The executive directors of Close Ventures, which manages seven venture capital trusts, have acquired the business from parent group Close Brothers.

The executive directors of Close Ventures, which manages seven venture capital trusts (VCTs), have acquired the business from parent group Close Brothers.

Albion Ventures, as it is now called, has assets under management of £250 million and is among the top three managers of VCTs by funds raised.

Close Brothers will retain a minority stake in the business.

Patrick Reeve, managing director of Albion, tells GrowthBusiness that the firm is preparing for ‘a decent-sized VCT launch’ in Autumn this year, as well as being in the ‘early planning stages’ of launching a non-VCT fund.

He adds, ‘It’s an interesting time to have some money and it’s going to get more interesting.’

Albion has more than £60 million in cash ready to invest, according to Reeve.