Investment management company, Gartmore, has also announced its debut VCT offering, Gartmore Premier VCT. The trust hopes to raise a maximum of GBP25 million to invest primarily in AIM, but also OFEX, listed companies.
Although around 70 per cent of the fund will be allocated to quoted companies the Gartmore VCT will also invest in unquoted companies looking to list within 18 months.
The Gartmore’s smaller companies team will manage the new fund, with Gervais Williams and Tim Dainton taking lead roles. The six-strong team emphasises the importance of direct contact with companies, rather than relying on external research. The team meets about 1,000 companies each year to evaluate the management team, corporate philosophy and company objectives. Gartmore has GBP90 million invested in AIM companies.
The VCT will target a range of growth-orientated companies with leading market positions, management strength, financial resilience and the ability to outperform. Fund manager Gervais Williams said: “We believe the UK economy is resilient and well placed for growth. We believe that falling interest rates and increasing Government spending will stimulate ongoing growth in the future.”
He added: “As the outlook for the economy and corporate earnings improves and confidence returns to equity markets, there is likely to be a steady increase in the number of companies seeking finance. Gartmore is in the ideal position to identify these opportunities and invest in them through Gartmore Premier VCT.”
Gartmore Premier VCT is sponsored by Teather & Greenwood Limited.