Mobeus VCTs – now Gresham House VCTs

The Gresham House VCTs (formerly Mobeus VCTs) are generalist trusts managed by Gresham House, a specialist asset manager with £10.7 billion under management (December 2025).

Combined, Gresham House Income & Growth VCT (GHV1, formerly The Income & Growth VCT) and Gresham House Income & Growth 2 VCT (GHV2, formerly Mobeus Income & Growth VCT) have net assets of £392.9 million and a portfolio of around 45 companies spread across a range of sectors, with a bias towards software and computer services.

The two VCTs have an impressive track record – they are amongst the top-performing active VCTs over the longer term. In the five years to December 2025, they delivered NAV total returns (including dividends) of 31.8% (GHV1) and 30.3% (GHV2) respectively (December 2025). Past performance is not a guide to the future. In the same period, they have paid total dividends of 73.5p per share, equivalent to 50.4% of their starting NAVs on average. Dividends are variable and not guaranteed.

The VCTs target an annual dividend of 7% of NAV, one of the most generous policies.

• Seeking to raise up to £65 million, with a £30 million overallotment facility
• Available in the 2025/26 tax year
• Target dividend of 7% of NAV – variable and not guaranteed
• Minimum investment: £6,000 (£3,000 per VCT) – you can apply online
• Now open, apply online

The VCTs are managed by Gresham House (“Gresham”), a specialist alternative asset manager with a focus on UK equities, private equity and real assets with £10.7 billion under management (December 2025).

The VCTs are managed by the senior leadership team, which consists of six investment professionals and is led by Trevor Hope, who serves as CIO and Managing Director. Trevor has been managing the VCTs since 2016 and previously held roles with Barclays, 3i, and Beringea.

The team is supported by 30 investment professionals and the wider resources of Gresham House. Together, they manage around £900 million across the Gresham House and Baronsmead VCTs (November 2025).

In 2023, Searchlight Capital, a US private equity firm, acquired Gresham. As part of the acquisition, senior members of the VCT leadership team secured an equity stake in the business, ensuring continuity and alignment in the management of the VCTs.

The two VCTs pursue the same investment strategy and invest in the same companies, although in different proportions.

Investments are focused on younger companies across three stages of maturity:

• Early-stage businesses with revenues of around £500,000, expected to represent around 20% of new investments. These businesses will operate technology-led and disruptive business models.
• Mid-stage businesses generating £1+ million in revenues (expected to represent 60% of new investments). These businesses are likely to have proven unit economics and are seeking additional capital to grow sales and marketing, expand internationally, or continue product development.
• Late-stage, profitable businesses, expected to represent 20% of new investments.

Successful mid and late-stage investments may include follow-on funding rounds for promising businesses identified at an earlier stage.

In November 2025, the amount VCTs and EIS funds can invest in early stage companies was doubled to £24 million, or £40 million for knowledge-intensive companies. The rules come into effect from April 2026. The VCT management team expects to keep its investment strategy unchanged but will be able to write larger cheque sizes into each company, not guaranteed.

The VCTs are generalist VCTs and do not focus on any particular sector, although the portfolio is heavily weighted towards software and computer services. However, the VCTs have found success backing businesses that have spun-out from existing portfolio companies. These are businesses and teams the manager knows well, so it can invest at an early stage and progressively increase its stake. An example is Preservica, the VCTs’ largest holding, detailed below.

In the three years to September 2025, the VCTs achieved five full exits, generating total proceeds of £59.7 million on a cost of £37 million (exit multiples from 0.6x to 3.4x). Note, past performance is not a guide to the future and there have also been failures.

As is inevitable with early-stage investing, not all investments work out. Muller EV is an example.

Muller EV supplied and installed premium electric vehicle charging points to households across the UK. The business had secured partnerships with high-end manufacturers Porsche and Jaguar Land Rover; however, supply chain issues, a rise in inflation, and the removal of government support for EV chargers led to the business entering administration in October 2022.

The Gresham House VCTs invested a total of £1.75 million and recovered £110,000 after realising the holding in early 2024.

Following the merger, both VCTs operate a dividend investment scheme that allows shareholders to reinvest future cash dividend payments in new shares if desired. As 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 buyback policy

The board of each VCT intends to buy back shares to maintain 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 31 December 2025 was -4.5%. Over the previous five years the average discount to NAV was -6.8%. 

The discount history is based on the closing share price of the VCTs 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 offer 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 your subscription when you invest. Terms and conditions apply.

Deadlines 

• Deadline for final allotment in 2025/26 tax year: 31 March 2026 (10am)

The Gresham House VCTs have an enviable long-term track record.

Profitable exits, primarily from legacy investments, as well as sizeable uplifts in value from Preservica (detailed above) and MPB, the used camera equipment marketplace, have helped the VCTs deliver strong performance in the five years to December 2025. This has helped the VCTs meet their ambitious annual dividend targets.

The trusts are overseen by a large and experienced investment team, able to support the existing portfolio and find new opportunities. Despite two acquisitions in the last few years, it is pleasing to note the investment team has remained in place and its senior members have bought into the equity of the business, ensuring continuity in the core personnel and investment approach.

In our view, this, combined with the manager’s reputation and track record make the Gresham House VCTs an offer worth considering.

This financial promotion has been communicated and approved by Wealth Club Ltd on 2 February 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.