Investment and private equity firm Maven Capital Partners has confirmed that its four venture capital trusts intend to raise £40m from the launch of new offerings.
The offerings allow existing shareholders and new investors to subscribe for shares and receive tax relief of up to 30%.
The four VCTs, launched between 2000 and 2004, each have a diversified portfolio of over 90 UK companies. They intend to raise up to £10m each, including an over-allotment of up to £5m each for Maven VCT 3 and 4.
Maven VCTs have supported over 400 companies across the UK since 2009, investing around £260 million in private and AIM-listed UK companies.
Since January 2019, they have invested over £60m in 43 new private ventures and completed 15 profitable exits with returns of up to 6.5x.
Ewan MacKinnon, Partner at Maven, said: “VCTs are playing an increasingly important role in supporting the growth and success of ambitious start-ups, helping to drive both innovation and the creation of skilled jobs. in a range of exciting sectors.
“Maven is proud to continue to work in all parts of the UK, contributing to the upgrade initiative targeting areas outside of London, where private business investment plays a major role in economic growth and the country’s global reputation.
“In addition, investors looking to diversify their portfolios continue to have a healthy appetite for VCTs. The launch of this year’s VCT offerings will allow us to do our part to drive growth and entrepreneurship in the country. “