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VCT fundraising is third highest on record – VCTs raise £882 million in 2023/24 tax year to invest in fast-growing companies

by | Apr 8, 2024

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The Association of Investment Companies (AIC) has announced that Venture Capital Trusts (VCTs) raised £882 million in the 2023/24 tax year to invest in young and ambitious UK companies.

This is the third-highest fundraising by VCTs in a tax year. The fundraising record was set in 2021/22 when £1.13 billion was raised, followed by the 2022/23 tax year which saw VCTs raise £1.08 billion.

Fundraising over the last three tax years (2021/22, 2022/23 and 2023/24) totals over £3 billion.


Richard Stone, Chief Executive of the Association of Investment Companies (AIC), said:

“The continued strong fundraising by VCTs will be a great benefit to the UK’s innovative young businesses in a challenging environment. Over the last three years VCTs have raised over £3 billion – providing much needed support to the UK’s fast-growing companies.

“This support has an impact beyond the businesses that receive funding, delivering wider economic, social and environmental benefits as well. The young businesses that VCTs support create jobs, boost the development of skills and knowledge, and increase exports and tax take across many vital sectors including healthcare and technology.”


Chris Lewis, Chair of the VCT Association, said:

“At a time when fundraising across the broader venture capital markets has slowed, VCTs are showing their worth and outperforming the trend. With over £3 billion raised over the last three tax years, VCTs provide critical funding and support to growth companies, which have an outsized impact on innovation and job creation.

“These sustained levels of investment into VCTs demonstrate the value that is being delivered to thousands of retail investors nationwide, who in turn provide patient capital to high-potential scale-up businesses across the country.”

VCT fundraising by tax year

Tax yearFundraising (£m)

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