- A flurry of VCTs have already set out their fundraising efforts for the 2023-24 tax years
- Urgency aside, some caution is warranted
The starting gun has well and truly been fired on venture capital trust (VCT) fundraising for the 2023-24 tax year, with more than a dozen funds unveiling their offers in recent weeks.
VCT fundraising announcements have come thick and fast in September, with some 15 names having set out their fundraising efforts at the time of writing, and that cohort seeking just shy of £400mn. VCTs, which back relatively immature companies – both private and those listed on Aim – are likely to seek to feed money to their existing portfolio companies as well as seeking some new investments. "The persistent decline in equity markets continues to create opportunities for those prepared and able to invest for the long term," said Hargreave Hale AIM VCT (HHV) in a prospectus for its raise of up to £40mn.