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Now Gartmore pulls out of VCT market after premier fund fails

Gartmore became the second provider in a week to withdraw its venture capital trust, blaming difficult market conditions.

The Gartmore premier VCT, which was aiming to reach £25m, has raised just £850,000 since its launch in October. Investors&#39 money is being returned this week.

The withdrawal ends Gart-more&#39s second unsuccessful outing into the VCT market in less than six years. Its last VCT, launched in 1996, is managed by Elderstreet after Gartmore resigned its management of the fund at the end of 1999.

Pathway One, a small independent VCT, was the first to pull out of the market this season when it closed at the start of February. According to the VCT website www.tax efficien t-review.com, the VCT industry had raised just£44m at the end of January of the £271m being sought.

There is speculation that Isis technology, which has raised less than £500,000 of its £25m target, will be the next to close.

Tax Efficient Review editor Martin Churchill says: “This action clears the wounded from the battlefield and allows the survivors to battle on.”

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