Baronsmead VCTs secure further £75m in oversubscribed fundraise

Baronsmead Venture Trust plc and Baronsmead Second Venture Trust plc (the Baronsmead VCTs), managed by specialist alternative asset manager Gresham House, have raised a further £75m.

As with previous years, this 2022 tax year fundraise closed ahead of schedule and was oversubscribed beyond its initial £50m target, reflecting strong investor demand. The Offer opened up new distribution channels including the St. James’s Place platform, which further increased accessibility to retail investors.

The Baronsmead VCTs are managed by Gresham House and are hybrid VCTs, with public and private equity portfolios that look to deliver consistent returns with a consistent dividend yield for shareholders. They sit alongside the pure-play private equity Mobeus VCTs, which Gresham House acquired in 2021.

Gresham House’s private and public equity teams specialise in high-growth, scalable and technology-driven businesses in the tech, services, consumer, healthcare and education spaces. The additional funding will be deployed into attractive private and AIM-listed companies in these sectors and beyond.

The fundraising builds on a strong 2021 for the Baronsmead VCTs both in terms of fundraising and new investments, which particularly targeted the digital consumer space. It also follows a busy start to 2022, which saw the recent sale of a longstanding stake in European logistics specialist Carousel at a multiple of 5.0. 

Bevan Duncan, fund manager of the Baronsmead VCTs, says: “The continued success of fundraising for the Baronsmead VCTs reflects Gresham House’s expertise in identifying and investing in innovative future leaders. We are now well capitalised to make further investments in exciting businesses at the forefront of the pandemic recovery, and we are confident we can continue to build on the VCTs’ strong performance through our extensive network and ongoing company engagement.”