Matrix tops up MIG 2

Fund

Matrix Private Equity Partners has launched a further share offer for the Matrix Income & Growth 2 VCT (MIG 2). It intends to raise up to £15m through a C share offer. The minimum investment is 5,000, the maximum per person is £200,000. On average, investors in MIG 2 provide between £15,000-20,000. The initial costs are set at 5.5% and the annual management charge is set at 2%. Matrix contributed £100,000 to the fund raising. The fund has currently a size of 8.3m and a target of £18.3-23.3m. The VCT can pay tax-free dividends from surplus income and gives an upfront 30% tax break. Legal advice was provided by Gawain Hughes of CMS Cameron McKenna.

Investments

MIG 2 will invest alongside Matrix' four other Income & Growth VCTs in buyouts of UK-based companies across all sectors. MIG 2 normally invests alongside Matrix' other VCTs allowing the firm to make investments of up to £5m per transaction. Matrix plans to invest the funding over a three-year period, assuming deal activity will pick up towards the end of 2009. The fund's investments comprise loan stock and ordinary shares.

People

Mark Wignall is the main manager for the fund at Matrix.

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• Topics
• Buyout
• UK / Ireland