ProVen Private Equity, the independent venture capital firm that resulted from a management buyout from Guinness Mahon Group, which is now part of Investec, in 1998, is launching a new venture capital trust called ProVen Media VCT plc. ProVen Media VCT will focus on ProVen’s particular area of expertise, investing primarily in private companies with strong intellectual property, either in the media and enabling technology sectors, or through ownership and exploitation of a brand.
Stephen Edwards, managing director of ProVen, said: “We are of the view that the VCT market has developed to a point where investors should now be offered funds with a clear investment focus. ProVen Media VCT is the first VCT to be launched focusing on this sector, and will further consolidate our position as a leading independent manager of VCT funds.”
ProVen Media VCT will benefit from the ability to invest in larger transactions, ranging from GBP1 million to GBP5 million, by co-investing with ProVen’s existing funds under management or advice. These total around GBP140 million.
ProVen Media VCT will initially invest a maximum of GBP1 million in a single company, typically as part of a larger overall investment, as previously outlined.
ProVen Media VCT is looking to raise GBP30 million, which combined with ProVen VCT and Guinness Flight VCT, would bring the total VCT funds under ProVen’s management or advice to over GBP80 million.
Downing Corporate Finance has been drafted in to help promote the issue of ProVen Media VCT. Downing Corporate Finance has raised over GBP100 million for nine venture capital trusts to date.
Offers for subscription open early February this year and will be open for investment in the 2000/2001 and 2001/2002 tax years. Minimum subscription is GBP5,000 up to a maximum of GBP100,000 per tax year.