UK - Core VCTs II & III raise £15m

Guy
16 February 2006

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Core Growth Capital, the specialist private equity partnership, has announced that Core VCTs II & III, launched in November 2005, have raised £15m to date. The launch of Core VCTs II and III follows the successful closing of Core VCT I in June 2005, which raised £10.7m and was the most successful launch of a generalist VCT by a new manager last year. Core aims to raise £30m by 5 April 2006.

'The response so far has been very positive. IFAs have been very receptive to our structure, which reduces investor’s risk,' said Stephen Edwards, the lead manager of Core Growth Capital. 'The main elements of risk have been shifted to the manager, where they belong. We earn no management fees until investors have had their money back.'

He continued: 'As the Chancellor has yet to announce whether there will be an extension of the 40% initial tax relief, investors are keen to take advantage of this allowance this year, before 5 April. However, there are many different types of VCT and investors do need to consider what sort of VCT is right for their individual needs, and not leave it until the last minute as the best VCTs could be full.'