This is the company’s first report since it changed its name from TriVen VCT and ceased to be a multi-manager trust last year.

On the date of the report, the company’s net asset value stood at 118.69p per share, compared to 116.34p six months earlier. A dividend of 0.75p is to be paid in November.

According to the chairman’s statement, the effect of the credit crisis and consequent stock market falls has been muted for the VCT, because a relatively small part of its portfolio is invested in listed companies. The majority of its assets, some 71.9 per cent, is invested in management buy-out (MBO) situations.

The VCT’s management believes ‘there is still no shortage of equity and debt providers looking for good prospects’ and ‘competition to finance such situations continues to remain relatively strong’.

However, current events may lead investors to become ‘more discerning or cautious’, providing a welcome check to a tendency towards overvaluation in the market, the report suggests.

The VCT’s recent investments have included its backing of the MBO of Digico Europe, a manufacturer of digital mixing desks, for £1 million, and an investment of £445,500 into existing investee company Blaze Sign Holdings to acquire complementary business Active Sign Maintenance.