Foresight Group LLP today announced the launch of a new offer for the FWT Share Class of the Foresight Solar & Technology VCT. The Offer is for £15m with an over–allotment facility to raise up to a further £10 million through the issue of new shares.
The FWT share class, having been launched in December 2019, has raised c. £20m and made 27 investments (including four follow-ons). The Offer, which is open to investors for tax years 2022/2023, will give new and existing shareholders access to a diversified portfolio of early-stage companies with high growth potential, developing innovative and occasionally transformative technologies across a range of industry sectors.
In the latest half-yearly the Board announced an increase in Net Asset Value of the FWT shares of over 5.5%. A number of the portfolio companies in the VCT raised additional funding in 2022 with four of those companies raising in excess of £20m each from both the FWT VCT and a range of other co-investors.
The VCT aims to provide an attractive income stream as well as allowing investors to benefit from the VCT tax reliefs available to qualifying participants.
Andy Bloxam, Director at Foresight Group said: “In an extremely challenging market environment, the Foresight Solar & Technology VCT has continued to achieve positive momentum over the past year, with a number of investments into innovative firms at the forefront of their respective industries.”
“As growth investors, we have backed some of the most exciting and forward-thinking businesses in the UK, including immersive audio provider Audioscenic and university spinout Cambridge GaN Devices. We have a growing number of exciting companies in our portfolio and look forward to continuing to support them while delivering results for our investors.”