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First new VCT offering in five years


  • By alex.sullivan@cliftonmedialab.com
  • News
  • VCT
VCT and EIS tax relief

 

Seneca Partners is launching the first new VCT in five years.

Although it will open in early May, broker Wealth Club is offering an exclusive pre-launch deal with no initial charge. Once launched, it will carry a 5.5% charge.

Founder of Wealth Club Alex Davies (pictured above) said: “Seneca has a strong track record in growth deals, and that’s precisely what VCTs are about now. The decision to build on previous experience and launch a new VCT offering seems a natural step for Seneca.

“It’s also very timely. With pension changes and higher taxes for wealthy investors, demand for VCTs is only going to increase. At the same time, several VCTs raised record amounts last tax year, and are unlikely to raise again this year, which could mean we face a capacity crunch. A new VCT offering from an experienced team is definitely good news for investors.

“We are delighted that Seneca has decided to partner with Wealth Club and offer our clients exclusive pre-launch access at zero per cent initial charge for a limited time only. Investors should consider this now to benefit from the offer.”

Key highlights:

  1. Potential for dividends from year one
    Despite being a new VCT offering, it could have the ability to pay dividends from the first year. However, bear in mind that dividends are variable and not always guaranteed.
  2. Experienced and well-regarded manager
    Seneca is an experienced growth investor. Since 2012 it has participated in more than 60 investment rounds across over 30 companies, often investing alongside the likes of established names such as Octopus Investments, Northern, Mobeus and Baronsmead.
  3. History of delivering gross average annual returns of 8.9%
    During the five years to 31 March 2018, growth investments managed by Seneca in its two growth capital EIS portfolios have delivered a gross average (unaudited) NAV growth rate of approximately 8.9% per annum (7.4% net). However, please note past performance is not a guide to the future.
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