PUMA VCT III & IV, which are managed by Shore Capital Group plc, the investment bank, have raised £39m. Shore Capital raised two PUMA funds (I & II) last year, which raised a combined total of £21m. This means Shore Capital can deploy £4m per investment in a qualifying VCT company, by investing from all four funds at once.
All of the PUMA VCTs have a five year life and will make their qualifying investments in primarily relatively low risk small UK companies registered on the London Stock Exchange’s Alternative Investment Market (AIM), Ofex or in private companies. Non-qualifying investments will include a diversified portfolio of hedge funds and property vehicles, where Shore Capital has a track record.
Adam Teeger, PUMA’s manager, said: “It is a big advantage to be able to commit up to £4m in a single private equity deal. We will focus on providing mezzanine finance and development capital for well-run businesses with good management teams and believe we can offer highly competitive terms.”