The First State Invest-ments Aim VCT fund has raised more than 3m in subscriptions and has reached the critical mass required to allot shares. But this success comes in the wake of the recent withdrawal of the Univen and Cavendish VCTs which failed to accrue enough critical mass. First State Investments sales manager Richard Jones says lessons have been learned from these failures but warns rival VCTs not to “point the finger”. He says: “There are too many VCTs in the market and not enough investment to go around. There is also too much scaremongering in the market and VCTs making unfounded accusations against others when they are in their launch period which makes it harder to secure investment.” Jones predicts the withdrawal of more VCTs but adds “there will be a huge opportunity for VCTs to attract further investment next year with the tax break extending to the tax year 2005/06”.