The following has been printed solely for on 01 December 2023, and should not be relied upon by any other party
VCT Market Snapshot
There are currently 29 VCTs raising funds.
These 29 VCTs are operated by 16 managers.
Scroll down to find out more.
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:
Investee Company Stages of Development
VCTs invest into Seed, Early and/or Laterstage 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, 23 in early-stage companies, 13 in later-stage companies and 13 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):
Average Deal Size and Target Portfolio Size
Across the 16 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.
The MICAP Impact Assessment process is based on the Manager’s answers to our Impact Assessment Questionnaire, which may not be verified or audited by MICAP. The resultant MICAP Impact Scores should not be taken as financial advice or a complete and comprehensive analysis of the risks of investing in the investment, which are usually set out in the Information Memorandum, Prospectus or Brochure supplied by the Investment Manager.
Alternative and unquoted investments are inherently high risk and invested capital is at risk. Tax ramifications may vary depending on the investor's personal circumstances. MI Capital Research Ltd is an Appointed Representative of Thornbridge Investment Management LLP (FRN: 713859), which is authorised and regulated by the Financial Conduct Authority.