Mercia Asset Management PLC (AIM:MERC) has hailed news of a successful fundraise by its three Northern Venture Capital Trusts.
Some £60 million was raised through new share offerings launched in September, Mercia said in a statement, with an initial allotment taking place in January.
“I am delighted that the Northern VCTs have achieved a significant fundraise in the context of a more challenging fundraising environment,” chief executive Mark Payton commented.
“The successful £60 million fundraise underscores the trust Mercia has built in managing the Northern VCTs, which remain a vital source of investment for small and medium-sized enterprises navigating the current economic climate.”
Mercia’s Northern VCTs form part of the firm’s third-party funds under management and include Northern Venture Trust, Northern 2 VCT and Northern 3 VCT PLC.
Remaining new shares from the fundraise will be allotted in early April, Mercia added.