Octopus Investments is seeking to raise an additional £70m in funds for four of its venture capital trusts through new share offers.
The latest round of fundraising gives existing and new investors the chance to access the Octopus AIM VCT, Octopus Second AIM VCT, Octopus Apollo VCT or the firm’s five Titan VCTs through a linked offer.
The two AIM funds are seeking £10m each, the Apollo fund £20m and the remaining £30m will be split equally between the Titan range.
Octopus currently manages more than £350m of VCT funds. Managing director Paul Latham says: “These VCTs have proven and successful track records of delivering the levels of return and tax benefits we said they would. Our more mature Titan VCTs recently announced they would be paying out £16m in special dividends following the success of a number of investments, in addition to delivering capital growth.”
Charles Stanley head of investment research Ben Yearsley says: “In general the VCT industry seems to be in pretty good shape at the moment. Performance is good, there are quality management teams with good returns and there is more consistency as dividends are being paid.”