The two funds are seeking to raise up to £40 million in the tax years 2023/24 and 2024/25
ProVen VCT and ProVen Growth and Income VCT, together the ProVen VCTs, have launched a new combined offer for subscription for the tax years 2023/24 and 2024/25.
The two VCT funds are seeking to raise up to £15 million each, with an over-allotment facility of up to £5 million each, through the issue of new ordinary shares.
You can find the documents for the latest fundraise in the ‘How to Invest’ section on the website here.
Managed by Beringea since their inception, ProVen VCT and ProVen Growth and Income VCT are two of the UK's largest and longest-standing VCTs. Launched in 2000 and 2001, the funds have been delivering returns for shareholders through backing UK entrepreneurs to build innovative growth companies for more than 20 years.
Their manager, Beringea, is a transatlantic investment firm that manages venture capital funds in the UK and the US totalling more than $900m.
Investors in the new offer will benefit from:
• Scale and diversification: the ProVen VCTs have a portfolio of more than 50 companies spanning technologies such as fintech and software as a service and industries such as healthcare and retail.
• Track record: for more than 20 years we have delivered returns through backing high-growth entrepreneurial companies. In 2023, the ProVen VCTs delivered three exits, including the sale of their stake in Monica Vinader at a return of 13x*.
• Tax reliefs: there is an opportunity to receive 30% tax relief on their investment and access the potential for tax-free dividends in the future.
For further information, our brochure outlines the key features of the offer.
Applicants who submit valid applications by 3pm on 16 February 2024 (or, if earlier, the date the first £5m of valid applications for the relevant ProVen VCT have been received) will benefit from the following discounts:
• A 1% discount for existing investors of the ProVen VCTs (and their spouses/civil partners).
• A 0.5% discount for new investors.
There are several ways to invest in this year’s offer:
• Apply through an intermediary: Applications can be submitted via a Financial Adviser or an Execution Only Broker. Contact your Financial Advisor for more information.
• Apply online: You can find the link to apply online via the ‘How to Invest’ section of the ProVen website here.
• Apply via email or post: You may complete a hard copy Application Form, which can be found on the ‘How to Invest’ section of the ProVen website here, and send it either via email or post to the Receiving Agent:
o Via email: firstname.lastname@example.org
o Via post: The City Partnership (UK) Limited, The Mending Rooms, Park Valley Mills, Meltham Road, Huddersfield HD4 7BH.
If you would like to find out more about the ProVen VCTs and their new offer, please get in touch with your Financial Advisor, or the team at Beringea on 020 7845 7820 or email@example.com.
Alternatively, you can find information about the funds on the ProVen VCTs’ page of this website here.
* Returns shownrelate to the final divestment of the ProVen VCTs’ investment in 2023. Including the partial exit in 2016, a multiple of 7.7x of overall cost wasachieved.
Important notice: this financial promotion is issued by Beringea LLP of Charter House, 55 Drury Lane, London, England WC2B 5SQ, registered in England & Wales number OC342919 and authorised and regulated by the Financial Conduct Authority, number 496358. Issued: January 2024. Capital is at risk, and investment in VCTs is not suitable for everyone. This article and our brochure are each an advertisement and not a prospectus. Investors should only subscribe for shares in the ProVen VCTs on the basis of information contained in the Prospectus, a full copy of which is available on the ProVen VCTs’ website at www.provenvcts.co.uk. The information contained in this article is believed to be accurate at the date of publication, but no representation or warranty stated or implied is made or given by any person as to its accuracy or completeness and no responsibility or liability is accepted for any such information or opinion.
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