Maven VCTs launch new £40m offers for subscription

by | Oct 13, 2022

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Leading investment and private equity firm Maven Capital Partners has announced that its four venture capital trusts (“VCTs”) have launched new offers, allowing existing shareholders and new investors an opportunity to subscribe for New Shares and benefit from up to 30% income tax relief.

These established VCTs intend to raise up to £10m each for a total of £40m, including an over-allotment of up to £5m each for Maven VCTs 3 and 4.

The four VCTs, launched between 2000 and 2004, each have a diversified portfolio of more than 90 UK companies. Each has a long-term record of achieving progressive Shareholder returns and paying regular dividends under Maven’s management, with each VCT aiming to deliver an annual tax-free dividend yield of 5% of NAV.

Maven has a track record of investing in some of the UK’s most vibrant industries, targetting dynamic growth businesses that offer the prospect of significant capital gain and are typically focused on embracing innovation and creating skilled employment as they grow.

Maven is one of the most active and best resourced SME investors in the sector, and the Maven VCTs have backed more than 400 growing businesses across the UK since 2009, investing around £260m in private and AIM-listed UK companies. Since January 2019 the Maven VCTs have invested more than £60m in 43 new private companies and completed 15 profitable exits with returns of up to 6.5x, demonstrating Maven’s track record of backing dynamic, earlier stage growth businesses which have the potential to deliver positive investor returns.

Since the first of the Maven VCTs was established 22 years ago, they have provided a valuable bridge between private capital and the UK SME sector. Maven’s highly diversified, established portfolios now include dynamic companies as diverse as innovative graduate careers platform Bright Network, eco-friendly baby care brand Pura, and leading manufacturer of maritime and defence intelligence solutions Horizon Technologies.

Investing in VCTs remains one of the most tax efficient investment options available, offering a range of tax breaks including 30% initial tax relief, tax-free dividends and CGT exemption on sale.

Ewan MacKinnon, Partner at Maven, said: “VCTs are playing an ever-more important role in supporting the growth and success of ambitious young business, helping to stimulate both innovation and the creation of skilled employment across a range of exciting sectors. Maven is proud to continue working across the UK regions, contributing to the levelling up initiative targetting areas outside London, where private company investment plays a major role in the country’s economic growth and global reputation.

“Furthermore, there is a continued healthy appetite for VCTs among investors look to diversify their portfolios. Launching this year’s VCT offers will enable us to do our part in driving growth and entrepreneurship in the nation.”

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