On 19 November we were delighted to hold our first VCT Forum, bringing together leading voices in the tax-advantaged investing space for a timely discussion on Venture Capital Trusts (VCTs), hosted by Hardman & Co’s Dr Brian Moretta in partnership with Steve Dobson, Head of Investment at GrowthInvest.
The session explores why venture capital can play a valuable role in diversified portfolios, the structure and benefits of VCTs and the key tax incentives available to investors. Featuring four highly experienced managers: Blackfinch Ventures, Foresight Group, Guinness Ventures and Mercia Asset Management, each presenting their distinct approach. The webinar includes practical insights, expert analysis and live Q&As for both seasoned professionals and those newer to VCTs. Discover more about the Blackfinch Spring VCT, the Foresight Technology VCT, the Guinness VCT and the Northern VCTs.
Missed this Forum? Not to worry – you can still watch on-demand on Zoom. The event qualifies for CPD points, so viewers of the full recording can log this learning time and contact us by email and we will arrange for a certificate to be sent to you: [email protected]
This event coincided with the 30th anniversary of the Venture Capital Trust (VCT) scheme, introduced in the UK in 1995, which has played a significant role in supporting high-growth, early-stage, innovative businesses across the country, with fundraising reaching record levels in recent years. It’s an informative, accessible introduction to an evolving and opportunity-rich area of the market.
The event opened with a presentation from Brian Moretta, Head of Tax Advantaged Research at Hardman & Co, exploring the role of VCTs in a diversified portfolio, their offer structure and the key tax benefits they provide.
Blackfinch Ventures is pleased to announce the latest fundraise for Blackfinch Spring VCT, following a 54% year-on-year NAV growth. The fund is seeking to raise £40 million consisting of an initial £20 million raise with an over-allotment of a further £20 million. Building on its strong track record, Blackfinch Spring VCT continues to target 5% annual dividends for investors while broadening its focus into emerging and high-growth sectors, including space technology, hydrogen technology and sensor technology. This represents an exciting opportunity for retail investors to participate in the next wave of innovation driving the UK’s growth economy.
Nic Pillow, Ventures Director at Blackfinch, introduces the Blackfinch Spring VCT, outlining its focus on early-stage technology companies with the potential for significant growth. He explains the team’s rigorous investment approach, broad sector diversification and the support provided by Blackfinch’s experienced ventures team and network of venture partners. Nic highlights the VCT’s dividend track record, fee structure, strong NAV progression since launch and examples from the portfolio. He also addresses questions on performance measurement, the rationale for launching the VCT and how the team is navigating the current exit environment.
Download Blackfinch Ventures’ slide deck.
Foresight Technology VCT invests into a portfolio of early-stage deep-tech and engineering companies with innovative and potentially transformational technologies addressing some of the world’s most pressing problems including climate change, increasing geopolitical tensions, and data and cyber security. Foresight’s Ventures team is one of the most experienced deep tech investors in the UK, and whilst investing in deep technology has previously been the reserve of institutions, this deep technology investment strategy is developing an encouraging track record for retail investors, recently delivering a 16x and 3x return on invested capital.
Hear Richard Roberts, Head of Sales Development at Foresight Group, present the Foresight Technology VCT, a specialist early-stage fund focused on deep tech innovation. He explains how this highly differentiated VCT targets high-growth companies, offering investors a unique opportunity to diversify beyond traditional generalist VCTs. Drawing on Foresight’s extensive UK network and university spinouts, Richard highlights the fund’s disciplined approach and successful case studies.
Download Foresight Group’s slide deck.
Part of the Guinness Asset Management group, Guinness Ventures has been investing in early-stage businesses since 2010. The group focuses on providing scale-up capital to exciting British companies, with more than £325 million invested into EIS & VCT qualifying companies. Since launching in 2022 the Guinness VCT has built a diversified portfolio of high-growth UK companies across technology, healthcare, education, and consumer sectors. The Guinness VCT is focused on identifying and investing in growth companies that require scale-up capital across multiples sectors. These are businesses that have already proved their product, service or technology and are raising funds to roll out to a bigger audience.
Will Clark, Head of Business Development at Guinness Ventures, introduces the relatively new VCT, designed to give investors access to early-stage UK growth businesses. Focusing on Series A opportunities across software, consumer and healthcare, the fund blends strong portfolio diversification with proven growth potential. Will highlights the fund’s development so far, including 22 companies in the portfolio and a successful partial exit, alongside co-investment with their EIS and early investment incentives that shape its current offering.
Download Guinness Ventures’ slide deck.
The Northern VCTs generally make equity investments of £3-10 million in UK-based unquoted companies that have high growth potential, and continue to support these investments through follow-on funding as they grow. Investment activities are based on the belief that the biggest determinants of successful investment outcomes are the quality of the leadership team and the size and scale of the market opportunity being pursued. Each investment made is aligned to these principles. Mercia Northern VCTs are managed by Mercia Fund Management Limited.
Dr Paul Mattick, Head of Sales and Private Investor Relations at Mercia, explains why the long-established Northern VCTs—now with around £416m AUM and a 25-year track record—stand apart. He outlines their disciplined Series A investment strategy, strong regional focus, sector mix across software, AI, health, life sciences and consumer, and the importance of capital efficiency in driving long-term returns. Paul also highlights recent exits and discusses dividend performance, current fundraising progress and how the changing tax landscape may increase adviser interest in VCTs. A concise, insightful overview of one of the UK’s most seasoned VCT managers.
The forum closed with a live panel discussion between all the speakers with audience questions. Topics covered included reflecting on the wider policy landscape and how VCTs continue to offer valuable diversification, particularly as traditional markets grapple with concentration risks and volatility. The conversation then shifted to AI, both as a market theme and an investment reality, touching on concerns about potential bubbles and valuations, while emphasising the role VCTs can play in accessing a different segment of the market.
