Albion holds early close after raising £36m

Alice Murray
30 March 2016

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Albion Ventures has closed its top-up offer after raising £36m across its six venture capital trusts.

Albion was originally targeting £25.5m, having opened the offers in mid-November 2015 and expecting to close in September 2016.

The successful fundraise highlights ongoing demand for VCTs despite new rules put in place at the end of last year, which restrict the schemes from buying and selling ownership stakes and limits the majority of investments to £12m.

However, private investors continue to pile into VCTs because of upcoming rule changes for pensions. According to Albion managing partner Patrick Reeve, there was a notable uptick in demand from investors looking to broaden their retirement portfolio.

The top-up offer enabled investors immediate exposure to six mature Albion VCTs, with a combined net asset value of £270m and a portfolio of 60 business. Albion most recently led a £1.65m funding round for mobile fan engagement and sports marketing business InCrowd Sports.