The decision, aimed at increasing the £22 million fund’s exposure to unquoted investments, precedes a possible merger with Foresight 3 VCT, subject to approval by the shareholders of both companies.

Noble VCT was launched in 1996 as Enterprise VCT. Its original strategy involved placing half of its funds with Lloyds TSB to be invested as loans to VCT-qualifying companies.

Under Foresight’s stewardship, new money will be brought in and exits engineered where appropriate with the aim of rebuilding the VCT’s net asset value, according to managing partner Bernard Fairman.

This is the second time Foresight has taken over the management of VCTs. In August 2004 it acquired the two VCTs of Advent Venture Partners, Advent VCT and Advent 2 VCT, which it still runs as Foresight 3 VCT and Foresight 4 VCT.

Noble continues to manage the Noble AIM VCT, the Noble Income and Growth VCT and the Noble Health Fund VCT (formerly Sitka Health Fund VCT).