Key Takeaways
- • Maven Capital Partners has launched new joint share offers totalling £40 million across its four Venture Capital Trusts (VCTs).
- • Investors can receive up to 30% initial tax relief, tax-free dividends, and exemption from capital gains tax.
- • The four VCTs have combined assets of £282 million and hold over 120 private and AIM-quoted companies, with the ten largest investments accounting for 25% of total assets.
- • Three of the VCTs reported NAV increases of 3.05% to 5.55% as at 31 August, driven by exit activity. Maven targets an annual dividend of 6% of NAV per share.
- • Recent exits since May 2024 returned 8.2x, 4.7x, 4x and 2.85x invested capital in cybersecurity, digital archiving, RegTech and specialist engineering.
Summary
The four VCTs hold combined assets of £282 million and provide access to more than 120 private and AIM-quoted companies. Portfolio concentration is low, with the ten largest investments representing just 25% of total assets, which Maven presents as evidence of a balanced approach to risk within the VCT sector.
Performance indicators cited in the announcement support the fundraise. Three of the VCTs reported further net asset value increases on 31 August, ranging from 3.05% to 5.55% since their previously announced results, driven by a strong period of exit activity. Each VCT typically pays two tax-free dividends a year and has recently enhanced its dividend policy to target an annual dividend of 6% of NAV per share.
Since May 2024, the Maven VCTs have completed several high-value private company exits. Reported return multiples were 8.2x, 4.7x, 4.0x and 2.85x, achieved in cybersecurity, digital archiving, regulatory technology (RegTech) and specialist engineering. Maven positions these realisations as evidence of its sector expertise and of its ability to fund shareholder dividends from profitable exits.
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