Friends Ivory & Sime is looking to raise £30m from the launch of its third Baronsmead venture capi tal trust this month.
The generalist VCT opens on January 15 and will invest in similar unquoted companies to Baronsmead's first and second VCTs. It will also be managed by the same team, including FI&S VCT relations manager Michael Probin and chairman of the British Venture Capital Association David Thorp.
The fund will concentrate on four core sectors – technology, media and telecomms; healthcare; consumer markets and business services. The company is aiming to ach ieve long-term capital growth with the new trust.
Minimum investment for the fund is £3,000. No more than £100,000 can be invested within any one tax year.
The fund has a front-end charge of 5 per cent, with an annual management fee of 2 per cent, rising to 2.5 per cent after 2004. IFA initial commission is 3 per cent. There is no trail commission.
Thorp says: “We can provide investors with a portfolio of investments which is not normally available to private investors.
“We benefit from having a very large number of opportunities to choose from and this enables us to be selective. This, in turn, has provided our investors with good investment returns, which are further enhanced by the five VCT tax reliefs.”