Figures published by the Association of Investment Companies show the venture capital trust sector raised £457.5m in the most recent tax year (2015/16), the third highest on record.
This is a £28.5m increase on the year before (2014/15) where fundraising reached £429m.
VCT funds under management to 5 April 2016 reached £3.6bn, a slight increase from last year’s figure of £3.5bn.
Ian Sayers, chief executive at the Association of Investment Companies said the VCT sector has now seen twenty one years of annual fundraising, with today’s figures showing its ongoing strength.
“It is a real vote of confidence in VCT managers from investors and their advisers and a testimony to how well managers are coping with recent VCT rule changes.
“The pension changes to the lifetime and annual limits have clearly had some impact and this is likely to continue next year with further restrictions for high earners.”
He added the VCT sector continues to be an important driving force behind the UK’s up and coming businesses, the backbone of the UK economy, and an important catalyst for job creation.
Historic VCT fundraising figures excluding enhanced share buy-backs
| Tax year | Fundraising (£m) |
| 2015/2016 | 458 |
| 2014/2015 | 429 |
| 2013/2014 | 420 |
| 2012/2013 | 269 |
| 2011/2012 | 267 |
| 2010/2011 | 354 |
| 2009/2010 | 338 |
| 2008/2009 | 154 |
| 2007/2008 | 219 |
| 2006/2007 | 267 |
| 2005/2006 | 779 |
| 2004/2005 | 505 |
| 2003/2004 | 50 |
| 2002/2003 | 65 |
| 2001/2002 | 125 |
| 2000/2001 | 433 |
| 1999/2000 | 270 |
| 1998/1999 | 165 |
| 1997/1998 | 190 |
| 1996/1997 | 170 |
| 1995/1996 | 160 |
Source: AIC
ruth.gillbe@ft.com
