Law firm Howard Kennedy says it has acted for 14 of the 18 VCTs coming to market in the 2016/17 financial year.
The firm reports that the 18 funds are seeking to raise £398m. The funds being advised by the firm are raising £309m.
Howard Kennedy says it is the only English law firm to be able to act as both sponsor and legal adviser to VCTs through its wholly owned FCA authorised subsidiary, Howard Kennedy Corporate Services LLP.
Over the past five years, the firm has acted for 80 per cent of all VCTs to come to market.
Partner and Head of Capital Markets Keith Lassman leads the firm’s VCT team. He said: “The 2016/17 market has been slightly quieter this year compared to 2015/16, when 26 VCTs launched funds raising an impressive £538m, driven largely by funds coming to grips with the recent VCT rule changes.
“Octopus Titan, a client of the firm, is by far and away the largest fund this year, seeking to raise £120m. It has been well received, raising £50m so far, and this is echoed across other VCTs as investor demand remains strong.”
