The venture capital trust sector had total funds under management of GBP2.896bn at 5 October 2013, the highest level since VCTs were established in 1995, according to figures released by the Association of Investment Companies (AIC).
Funds under management increased by GBP19m in the first six months of 2013.
Funds raised as a result of the issue of new shares (including enhanced share buy backs) amounted to GBP94m, whilst GBP121m was returned to shareholders in the form of dividends, with a further GBP39m returned to shareholders through share buy backs (including enhanced share buy backs).
The biggest ten VCT managers continue to manage just under three quarters of the total VCT funds under management.
Ian Sayers, director general, AIC, says: “VCTs continue to play a vital role in supporting SMEs facing a finance gap. We are seeing solid dividends amongst the established VCTs which, together with more consistent performance, reflect the sector’s increased maturity.”