
Dover Street launches VCT with a cap of £15m
Newly launched Dover Street Venture Capital Trust is raising a minimum of £4m from private investors. The maximum size of the fund is £15m. It will be targeting companies which offer the prospects of reliable income coupled with low risks. Investments are expected to include established, profitable companies with blue chip customers, reliable cash flows, strong asset backing and proven management. The strategy will enable the fund managers to combine debt and equity investments in companies with a strong asset base. The fund intends to return capital to shareholders as soon as practicable on realisation of the underlying investments and complete an orderly liquidation of the entire portfolio within six years. A team with experience of investing in unquoted and AIM-listed companies has been assembled by Dover Street Capital to manage the Dover Street VCT fund. This team consists of Craig Staring, director and co-founder of Dover Street Capital and previously an investment director at Arlington Group; Paul Thompson, also a director and co-founder of Dover Street Capital and previously a partner at Cygnus Venture Partners; Richard Hargreaves, a former chairman of the British Venture Capital Association and founder of Baronsmead Plc; Paresh Shaw, co-founder of private equity group Stargate Capital Investment Group and an ex 3i investment manager; and Stephane Gagnon, previously of Grant Thornton and co-founder of private equity group Stargate Capital Investment Group. The Dover Street VCT board consists of non-executive chairman Stuart Goldsmith, chairman of Ketton Investments, a corporate finance firm which he founded in 1989. There are two other non-executives Christopher Tanner, a former director of training at Deloitte, and John Shaw, a former director of broker Seymour Pierce.
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