Mobeus reaches final close on £39m

The successful fundraise, which marks the largest amount ever raised by the firm, follows an active year for Mobeus. The firm invested in five companies over the course of 2014, including Bourn Hall, Entanet, CGI, Tharsten and Ward Thomas Group. A deal has already been inked this year as well – the management buyout of Media Business Insight.

Furthermore, Mobeus has enjoyed an impressive exit run over the past 12 months – divesting seven companies, which produced cash gains of around £60m, providing shareholders with a 14% dividend return. Recent exits include the trade sale of Emac, which generated a 3.1x return, and the divestment of Focus Pharmaceuticals to Cinven-backed Amdipharm Mercury, which reaped a 3.7x return.

According to Mobeus managing partner Mark Wignall (pictured), VCTs are enjoying a strong year for fundraising, driven by individuals seeking tax-efficient investment products due to caps placed on pension contributions and the continued low interest rate.

As well as healthy demand for VCT funds, the industry is also experiencing a supply and demand imbalance, with several well-established funds either not coming to market this year or raising smaller amounts. Notably, the Northern VCTs managed by NVM Private Equity did not raise this year, and the Baronsmead VCTs managed by Livingbridge raised £3.8m. It must be noted that due to the strict rules under which VCT funds operate in order to maintain their tax relief status, managers must only raise precise amounts based on the needs of each VCT fund.

Rising demand for such vehicles is evidenced by the unusually early closes of VCT funds, which normally take advantage of the full tax year before closing. Maven's VCT fund closing on £18m is a recent example of this.

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