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Albion VCT reports strong demand for top-up offer

There has been increased interest in VCTs of late from wealthy private investors, according to a recent reports

Albion Capital Group

Albion Enterprise VCT PLC (LON:AAEV) said there has been strong demand for its shares under the Albion venture capital trusts’ top-up offers that opened earlier this month.

The board of the Albion Enterprise VCT has elected to exercise its over-allotment facility.

As a result, the maximum amount that it can raise will be increased to £9mln from £6mln.

There has been increased interest in VCTs of late from wealthy private investors, according to a recent media report, with one IFA reporting 20% more invested compared to the same time last year.

The offers are expected to close no later than the end of this September, though each VCT may close its offer earlier or may extend to next January at its board’s discretion.

The fund manager said the top-up fundraising reflects its confidence in a strong pipeline of investment opportunities in software and healthcare, as well as continuing to invest in its portfolios of around 70 growth businesses, which was valued at a combined £377mln in September.

In the latest Tax Efficient Review, the Albion VCT offer scored the highest ever score for VCTs, 88 out of 100 in the category of generalist VCTs with a track record.

According to Martin Churchill: "The team, the performance, the fee structure are all impressive. When added to the factors such as the decent hurdle on the performance fee and excellent share buy-back scheme, TER are happy to award this Albion VCT offer our highest ever VCT rating."

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