Albion Capital launches £60m fundraise across five VCTs

FundJan 3, 2024

Venture capital trust investment manager Albion Capital has launched a £60m fundraise for five of its six VCTs.

The funds raised will be used to invest in UK opportunities and to drive growth from existing portfolio companies, the firm explained.

The exercise follows an £80m fundraise in early 2023.

The move was first announced last month, with the £60m split across five VCTs: £14.5m for the Albion Development VCT, £15.8m for the Albion Enterprise VCT, £11.8m for the Albion Technology & General VCT, £7.5m for the Crown Place VCT and £10.5m for the Kings Arms Yard VCT.

The five VCTs hold £579m in net assets and invest in around 65 companies, targeting an annual dividend target of 5% of net asset value.

Will Fraser-Allen, managing partner at Albion Capital, noted Albion had invested in 45 companies and generated £140m from exits over the last three years.

"Albion's latest fundraise demonstrates our ongoing commitment to backing British entrepreneurs," he said. "In these challenging market conditions, we remain convinced that VCTs allow early-stage companies the ability to manage through times of adversity, while enabling investors to access ambitious companies in sectors that can act as long-term engines of growth."

He continued: "We see plenty of investment opportunities in new growth areas that can flourish despite a high interest rate environment, such as data and artificial intelligence. We aim to continue providing a patient source of capital to UK companies who are leading this growth."

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