Puma Investments announces Puma VCT 13 has raised £50 million from investors reaching total target capacity for the tax year.
This marks Puma’s largest fundraise to date, and one of the largest in the VCT market this year1.
In September last year, Puma opened a £40 million fundraise for VCT 13, with an over-allotment facility for a further £10 million. During this tax year Puma VCT 13 has paid a dividend of 5.5p per share to investors. This follows two dividends totaling 11p per share paid in the previous year.
Puma VCT 13, which will hit its five-year performance in July, has invested into 14 UK qualifying businesses across a range of sectors, mitigating exposure to sector specific challenges, which has been especially beneficial in the current period of sustained economic uncertainty. Businesses that Puma VCT 13 has invested in include cycling apparel brand Le Col, international vehicle and fleet safety solutions provider CameraMatics, and data-driven marketing solution Influencer, which works with clients including Google, Amazon and Levi’s.
Since 2005, 14 Puma VCTs have been launched raising over £300 million, with 54 qualifying investments and achieving 35 full exits. The investment team invests in more established scale-up companies, with healthy revenues and proven business models, that are still small and young enough to grow, and have the potential to achieve successful exits and realise returns.
Puma Alpha VCT, which follows the same investment mandate as Puma VCT 13, remains open for investment.
David Kaye, CEO of Puma Investments, comments:
“We’re delighted that Puma VCT 13 has reached this £50 million fundraising milestone, our biggest ever fundraise. Overall, VCT investment has been incredibly strong this year with over £800 million2 raised so far, and VCTs continue to provide a good investment option for people who want to access private markets with the added bonus of tax efficiency.
“With Puma VCT 13 and Puma Alpha VCT, we take a sector agnostic approach, giving us an understanding of and access to opportunities across the whole economy, whilst providing the ability to withstand any headwinds. In this climate, investors should look to quality, well managed portfolios, which provide diversification across multiple sectors and regions. Despite the prevailing economic challenges, real investment opportunities remain. VCTs also continue to be important to the economy, providing essential capital for companies looking to scale their business, which in turn creates jobs and supports growth across the UK.
1 – MICAP fund finder, accessed on 31 March 2023
2 – According to Wealth Club data