Terms of use

About us

The information contained on these website pages (this “Site”) is communicated and issued by Beringea LLP (details below) in accordance with the following terms and conditions. By accessing any part of this Site, you will be deemed to have accepted these Terms and Conditions in full. If you do not accept these Terms and Conditions, please do not continue to access this Site.

Regulatory Information

The ProVen VCTs and the ProVen Estate Planning Service are managed by Beringea LLP, a specialist private equity fund manager based in the UK which is authorised and regulated by the Financial Conduct Authority (FCA). Beringea LLP's FCA Firm Reference Number is 496358.

Beringea LLP is a limited liability partnership register in England and Wales with registered number OC342919 whose registered office address is Charter House, 55 Drury Lane. London. WC2B 5SQ.


We do not provide advice to investors. The information which appears on our Site is for information purposes only and does not constitute specific investment, tax, legal or other advice. We recommend that any potential investors should seek specialist independent tax and financial advice before investing in any of our products.

Intended Audience and Purpose of Information

The information contained within this Site does not constitute an offer to invest or an invitation to apply for securities:

  • in any jurisdiction where such offer or invitation is unlawful; or
  • in which the person making such offer or invitation is not qualified to do so; or
  • to whom it is unlawful to make such offer or invitation.

You should note that investment in any ProVen offering should only be made on the basis of reading all applicable documentation (including, but not limited to, the Prospectus, Brochure, the Investor Agreement, the Custodian Terms and Conditions and the Application Form).


Investment in the ProVen VCT’s and the ProVen Estate Planning Service are high risk and are not suitable for all investors due, in particular, to the underlying illiquidity, the early-stage nature of the investments and the need to hold the investment for a significant period for tax reasons. As a result, these are deemed to carry a higher risk than many other types of investment.

  • Investments should be considered as long-term
  • The value of your investment may go down as well as up
  • Tax reliefs cannot be guaranteed and are subject to your personal circumstances to any changes over time to the tax regime

More details about risk can be found below, as well as in the Brochure for the ProVen Estate Planning Service and the Prospectus for the VCT’s, which you can find in the key documents section of the website. It is important that you read these before deciding whether the service is right for your needs. If you are unsure whether the service is right for you given your personal circumstances, you should seek advice from a financial adviser.

ProVen VCTs' Risk Factors

VCT investment is not suitable for all Investors and if you are in any doubt about its suitability for you please do speak to your authorised financial adviser.

Your capital is at risk, and you may not get back what you originally invest. As a prospective Investor there are a number of specific risk factors you should be aware of before investing in either ProVen VCT or PGI VCT. Prospective Investors should read the whole of the Prospectus including the Risk Factors in the Securities Note and not rely solely on the information below.

We consider the following risks, relating to the Offer, to be material for potential Investors. However, the risks listed below do not comprise all those relating to the Offer and are not set out in order of priority.

» The tax reliefs described are based on current legislation, practice and interpretation which may change, possibly retrospectively. The ability of investors to secure the tax reliefs available to investors in VCTs depends on their individual circumstances.

» Changes to the legislation relating to VCTs may adversely affect the ability of the ProVen VCTs to meet their objectives, and may reduce the returns to investors.

» You may not get back some or all of the amount you invested.

» The market price of your shares may fluctuate and may not fully reflect the underlying net asset value.

» It is the intention to manage the ProVen VCTs so that they qualify as VCTs, but there can be no guarantee that such status will be maintained. If the ProVen VCTs fail to meet the qualifying requirements it could result in adverse tax consequences for investors, including being required to repay the 30% income tax relief.

» A VCT may only invest in SMEs which qualify under the VCT regulations. Investment in small, unquoted companies involves substantially higher risk than investing in larger, longer established businesses.

» There is no certainty as to the level of dividends that will be paid, if any.

» Whilst most parts of the world now seem to be through the worst of the Covid-19 pandemic, its effect on stock markets and other financial markets around the world is still unfolding. Supply chain issues and delays in manufacture have been exacerbated by the war in Ukraine and the challenges from current geopolitical uncertainty. Surging energy prices are driving up costs across the board which has naturally led to price rises in all parts of the economy, which has resulted in increases in bank base rates which will lead to higher costs of borrowing (which will have an adverse effect consumers’ disposable income and on the availability and costs of borrowing of the Companies’ investee companies). The exact effect of these challenges, and the effects on the Companies’ investee companies, is difficult to predict.

As such, it will make it more difficult to value the Companies’ investments in investee companies in the near term. If this uncertainty and volatility in the economy continues, it will also make it more challenging to determine future income streams from the Companies’ investment portfolio, which may have an effect on the price at which investors can sell their Ordinary Shares.

» In most cases, the valuation of the existing investments will be based on the valuation metrics of comparable quoted companies which are subject to change. The current valuations of the existing investments may, therefore, not accurately reflect their future values.

» The Finance Act 2018 introduced a new “risk-to-capital” condition for Qualifying Investments, designed to focus investments towards potentially higher growth earlier stage businesses. These changes, and earlier changes to the VCT Rules, may mean that there are fewer opportunities for investment, that each Company may not be able to provide further investment funds for some of the companies already in its portfolio or some of these companies being unable to raise funds at all, which may result in their insolvency, and that there is a greater element of risk given the focus on earlier stage businesses.

» Qualifying Investments made by the Companies will be in companies whose shares are not readily marketable and, therefore, may be difficult to realise.

» As minority investors, the Companies will not control the boards of directors of investee companies and may not be in a position to fully protect their interests.

» Annual dividends may exceed the increase, if any, in net asset value arising from net income and realised and unrealised gains during the year. If this is the case, the net asset value will fall over the period.

» You may have difficulty selling your shares and any sale is likely to be at a discount to the net asset value.

» Investors should be aware that if they sell their shares within five years of their subscription, they will be required to repay the 30% income tax relief obtained on the subscription for these shares. Accordingly, an investment in the ProVen VCTs should be considered as a longer term investment.

» The impact of the UK’s withdrawal from the EU and the ending of the transition period on 31 December 2020 may still have an impact on the business models, business operations and financial results of, or sales demand, material and labour costs, availability and cost of finance for, the businesses in which the ProVen VCTs invest, resulting in a reduction in the value of the Ordinary Shares.

» In 2015 a sunset clause for VCT income tax relief was introduced. This was a condition of the European Commission’s State Aid approval of the UK’s VCT and EIS schemes, namely a retirement date for the schemes of midnight on 5 April 2025. In September 2022, the Government announced its intention to extend the VCT and EIS schemes and, at the time of publication, we await further details of the new legislation.

ProVen Estate Planning Service's Risk Factors

We want to ensure that you understand the risks of investing so you can ensure the Service is appropriate for your needs. As investments made through the Service are made into private companies, which are not as liquid or easy to value as other investments, these are deemed to be a high risk investment.

Before making an investment, you should consider carefully the risks of investing in the Service which are set out below and ensure that you understand and are comfortable with these risks. Potential investors are recommended to seek advice from an independent financial advisor who can review the risks set out in this Brochure and help you to consider whether the Service is right for you given your personal circumstances.

The list of risks is not exhaustive, and unknown risks (such as future changes in legal, regulatory or tax requirements) or risks which Beringea currently believes are not material, may also have an adverse effect on the Service or on the financial prospects or value of your investments.

» You may lose money

The value of your investments may go down as well as up and investors may not get back the full amount invested. Investments made through the Service are made into private companies which are considered to be higher risk than securities listed on the London Stock Exchange.

» Tax reliefs cannot be guaranteed

The Service has been designed to protect your investment from IHT after two years, assuming you hold the investment at death (or the date of another chargeable event). The rates of tax, tax benefits and allowances that are described in this Brochure are based on current legislation and HMRC practice. These may change from time to time and, as such, they are not guaranteed and could affect the reliefs availablefor IHT purposes. Tax reliefs are subject to an individual’s personal circumstances and independent tax advice should be taken. In addition, any changes to the sectors that are qualifying trades for the purposes of the IHT legislation may have a material adverse effect on the value of the shares or the ability to achieve the objectives of the Service.

» Investments should be considered long-term

An investment in the Service should be considered a long-term investment and the structure of the Service has been designed with this in mind. Although you will be able to request a withdrawal from your portfolio, there could be a significant delay because the investments made through the Service will be in unquoted companies, the shares of which can be less liquid than listed shares. Please note, in general, investments in companies qualifying for Business Relief must be held for at least two years at the time of death (or the date of another chargeable event) before IHT relief begins.

» Reliance on individuals

The success of the Service is significantly dependent upon the expertise of the team. For example, the knowledge and experience of Beringea’s allocation committee (“Allocation Committee”), who make the decisions as to which investments are allocated to your portfolio, and the staff within Beringea and Armstrong who advise the Trading Companies. In the event key staff leave Beringea and/or Armstrong or Armstrong ceases to provide services to the Trading Companies, there may be an impact on the performance of the Service.

» There is a risk of limited diversification

While the lending and solar activities of the Trading Companies that you invest in will be diverse, it is likely that you will be invested in a limited number of companies. We expect most investors will receive shares in one to four Trading Companies. While Beringea and Armstrong work proactively to manage the risks at Trading Company level, this means that if something goes wrong with one of the companies, this may have a meaningful impact on your portfolio.

» Business Risks

The Trading Companies which the Service invests into will each be exposed to specific trading risks which could adversely impact the level of return achieved, and subsequently impact the value of your portfolio. For example:

• Trading Companies that provide loans to SMEs may find that a greater number of underlying businesses they lend to are unable to repay the loans than expected when market conditions change;

• Trading Companies that own and operate solar power plants could be exposed to movements in wholesale power prices, construction risk on new projects and other risks associated with operating solar power plants;


• Trading Companies, like many companies, may borrow funds from external lenders to fund their working capital requirements which could increase the risk of your investment falling in value where these loan

commitments cannot be met.

Beringea and Armstrong will actively monitor yourinvestments and advise the Trading Companies, but it is important to understand that when you become a shareholder in the Trading Companies through the Service, your portfolio may be impacted by the business risks that those companies face should they materialise.

» There is no guarantee of liquidity

Although investments in the Service are intended to be redeemable, there is no guarantee that withdrawals will be paid when requested. Factors such as difficulties in realising underlying investments, demand for withdrawals or distributions and changes in legislation could all result in the Service having insufficient liquidity to satisfy withdrawal requests and the process for returning monies could be much longer than anticipated.

» Target returns cannot be guaranteed and youcannot rely on past performance

Past performance of the Service, of Beringea or Armstrong, the funds Beringea manages or the companies Armstrong advises is not a guide to future performance. Future performance may be materially different from past performance. No guarantee can be given as to the overall performance or actual level of return that can be achieved or that the Service’s objectives will be achieved.

No Warranty

Reasonable care has been taken to ensure that the information available on this site is correct and up to date.  However, since some of the information has been sourced from third parties and certain data may not have been updated, we make no representation or warranty of any kind regarding the information on this site.  

You should therefore be aware that certain information may be out of date, incomplete or incorrect and therefore should be independently verified or verified directly with us before taking any action in reliance on it.

Exclusion of Liability

  1. Where the site contains links to another website and other data, these links are provided for your information only.  We accept no liability for any information or content in them and may have not control over them.
  2. No recommendation, commentary or other information contained on this site should be considered to be advice on which you should place reliance.  
  3. In using this website, it is a condition that you accept, as reasonable terms, that we have no liability and this includes all costs, losses, damages and expenses of any kind, including any loss of profit or economic loss and any consequential loss of any kind.
  4. Furthermore, we are not liable as a result of any loss or damage sustained through our website being subject to third party cyber/computer attack or hacking which may affect your equipment and/or data or other assets or proprietary material due to your use of our site or downloading any material from our site.

Nothing in these Term and Conditions shall either:

  • limit our liability for death or personal injury resulting from any negligence of Beringea LLP, its employees or associates; or
  • exclude or restrict any duty or liability that Beringea LLP may have under the regulatory system (as defined in the glossary to FCA’s Handbook of Rules and Guidance) and which may not be excluded or restricted thereunder.

Intellectual Property Rights

The contents of this Site and all intellectual property rights in the Site are owned by Beringea LLP. You may not copy any part of our website without the prior written consent of Beringea LLP.

Cookie Policy

This website uses cookies which may collect information and statistics about visitors to this site. To find out how we may use and process your information view our Privacy Policy.

What are ‘Cookies’?

A cookie is a text file saved to your computer's hard disk by a website so it can remember who you are. Cookies only record pages of a website that have been visited by your computer and the duration of the visit to those pages. These remain on your computer until you leave the website and allow you to carry information across pages of the website without having to re-enter information, for example when putting items into a shopping basket, or logging in to a site. Some cookies will stay on your computer after leaving the website. For a more detailed explanation, see the types of cookies below.

Session Cookie

Also called a transient cookie, a cookie that is erased when you close the web browser. The session cookie is stored in temporary memory and is not retained after the browser is closed. Session cookies do not collect information from your computer. They typically will store information in the form of a session identification that does not personally identify the user.

Persistent Cookie

Also called a permanent cookie, or a stored cookie, a cookie that is stored on your hard drive until it expires (persistent cookies are set with expiration dates) or until you delete the cookie. Persistent cookies are used to collect identifying information about the user, such as web surfing behavior or user preferences for a specific website.

What is the new directive?

Privacy and Electronic Communications (EC Directive) (Amendment) Regulations 2011.

What does it relate to?

This directive relates to website users’ consent of Cookies created by a website. The Directive states that a website’s users must knowingly give consent to the use of Cookies on their computers. For more detailed information about cookies, how they work on your computer and how to delete them or allow them to remain on your computer, please visit www.ico.gov.uk/cookiesadvice


Privacy is important to us, so you have the option of disabling certain types of storage that may not be necessary for the basic functioning of the website. Blocking categories may impact your experience on the website. More information

Accept all cookies

These items are required to enable basic website functionality.

Always active

These items are used to deliver advertising that is more relevant to you and your interests.

These items allow the website to remember choices you make (such as your user name, language, or the region you are in) and provide enhanced, more personal features.

These items help the website operator understand how its website performs, how visitors interact with the site, and whether there may be technical issues.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
ProVen Shareholder Event
Wed. 17 July 2024
10.30 – 11.45
Sign up