Albion Ventures VCTs top up offers anticipate an early close
With the first closing and end of the early bird offer for Albion Ventures’ VCTs top up offers due on 31 January, fundraising is up considerably year-on-year.
Patrick Reeve (pictured), managing partner of Albion Ventures, says: “Following decent returns from our funds, we anticipated that 2013/2014 would be a strong year for fundraising, but year-on-year figures are well ahead of targets. I see demand exceeding our limits for the current tax year well before our second closing date of 5 April.”
The overall aim of the current Albion VCTs Top Up Offers 2013/2014 is to raise GBP15m of which allotments in the 2013/2014 tax year are limited under EU Prospectus Rules to GBP14m or approximately GBP2m per VCT other than GBP3.8m for Kings Arms Yard VCT.
The offers give investors the opportunity to invest equal amounts in the Albion VCTs or as otherwise directed by investors, but the current application rate looks likely to lead to early closes.
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