LSE listings in decline as entrepreneurs stay private

However, there were concerns that Brexit uncertainty may make it less attractive for entrepreneurial spirits to launch companies, and therefore less attractive for fund managers to back the really early-stage enterprises.

Trevor Hope, a partner at Mobeus Equity Partners, commented: “There are more than 5m small-to-medium enterprises in the UK, many of which are reliant upon importing services and material as part of their offering, or exporting their goods and services or even requiring the ability to employ non-UK nationals.

“All of these areas now have a level of uncertainty. Ultimately, Brexit may create greater opportunities, but in the short-term, this uncertainty will make an already difficult job that much harder.”

The issue of fees on VCTs - including the performance-based hurdle fees some funds employ - was also discussed during the AIC’s briefing.

A couple of days after the roundtable, it was reported that a negative reaction from shareholders had prompted the board of the £76m Albion VCT to alter its plans to significantly increase the performance fee for the trust.

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