Beringea launches estate planning service
Venture capital firm Beringea has launched the Beringea Estate Planning Service, a flexible, discretionary portfolio service which will seek to provide investors with a consistent level of return through investing in private trading companies that are expected to qualify for Business Relief.
Beringea has a track record of more than two decades of investing in private companies, as the manager of the ProVen Venture Capital Trusts (VCTs). The ProVen VCTs today manage more than GBP238 miullion in funds with investments in more than 45 unquoted companies. In 2019, Beringea was recognised as VCT Manager of the Year at Investor Allstars, an awards programme for the European venture capital industry.
The Beringea Estate Planning Service has been designed to provide UK investors with a managed portfolio of investments in trading companies that are expected to qualify for Business Relief. The Estate Planning Service will allow investors to gain access to companies either providing secured loans to UK SMEs or owning and operating solar power plants in the UK. The service will seek to provide a growth rate between 4-5 per cent per annum after charges, while aiming to achieve capital preservation for investors.
Beringea is led by a team of sector specialists, with substantial experience of lending to UK SMEs. Mark Taylor has been the Partner leading growth finance and specialist lending since he joined the firm in 2013. Mark is a pioneer of venture and growth finance in Europe, having been a founder of both EVP (now Kreos) and Noble Venture Finance. Mark will be supported by Andrew Webster, who has more than 30 years’ experience in financial services and lending at Kleinwort Benson, ING and Boost&Co.
The activities of the trading companies focused on the UK solar and renewables industries will be overseen by Armstrong Capital, an experienced London-based asset manager focused on the impact investment sector. Armstrong has substantial experience of investing in businesses in low-carbon industries, particularly renewable energy. It has raised over GBP300 million of capital for UK solar projects since it was established in 2013.
Stuart Veale, Managing Partner at Beringea, says: “This service builds on Beringea’s successful track record of two decades of managing the ProVen funds and building them into two of the largest VCTs in the UK. Through the launch of the Beringea Estate Planning Service, we will call on our lengthy experience of tax-efficient investments. This will be strengthened by our focus on investing in and lending to unquoted companies as well as the expertise in low-carbon industries provided by the Armstrong team.”
Mark Taylor, Partner at Beringea, says: “Through this service, we seek to provide investors with access to a portfolio of investments in companies that are expected to deliver a steady return, and which qualify for Business Relief, thereby potentially reducing Inheritance Tax bills. We look forward to providing a flexible service with transparent charges to our future investors.”
Michael Hughes, Director at Armstrong Capital, says: “We are delighted to be a part of the Beringea Estate Planning Service, combining our expertise with Beringea to offer investors access to Armstrong’s existing UK solar focused businesses. The UK renewable sector is set to undergo further growth in the coming years, and we look forward to working with Beringea in growing our energy businesses and delivering attractive returns.”