Another VCT is on the fund raising trail, joining Sitka is the Baronsmead VCT 4, managed by ISIS Equity Partners, which has launched an offer for subscription to raise additional funds of around £9m. The fund was launched in December 2001 and has raised around £21m to date. The fund plans to have a series of ordinary share offers over the next nine months to increase its size to £30m.
Baronsmead VCT 4 co-invests alongside Baronsmead’s three other generalist VCTs providing private investors with the opportunity to access private equity in conjunction with attractive tax benefits.
Philip Dunne, chairman of Baronsmead VCT 4, said: “Since our launch in December 2001, we have invested in 17 qualifying investments of which two have been satisfactorily sold. This fund raising will provide the capital to increase the number of investments to 40 or more in a diversified portfolio of mainly established and profitable companies.”
The current offer for the tax year 2003/04 is raising up to £2m. The minimum subscription for ordinary shares per investor is £1,000. To encourage early subscription, investors in this current offer will receive an extra 0.5% of the amount subscribed in additional shares.