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£20m target for second Quester VCT

Quester is aiming to raise £20m with its second venture capital trust after its first VCT took £31.2m.

Quester VCT 2 will co-invest with Quester VCT 1. Sixty per cent of funds will be alloted to unquoted UK companies which have an established track record.

A further 20 per cent will be invested in UK companies with high growth. The remainder will go into fixed-interest investments or quoted equities.

There is a 5 per cent initial charge. Shares are quoted at 100p but start trading at a net asset value of 95p.

The annual management charge is 1.5 per cent in year one, rising to 2 per cent in year two and 2.5 per cent from year three. Commission is 3 per cent.

Director John Spooner says: "The number of enquiries about our plans confirms our belief that there is significant demand for a VCT product."

VCTs offer 20 per cent income tax relief up front and 40 per cent capital gains tax deferral on any gains re invested on investments of up to £100,000 a year.

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