Coming soon
In September 2025 the boards of the two ProVen VCTs announced their intention to launch a new combined offer for subscription for the 2025/26 and 2026/27 tax years. Details are expected to be published in due course.
You will be able to download documents and apply online here.
The two ProVen VCTs – ProVen VCT (PVN) and ProVen Growth & Income VCT (PGI) – are the longest-standing VCTs with a focus on growth investing.
The manager invests in a broad range of opportunities, from B2B software and data providers to consumer brands but has a particular reputation for backing e-commerce companies. Previous successes include pre-owned luxury watch marketplace Watchfinder and Chargemaster, which provides infrastructure for EV charging.
The two VCTs have combined net assets of £325.8 million and a portfolio of around 55 companies (February 2025), with a bias towards the consumer and ecommerce, business services, and SaaS sectors which account for 33% and 27% and 25% of the combined portfolio value respectively. The manager operates in both the UK and US, giving it a transatlantic outlook unusual in the sector.
In the 10 years to June 2025, PVN and PGI have produced a NAV total return (including dividends) of 42.7% and 22.1% respectively. Over the five years to June 2025, returns were 23.7% and 19.9% respectively. Past performance is not a guide to the future.
- Target dividends of 5% of NAV – variable and not guaranteed
- Minimum investment £5,000 (£2,500 per VCT)
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
Since inception, the two ProVen VCTs have been managed by Beringea LLP, the UK arm of transatlantic venture specialist Beringea LLC. Beringea has successfully backed entrepreneurial businesses for over 30 years and currently manages UK and US venture capital funds of more than $900 million, including c.£330 million of VCT assets in the UK and $470 million across four institutional funds in the US (October 2024). The manager’s international footprint means it can provide on-the-ground support to help companies expand across the Atlantic.
The VCTs are directly managed by an investment team of nine. This includes Founding Partner Malcolm Moss, Managing Partner Stuart Veale, and Chief Investment Officer Karen McCormick.
They are assisted by the wider UK Beringea team of c.25, which provides assistance to portfolio companies, including in-house legal and marketing.
Meet the manager
Karen McCormick, Beringea – watch the interview
Investment strategy
The ProVen VCTs launched in 2000 (PVN) and 2001 (PGI) and have always focused on growth capital investments and progressively converged towards identical investment mandates.
Today, it’s expected they will mirror each other and co-invest on each new deal, albeit in different amounts; for instance, marketing software provider CreativeX is the largest position within PGI but a smaller position within PVN.
The manager seeks companies it believes have a proven commercial business and an exceptional team capable of taking the company to exit. The majority of portfolio companies are tech-enabled and relatively capital light, with the potential, in Beringea’s view, to deliver a profitable exit within three to four years – not guaranteed.
Beringea will only invest in companies that are either already profitable, or where the manager sees a clear path to profitability. It aims to be a key part of the team with significant influence in the business. That may include using its transatlantic experience to support expansion into the US where appropriate.
In recent years, ProVen’s growing list of successful founders has helped create proprietary deal flow and value for the VCTs. As an example, the VCTs’ second-largest holding, Luxury Promise, the pre-owned luxury handbag marketplace, was introduced to Beringea by one of the co-founders of successful exit Watchfinder.
Current portfolio overview
The combined portfolio is valued at £249 million and contains around 55 companies, across a blend of new and maturing growth assets (February 2025). The VCTs are concentrated, with the top 10 holdings accounting for 40.4% of the NAV. £74.6 million, or 23.0% of the portfolio, is held in cash.
In the twelve months to February 2025 the VCTs invested £15.6 million, including £6.1 million into two new companies, climate and biodiversity data provider Iceberg Data Lab and simulation data specialist VRAI.
Source: Beringea, as at February 2025.
Portfolio example: largest combined holding
MPB Group
Unlike many bits of consumer technology, camera equipment tends to be hard-wearing and rarely becomes obsolete, making it perfectly suited for second hand re-sale. Recognising this, Matt Barker started trading pre-owned cameras as a hobby whilst at university.
In 2011, he launched MPB: a dedicated platform for second-hand cameras. By 2016 the company had grown to 20 employees and secured funding to expand into the US, where within a year its business was as large as the UK.
The Proven VCTs first invested in March 2018, then in 2019 and 2021. That funding supported European expansion. In the year to March 2024, the company reported sales of £173 million, serving 337,000 customers.
The two Proven VCTs invested a total of £2.9 million, a position now valued at £18.2 million and accounting for 5.6% of the combined portfolio. Past performance is not a guide to the future.
Portfolio example: recent investment
Limitless Travel
In the UK, around 4.8 million people are excluded from going on holiday because there’s no support for their disability. Limitless Travel provides a solution. The company was founded in 2015 by Angus Drummond, who was diagnosed with muscular dystrophy aged 22, after experiencing the challenges of travelling.
For many customers, a trip with Limitless isn’t just a holiday – it’s a life-changing opportunity to regain a sense of normality. Since 2022, the company has delivered thousands of holidays – from coach trips to long-haul tours, safaris and cruises – grown annual revenues by more than 350% and expanded the team to over 80 staff.
The two ProVen VCTs invested a total of £2.2 million in March 2025.
Exit track record
The VCTs sold their stakes in catering supplier Lupa Foods during the year, with total proceeds of £10.4 million representing a 5.4x for PVN and 5.5x for PGI. The VCTs first invested in December 2007. Past performance is not a guide to the future.
The VCTs also received £0.3 million from the liquidation of Buckingham Gate Financial Services, as well contingent proceeds from the sale of Blis Media in the prior year.
Recent exit
Monica Vinader
Monica Vinader is an award-winning jewellery brand, founded by sisters Monica and Gabriela Vinader. Described as affordable luxury, the company offers high-quality and responsibly sourced designs without an eye-watering price tag.
Since launching in 2008, the business has garnered a loyal following, with notable customers including Jennifer Lopez, Kendall Jenner, and the Princess of Wales. Revenues quadrupled to c.£100 million over the six years to March 2023.
The ProVen VCTs originally backed the business in 2010 and later sold 60% of the combined stake in 2016 for a 5.2x return on cost. In March 2023, Monica Vinader agreed a strategic sale to Bridgepoint Development Capital IV, a private equity fund. The VCTs realised their remaining holding for proceeds of £9.8 million, bringing total return to 7.8x cost. Past performance is not a guide to the future.
Example of previous failure
MYCS
As is to be expected, not all investments work out. Online furniture retailer MYCS is an example.
The company had to hold large quantities of expensive stock for extended periods. This caused problems when loan providers introduced lending caps in March 2022 at the same time as consumer confidence fell sharply.
In response to these challenges, MYCS entered into a merger with another private equity-backed business. The ProVen VCTs invested a total of £10.9 million in the business. The VCTs will not receive any proceeds from the merger, although there is the possibility of some contingent returns should the buyer secure a future sale of the enlarged group.
Performance and dividends
Whilst the ProVen VCTs have a good longer-term track record, driven primarily by profitable exits, recent performance has been more subdued.
In the 10 years to June 2025, PVN and PGI have produced a NAV total return (including dividends) of 42.7% and 22.1% respectively. Over the five years to June 2025, returns were 23.7% and 19.9% respectively. 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.
The VCTs target an annual dividend yield of approximately 5% of NAV, variable and not guaranteed. Over the five years to June 2025, the VCTs have delivered a cumulative dividend yield of 28.3% (PVN) and 29.8% (PGI), based on the starting NAV of each VCT over the period – dividends are variable and not guaranteed.
NAV and cumulative dividends per share over five years (p)
Source: Morningstar. Performance figures are calculated net of fees, on a NAV to NAV basis. 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 31/12/2019 - 30/06/2025.
Dividend payments in the calendar year
Source: Beringea. Past performance is not a guide to the future. Dividends are variable and not guaranteed. Dividends paid per calendar year to 30/06/2025.
Dividend yield history (% of starting NAV)
| PVN | PGI | |
|---|---|---|
| 2020 | 4.8% | 5.3% |
| 2021 | 4.9% | 5.2% |
| 2022 | 7.1% | 7.2% |
| 2023 | 5.3% | 5.4% |
| 2024 | 5.0% | 5.1% |
| YTD | - | - |
Source: Morningstar. Dividend yields are based on the dividends paid over the period divided by the starting NAV of the VCT in each period. Past performance is no guide to the future.
Dividend Reinvestment Scheme
The VCTs operate a dividend investment 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 buybacks
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 2025 was -5.2%. Over the previous five years the average discount to NAV was -6.4%.
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.
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.
Charges and savings
A summary of the main charges and savings is shown below. The net initial charge shown includes the Wealth Club saving. 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.
| Full initial charge | 5.50% |
| Early bird discount | — |
| Wealth Club initial saving | 2.5% |
| Existing shareholder discount | — |
| Net initial charge through Wealth Club (new investors) | 3% |
| Net initial charge through Wealth Club (existing investors) | 3% |
| Annual management charge | 2% |
| Annual administration charge | See offer documents |
| 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%). Commission is paid by the product provider so there is no additional charge to you.
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 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 the Net Asset Value of the Offer Shares issued to you when you invest. Terms and conditions apply.
Our view
The ProVen VCTs have a long and successful track record of growth capital investing, having achieved several profitable exits – including the sale of jeweller Monica Vinader to Bridgepoint (detailed above).
More recent performance has been mixed, the portfolios’ successful consumer and software investments, such as MPB Group (detailed above) and payment fintech AccessPay, have been offset by markdown, such as Zoovu.
Beringea has been backing entrepreneurial businesses for the last 30 years and has a highly experienced management team. The VCTs have continued to deploy capital into an encouraging pipeline of consumer, SaaS and B2B service investments.
In our opinion, manager Beringea is highly credible and its transatlantic connections set it apart from some other VCTs, although investors should form their own view.
This financial promotion has been communicated and approved by Wealth Club Ltd on 17 June 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.