Puma Investments today hailed its largest VCT fundraise to date after Puma VCT 13 successfully reached total target capacity of £50mln during the tax year.
The fundraise was among the largest in the VCT market for the tax year and paid a dividend of 5.5p per share to investors.
Puma Investments opened VCT 13’s latest fundraise in September 2022 with a £40mln target and a £10mln overallotment add-on.
VCTs have remained a popular investment vehicle during the recent market downturn due to their 30% tax relief for investments up to £200,000 per tax year, plus tax-free dividends and tax-free capital gains after five years.
Puma VCT 13, which will hit its five-year performance in July, has invested in 14 businesses across a range of sectors, including cycling apparel brand Le Col, international vehicle and fleet safety solutions provider CameraMatics, and data-driven marketing solution Influencer.
Puma focuses on the top end of VCT-qualifying growth companies.
Chief executive David Kaye commented: “Overall, VCT investment has been incredibly strong this year with over £800mln raised so far, and VCTs continue to provide a good investment option for people who want to access private markets with the added bonus of tax efficiency.
“With Puma VCT 13… we take a sector agnostic approach, giving us an understanding of and access to opportunities across the whole economy, whilst providing the ability to withstand any headwinds.