In the six months to the end of August nine of the trust’s 11 new investments are AIM companies.

Previously, the group specialised in backing unlisted businesses but now up to a quarter of the portfolio will consist of AIM companies. Manager Bill Nixon explained, ‘This is due to a shift in the market dynamics of AIM, which is now consistently attracting earlier-stage companies that previously would have used private equity funding directly.’

Aberdeen has also sold holdings in several private businesses lately. Black Teknigas and ScotNursing were realised at a profit but First Line was sold at a loss. Finally, AIM-quoted Strategic Retail acquired the eight Textstyle Home stores, previously run by Room 2, from the administrators. This raised hopes that the VCT will recoup some losses.