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Matrix aims for £40m with VCT

Matrix Securities is aiming to raise £40m with its TriVest venture capital trust.

The fund, which is launching next week, will be managed by three different man- agers following in the footsteps of Matrix&#39s Triven fund, which was set up last year.

LICA Development Capital will manage a third of the portfolio to be invested in the industry and media sectors.

GLE Development Capital will invest another third in commercial stocks while VCF Partners will invest the remainder of the portfolio in technology companies.

VCF is manager of the successful Matrix Foresight Technology VCT, which has returned more than 100p per share since its launch in 1997.

Initial charge on the new fund is 5.5 per cent. Minimum investment is £2,500. Commission is 2.25 per cent, with an annual trail of 0.375 per cent of net asset value.

The fund is one of a range of new VCTs being launched this autumn, including funds from Friends Ivory & Sime and Northern Ventures.

Matrix marketing director Bridget Cleverly says: “The TriVest model enables managers first to sort the wheat from the chaff and then provide practical help and advice to the management teams of the investee companies as they develop their businesses.”

Hargreaves Lansdown investment director Ben Yearsley says: “All three managers have got very good track records but this is not a product I can get too excited by. If you are a first-time investor, it will give you a diversified portfolio but it is not so well suited for the experienced investor.”


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