Investing
VCT fundraising up 69% year on year
The Venture Capital Trust (VCT) sector has raised £152m so far in the 2013/14 tax year, up 69% from £89.8m during the same period in the previous tax year, according to the Association of Investment Companies (AIC).
Excluding enhanced share buy backs, the VCT sector raised £134.7m from 6 April 2013 to 31 December 2013, compared to £69.3m during the same period in the previous tax year – a 94% increase.
Meanwhile, assets under management for the VCT sector have reached another all-time high of £2.9bn at 5 January 2014, with the ten largest VCT managers by assets under management continuing to manage around 74% of the total VCT funds under management.
Ian Sayers, director general of the AIC, said: “These figures demonstrate continued and increasing demand for VCTs, reflecting some consistent performance and dividend track records for a sector which continues to offer vital support to SMEs.”