UK-based Hargreave Hale is to raise £20 million fundraise for its alternative investment market (AIM) venture capital trust (VCT) range from new and existing investors.
The group aims to raise £10 million of new ordinary shares for each Hargreave Hale’s AIM VCT 1 and VCT 2.
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Launched in 2004, the Hargreave Hale AIM VCTs managed by Giles Hargreave and Oliver Bedford, targets AIM-lised companies with a diversified portfolio of equity investments in small UK-based qualifying companies.
The VCTs target a tax free income of 5% based on the year-end net asset value and offer investors an upfront tax relief of 30%, as long as sufficient income tax is paid and the shares are held for at least five years.
The firm said up to 75% of the net proceeds of funds raised may be invested in the Marlborough Special Situations fund, pending investment into qualifying companies.
The minimum investor subscription into each VCT is £2,500, while the maximum is £200,000. For each VCT there is a 3.5% initial charge, which is deducted from the investor’s subscription.
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By GlobalDataCo-manager Oliver Bedford said: "Our VCTs offer investors not only the associated tax benefits, but an exciting opportunity to participate in growth stories and support entrepreneurial development over the medium to longer term."
Co-manager Hargreave said: "Our flexible investment strategy, which allows us to make targeted investments in non-qualifying equities, funds and bonds, helps us to drive investor returns in a variety of market conditions. We have established a good track record of paying out tax-free dividends, and operate what we believe is one of the best share buy-back policies."
