VCT Market Snapshot

There are currently 12 VCTs raising funds.

These 12 VCTs are operated by 10 managers.

Scroll down to find out more.

Sector Distribution

MICAP categorises the market across eight sectors: Food & Drink, Industry & Infrastructure, Media & Entertainment, Pharmaceuticals & Biotechnology, Sport & Leisure, Technology, Transport, and General Enterprise.

By number, the VCTs currently fundraising operate in the following sectors:

	General Enterprise	77.08%
	Technology	20.00%
	Pharmaceuticals & Biotechnology	2.92%

Investee Company Stages of Development

VCTs invest into Seed, Early and/or Later stage companies, and some also (or exclusively) invest into AIM listed companies.

Seed stage: A company that, at the point of investment, is at its setup stage with an idea for a product or service, perhaps engaging in R&D

Early stage: A company that, at the point of investment, has commercialised its product or service, is generating revenue and is looking to scale up quickly

Later stage: A company that, at the point of investment, is generating significant revenues (e.g. £1 million plus per annum) from an established customer base and may also be profitable. Later stage companies will typically be raising larger amounts than seed/early stage companies (e.g. deal sizes of £10m +), with the potential for an exit in 3 – 5 years

AIM listed companies are companies that have listed their shares on the Alternative Investment Market.

In the current market, 3 VCTs invest in seed-stage companies, 12 in early-stage companies, 7 in later-stage companies and 1 have an allocation to AIM-listed companies.

By number, the sector breakdown of these VCTs is presented below (the size of the pie chart represents the number of VCTs that target this stage of company):

Seed stage

Early stage

Later stage

AIM Listed

General Enterprise	Technology	Pharmaceuticals & Biotechnology

Average Deal Size and Target Portfolio Size

Across the 10 managers currently raising VCT funds, the average investment size* they target is £1,700,000.

*This is calculated by taking the average amount that the VCT has invested into each holding, defined as all investments into securities (both qualifying and non-qualifying) but excluding investments into cash, money market funds, OEICs or other non-qualifying holdings

Below is a breakdown of the current VCT market by average investment size, excluding any VCTs (or share classes) that have not published their first set of annual accounts.

Each dot represents an individual VCT. The size of the dot represents the stage of company (seed, early or later) that the fund targets, and the colour of the dot represents the sector the fund primarily targets with VCTs targeting only AIM-listed companies shown separately.

MICAP subscribers can hover over an individual dot to find out more about that particular fund.

General Enterprise	Technology	Pharmaceuticals & Biotechnology	AIM Listed

Market Snapshots