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Close AIM VCTs move to Octopus

Jul 30 2008

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Three AIM venture capital trusts (VCTs) managed by Close Investments, representing approximately £65 million of assets in total, have moved across to Octopus Investments, the finance house founded by, amongst others, Chris Hulatt (pictured).

Two fund managers, Andrew Buchanan and Kate Tidbury, who oversee the Close AIM VCTs, have also moved over to Octopus. Both Buchanan and Tidbury have also been heavily involved in the management of the Close AIM inheritance tax and Enterprise Investment Scheme portfolios.

According to research by GrowthBusiness.co.uk’s sister title, Business XL, there is currently £1.02 billion of VCT money available for investment in growing UK companies. On top of this figure, even more will soon be accessible from the £116 million – and more – that has been pulled in so far by new and still-open funds.

Once funds have been raised, VCTs are obliged to invest at least 70 per cent of their cash within three years, so VCTs that were launched in 2006 might be closer to parting with their money than others. Furthermore, the trusts can only invest a maximum of £1 million in any one qualifying venture.

As the principle of the scheme is to ensure funding exists for ambitious but high-risk British ventures, the government has chopped and changed the rules regarding the size of company it sees as the ideal recipient.

For more information about Business XL’s Venture Capital Trust report for 2008, click here

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