Northern 2 VCT raises over £40m

Northern 2 VCT closed its second share issue on the 28th of June after raising £22.04m, bringing the net assets of the trust to over £40m. Northern 2 VCT is one of three VCTs managed by Northern Venture Managers Limited (NVM). It was launched in 1999 when its original share offer on the London Stock Exchange raised £22m. NVM decided on a second round of share offers in December 2000 due to an abundance of new deals, and a belief that a larger VCT would enable a broad spread of investment. They had hoped to raise a further £25m, but due to what Alastair Conn, managing director of NVM, described as a “difficult†and “cautious†climate of investment they were happy to close with £22m.

NVM has already started investing from the VCT, with 26 investments totalling £10.6m having been made by December 2000. The VCT is taking a general investment approach as regards sectors, with approximately 20% dedicated to early stage deals and the rest to MBOs, MBIs and expansions. Investing alongside other VCTs means that there is a potential maximum investment of between £4m and £5m per company.

Fundraising for Northern 2 VCT was coordinated by Alastair Conn. Its chairman is Dr. Matt Ridley.

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