Venture Capital Trust (VCT) fundraising is up 69% so far this tax year on the previous tax year, according to figures from the Association of Investment Companies (AIC).
From 6 April 2013 – 31 December 2013 the VCT sector has so far raised £152 million this tax year, compared to £89.8m during the same period in the previous tax year.
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Excluding enhanced share buy backs, the VCT sector raised £134.7m in the current tax year from 6 April 2013 – 31 December 2013, compared to £69.3m during the same period in the previous tax year – a 94% increase.
Meanwhile, assets under management for the VCT sector have reached another all-time high of £2.9 billion at 5 January 2014, with the ten largest VCT managers by assets under management continuing to manage around 74 % of the total VCT funds under management.
Ian Sayers, director general, Association of Investment Companies (AIC) said: "These figures demonstrate continued and increasing demand for VCTs, reflecting some consistent performance and dividend track records for a sector which continues to offer vital support to SMEs."
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