NVM Private Equity’s oldest Venture Capital Trust (VCT), Northern Venture Trust, is the first VCT of the season to sell-out, having raised the full GBP15 million it was seeking, well ahead of the closing date of 28 April 2011.
The fund manager has also announced that it will launch a GBP3.15 million Northern 2 VCT and Northern 3 VCT linked top-up Offer on or around 23 February 2011.
Tim Levett, NVM Chairman, says: “NVM has never seen such a strong demand for one of its VCTs. This is not surprising if you look at Northern Venture Trust’s performance over the years. Since its inception in 1995 the fund has achieved a Total Return (NAV plus dividends) of 174.2p per share, paying an annual tax-free dividend of 7p to investors over the past ten years. VCT fundraising is still gaining momentum, so we have announced a further fundraising in the form of a linked top-up Offer. ”
It is expected that the Northern 2 VCT and Northern 3 VCT Offer will open on or around 23 February 2011 and will close at 5.00pm on 5 April 2011, or earlier if fully subscribed.