Mobeus Income & Growth 4 VCT and The Income & Growth VCT (the Mobeus VCTs), advised by specialist alternative asset manager Gresham House, have raised a further £52mn in just three days since opening to applications.
Reflecting strong investor demand – with a record £44mn raised on the first day of the offer – the Boards of the VCTs have agreed to extend capacity for the 2022/2023 tax year up to a further £29mn in the form of an over-allotment facility.
The Mobeus VCTs invest in diversified private equity portfolios with an aim to maximise long-term returns and deliver a consistent dividend yield for shareholders. They sit alongside the hybrid Baronsmead VCTs, which invest in both public and private companies. The additional funding will allow the Mobeus VCTs to continue taking advantage of new investment opportunities throughout the cycle, support the portfolio, and ensure sufficient liquidity to pay dividends to shareholders.
The current fundraise builds on a busy 12 months for the Mobeus VCTs, which have been actively deploying capital into promising UK businesses across a range of sectors. Notable investments in recent months include a £1.9mn investment in eating disorder clinic Orri and a £2.2mn investment in navigation technology business FocalPoint. The funds have also realised strong returns from exits including publishing and events business MBI and paddleboard manufacturer Red Paddle.
At 30 June 2022, the Mobeus VCT’s were ranked in the top four among peers over 5 and 10 years1, with an investment in the last eight joint fundraising offers by the Mobeus VCTs delivering positive returns ranging from 22.9% to 127.6%2.
The offer also comes one year on from Gresham House’s acquisition of the Mobeus VCTs business. The Gresham House Ventures team now comprises over 40 people, including 30 investment professionals3, specialising in high-growth, scalable and technology-driven businesses in the tech, services, consumer, healthcare and education sectors.
Trevor Hope, Chief Investment Officer, VCTs at Gresham House, says: “This successful start to the latest fundraise for the Mobeus VCTs reflects our expertise in identifying and investing in innovative companies, and will enable the funds to inject fresh capital into Britain’s future leaders. We appreciate our investors’ continued confidence in the Mobeus VCTs and believe our enhanced market position will continue to attract strong dealflow.”