Octopus launches Titan VCT top-up offer on back of record VCT inflows
Octopus Investments has launched an additional GBP13.5m fundraise across its range of Octopus Titan Venture Capital Trusts (VCTs).
The latest offer comes on the back of Octopus experiencing a record level of VCT inflows over the last tax year, raising 52 per cent more funding into its VCTs than in the previous 12 months.
It also follows swiftly on the heels of the latest GBP50m fundraise for Octopus Titan VCTs, which reached capacity within six months, and fundraising and top ups into its AIM and Apollo VCTs.
Figures out in January from the Association of Investment Companies (AIC) stated that fundraising for the VCT industry as a whole was up 69 per cent from 6 April to the end of 31 December 2013. Demand from investors has continued throughout tax year end, with the industry raising a total of GBP385m compared with GBP270m last tax year.
Octopus, the largest VCT provider in the UK, has raised 20 per cent of this, totalling GBP78m into the Octopus Titan VCTs, Octopus AIM VCTs and Octopus Apollo VCT over the last year.
“VCTs have always traditionally experienced a rush of inflows as the tax year deadline approaches, but what we’re now seeing is more and more investors investing steadily across the 12 month period,” says Mike Piddock, business line manager for VCTs at Octopus. “VCTs are a proven investment solution for many advisers and investors. They have been around for almost 20 years and many have built up a strong performance track record. This, coupled with continued government support, has made VCTs a powerful and established tool for investors addressing their financial planning goals. With VCTs becoming a year round investment solution, we’re really looking forward to the next 12 months and what that might hold for our range of VCTs.”
Since the launch of Titan 1 and 2 in 2007, the five Octopus Titan VCTs have built a strong portfolio of investments across a diverse range of sectors. Portfolio companies include Zoopla Property Group, the online property portal and the luxury travel deal website Secret Escapes.
The share offer is expected to remain open until 30 April 2014, or until the fundraising capacity is reached.
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