 2026

Wealth Club aims to make it easier for experienced investors to find information on – and apply for – investments. You should base your investment decision on the offer documents and ensure you have read and fully understand them before investing. The information on this webpage is a marketing communication. It is not advice or a personal or research recommendation to buy any of the investments mentioned, nor does it include any opinion as to the present or future value or price of these investments. It does not satisfy legal requirements promoting investment research independence and is thus not subject to prohibitions on dealing ahead of its dissemination.