ISIS Equity Partners is seeking a total of £16.5 million to grow its four Baronsmead venture capital trusts (VCTs).
ISIS Equity Partners is seeking a total of £16.5 million for its four Baronsmead venture capital trusts (VCTs).
Combined dividends totalled £17 million last year and the fundraising will help to stabilise each fund, according to Michael Probin, Baronsmead VCTs‘ investment relations director.
Adds Probin: ‘This fundraising will help our funds replace the dividends they paid out last year as well as aid development of their portfolios.
‘Each paid out nearly £4 million in 2011 and the funding will allow our VCTs to maintain their size despite consistently high dividends.’
Since their launches, the four VCTs have each paid average annual dividends of 6.1p per share with a policy of giving company shareholders dividends twice a year.
The four VCTs have a combined value of £235 million and each has a portfolio of 64 to 72 businesses. Since November 1995, the companies have raised £288 million net of expenses.
Chairman of Baronsmead VCTs, Peter Lawrence says: ‘We are delighted to offer new investors and existing shareholders the opportunity to invest into some of the largest and most established generalist VCTs, managed by one of the most experienced teams in the VCT industry.’