Venture Capital Trusts  

Amati raises £25mn in five days for VCT

Amati raises £25mn in five days for VCT

Fund manager Amati has raised £25mn for its AIM venture capital trust in five days.

The fundraise was announced earlier this month and funds will be used to increase the trust's investments in AIM-traded companies across healthcare, information technology and consumer discretionary companies.

It is the vehicle's third fundraise in as many years.

Back in February 2019 Amati raised £7mn in 90 minutes through a top-up offer for its VCT, and another £40mn during the summer.

Alex Davies, chief executive, Wealth Club, said the fundraise was “one of the hottest tickets of the season.”

“Amati has a strong track record of delivering attractive returns and has paid steady dividends which is why it’s a particular favourite among clients," he said.

Rachel Le Derf, head of sales and marketing at Amati Global Investors said the team has developed a strong following in recent years.

“We are delighted to see the continued support for the Amati AIM VCT in what remains a challenging environment," she said.

Ahead of the fundraise, Paul Jourdan, chief executive of Amati, told FTAdviser how the firm had to be careful as to how to navigate the high demand seen for VCTs in the last year.

“While it was great to be oversubscribed [on the top-up offer in February 2019], it was difficult to handle all the relationships - we don’t want to upset people trying to invest in our funds.”

The vehicle’s net asset value per share is 180.72p and the ongoing charges figure is 2.1 per cent, including an annual management fee of 1.75 per cent. There are no performance fees.

Some £821mn has been placed into VCTs so far this tax year, which breaks the previous record of £779mn seen in the 2005/06 tax year when the tax relief was temporarily increased to 40 per cent, according to Wealth Club.

There are still six weeks left of this tax year.

sally.hickey@ft.com