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Isis technology VCT axed as it falls short of target

Isis technology became the third VCT to be pulled from the market in less than a month on Monday, having raised just £309,000 since it was set up four months ago.

The fund, which had aimed to raise £25m, was one of only two remaining VCTs not to have reached its minimum subscription and should be the last offering to be pulled in this tax year. Teather & Greenwood&#39s Aim VCT has so far raised £900,000 of its £1m minimum and says it is confident it will hit its target within the next few weeks.

Pathway One, a small generalist independent trust, was the first to go this year, withdrawing at the end of January. Gartmore premier VCT followed suit a week later.

The VCT market has raised just over £50m this season from a total target of £300m, with few trusts looking likely to get close to their objectives.

Matrix&#39s Unicorn VCT still dominates the market, with £15m of its £35m target raised.

Isis capital chairman David Thorp believes that VCT managers need to make more of the investment story behind their products rather than only focusing on the tax advant-ages. He says: “We have got to tell people a bit more forcibly that you can do well out of these investments.”

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