VCTs are making a comeback. Following the launch of Sitka’s ‘C’ share offering earlier this month, Quester has announced the launch of a top-up issue for its fifth venture capital trust, Quester VCT 5. The move follows a successful issue of Quester VCT 5 earlier this year when the fund closed at over £22m in April 2003.
The fund is seeking to raise a further £2m and will continue its investment focus on a spread of unquoted companies with attractive growth potential with a particular emphasis on information and communication technologies and healthcare and life sciences.
Quester VCT 5 started investing in May 2002 and has made 17 investments to date. John Spooner, Quester director, said: “There is no doubt that the financial and economic environment is beginning to feel more positive. The top-up issue for Quester VCT 5 gives private investors access to a market in which attractive investment opportunities are available, providing the potential for the achievement of good returns over the long term.
Good news also for Baronsmead VCT 3, managed by ISIS Equity Partners, which has seen its net asset value per share increase to 97.9p per share from 95.9p at June 30, 2003. Launched in January 2001, Baronsmead VCT 3 has achieved a total return of 10.5%, of which dividends represent 6p per share.