Coming soon
In August 2025 the board of the VCT announced its intention to launch a new offer for subscription later this year. Details are expected in due course.
You will be able to download documents and apply online here.
The Foresight Technology VCT is the only VCT to focus exclusively on early-stage deep tech businesses.
It started as a collaboration between Foresight Ventures and sector specialist Williams Advanced Engineering (WAE), now owned by Fortescue.
The partnership goes back to 2015 and has led to investments of over £76 million in 37 deep tech companies across both the VCT and EIS fund. Examples include Oxford University spinout Refeyn and audio technology business Audioscenic (detailed below).
In the five years to June 2025, it achieved a NAV total return of -6.7%. Past performance is not a guide to the future.
- Seeking to raise £15 million with a £10 million overallotment facility
- The VCT does not specify a dividend target
- Minimum investment £5,000
Important: The information on this website is for experienced investors. It is not a personal recommendation to invest. If you’re unsure, please seek advice. Investments are for the long term. They are high risk and illiquid and can fall as well as rise in value: you could lose all the money you invest.
The manager
The trust is managed by the 12-strong Foresight Ventures team, part of Foresight Group.
Foresight Group has over £12.1 billion of assets under management, of which £700 million is in the Foresight VCTs and EIS funds (March 2024).
The team is headed by Andrew Bloxham who joined Foresight in 2018 and has led the strategy for the last five years. They are supported by the wider Foresight Private Equity team which comprises more than 50 investment professionals.
In 2015, Foresight started collaborating with Williams Advanced Engineering (‘WAE’), a precision engineering company spun out of the highly successful Williams Formula One Team. In 2022, Australian green technology, energy and metals company Fortescue acquired WAE.
Fortescue, the VCT’s Technical Adviser, brings significant experience in technology assessment, IP evaluation and new product launches. This means they often lead on deal sourcing and due diligence pre-investment, while supporting portfolio companies with engineering projects, strategy workshops and technical collaborations.
Investment strategy
The VCT aims to invest in IP-rich companies with innovative and disruptive technologies and the potential to address a large market opportunity.
Investee companies must demonstrate that their technology offers an “order of magnitude” improvement in terms of performance or cost compared to the status quo. This reflects Foresight’s experience that early-stage companies without a track record need to show they are at least 10 times better, faster, or cheaper to successfully displace incumbents.
Given the long development timeframes inherent in deep tech investing, the team tries to avoid highly capital-intensive models. Instead, it prefers companies commercialising and licensing IP, since this strategy should allow them to scale more efficiently.
While the fund is sector agnostic, investments are often aligned with one of the following eight deep tech themes:
- Internet of Things & Sensors
- Autonomous Systems
- Advanced Materials & Nanotechnology
- Next Generation Interfaces
- Factory Automation
- Future of Computing
- Industrial AI
- Scientific Instrumentation
Portfolio overview
The VCT has net assets of £34.8 million (September 2024) and a portfolio of 32 companies. Its portfolio is concentrated, with the top ten holdings accounting for 46.5% of NAV.
In the six months to September 2024 the Foresight Technology VCT invested £4.2 million into five existing portfolio companies and four new companies. New investments included encryption software developer Cavero Quantum, Lifelight (detailed below), AI training and evaluation provider Bitfount, and Illumion, a developer of battery assessment tools.
Portfolio example: largest holding
Audioscenic
Following years of research at the Institute of Sound and Vibration, Prof. Filippo Fazi (CTO) and Dr Marcos Simón (CSO), launched Audioscenic in 2017.
The company has developed patented 3D audio technology, which replicates and mixes audio to mimic real-world perception. This format has already been widely adopted by content providers but is difficult to reproduce in consumer hardware without resorting to bulky multi-speaker systems. Audioscenic overcomes this by tracking an individual’s location and beaming separate soundwaves to their ears from a single soundbar.
The company has secured its first contract with gaming brand Razer to develop a soundbar. The product launched in Las Vegas in 2023, winning multiple industry awards. The team is now focused on expanding into new markets, with partnerships for applications including TV and computer screens.
The VCT initially invested into the business in 2020, alongside the Foresight Technology EIS Fund and IP Group. In total, the VCT has invested £1.8 million and the holding is currently valued at £2.9 million (September 2024). Past performance is not a guide to the future.
Portfolio example: recent investment
Lifelight
Lifelight is a medical software company which uses standard smartphones and tablets to aid diagnostics.
The Company’s core product is an app that uses a device’s camera to measure vital signs, such as blood pressure and pulse by monitoring how light is absorbed by blood vessels in the skin. This could allow healthcare professionals to conduct tests remotely, rather than in a clinical setting.
Lifelight’s measurements are clinically proven to be comparable or better than those taken through traditional blood pressure cuffs across all blood pressure ranges and ages from 14-60 years. The app has been trained to cover the whole skin tone spectrum.
The technology has been through clinical studies with over 12,500 patients across eight clinical studies. It has already agreed partnerships with Novo Nordisk, IBM and Novartis.
The VCT invested £551,000 in June 2024.
Exit track record
While the VCT has yet to record an exit, Foresight Technology EIS (which invests in the same type of companies) has seen two positive realisations: Codeplay (15.9x return on cost) and Flusso (3x return on cost). Past performance is not a guide to the future.
Example of previous failure
Mirico
As is to be expected when investing in smaller companies, not all investments work out, and failures tend to come before exits. Mirico is one example of a Foresight Technology VCT investment that has been marked down to zero.
Mirico was a climate tech company providing ultra-high sensitivity gas detection and quantification services.
The VCT first invested in the company in July 2022, investing a total of £262,000. This has subsequently been written down to zero. Foresight has not provided any further information to Wealth Club on the circumstances of this markdown.
Performance and dividends
The VCT does not specify a target dividend. Dividends are expected to be paid from profits generated from any realisations, so they are likely to be irregular and are not guaranteed.
In the five years to June 2025, the VCT achieved a NAV total return of -6.7%. Past performance is not a guide to the future. Note, we show VCT returns over a five-year period as a minimum, where possible. Where a VCT has followed the same investment strategy for longer, we also show returns over 10 years.
NAV and cumulative dividends per share over five years (p)
Source: Morningstar. Past performance is no guide to the future. Dividends are variable and not guaranteed. The bar chart shows net asset value and cumulative dividends per share for the period 31/12/2020 to 30/06/2025.
Dividend reinvestment scheme
There is no dividend reinvestment scheme.
Share buy-back policy
The company aims to operate a buy-back policy at a 10% discount to net asset value for the first five years after the VCT launched (with the intention to narrow this to 5% thereafter). 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 discount to NAV as at 30 June 2025 was -3.7%.
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.
Risks: important
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.
This is a new VCT share class and while the fund is small there will be limited diversification and while the VCT hopes to start dividend payments “as soon as possible” this may still be some years away.
Charges and savings
A summary of the main charges and savings is shown below. The net initial charge shown includes the Wealth Club saving and any early bird discount. The investment may have additional charges and expenses: please see the provider documents including the Key Information Document for more details, offer price and share allotment calculation methodology.
Please note, capacity – for the offer or any early bird savings – can be reached early, and we may not be notified of this by the VCT in real time. Shareholders in any VCT managed by Foresight are eligible for the 0.5% existing investor discount.
| Full initial charge | 5.50% |
| Early bird discount | – |
| Wealth Club initial saving | 2% |
| Existing investor discount | 0.50% |
| Net initial charge through Wealth Club (new investors) | 2.50% |
| Net initial charge through Wealth Club (existing investors) | 2% |
| Annual management charge | 2% |
| Annual administration charge | 0.30% |
| Performance fee | 20% |
| Annual rebate from Wealth Club | 0.10% |
More detail on the charges
The full initial charge shown in the table above is before any savings and discounts; the net initial charge is after available savings and discounts. When you invest through us, Wealth Club will receive commission each year (up to 0.5%) and initial commission in the first year (1.25%).
Please see the provider's documents, including the key information document, for more details on the total fees and charges.
Annual rebate when you invest through Wealth Club
The VCT includes 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 the Net Asset Value of the Offer Shares issued to you when you invest. Terms and conditions apply.
Deadlines
- Deadline for allotment in 2025/26 tax year – 27 June 2025
Our view
The Foresight Technology VCT has a distinct and disciplined sector focus that could potentially add value. The combination of a large asset management business with an experienced technical adviser may create a compelling destination for deep tech entrepreneurs seeking funding – though following the acquisition of WAE by Fortescue this relationship appears less close.
The VCT’s sister EIS fund has enjoyed some success in raising capital from investors. Through the VCT, the team has deployed the capital into more than 30 deep technology businesses so far, investing alongside some of the world's leading venture capital investors. Please note the track record is limited, and there are no guarantees. You should form your own view.
Foresight Group has ambitions to grow the VCT considerably, and give investors exposure to an increasingly wide portfolio of deep technology and advanced engineering businesses – not guaranteed.
This financial promotion has been communicated and approved by Wealth Club Ltd on 22 April 2025
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.