The managers of YFM’s British Smaller Companies VCT hope to raise £5 million, while Noble’s AIM VCT is offering shares worth £14 million.

YFM’s British Smaller Companies VCT, a generalist investor in growing businesses with net assets of £26.7 million, raised £9.7 million through a share offer last year. Its current offer includes a bonus for existing shareholders of 25 free shares for every 1,000 applied for before 21 March. This bonus will be extended to new subscribers committing more than £50,000.

All subscribers will be entitled to dividends for the year ending 31 March 2008.

Noble AIM VCT, previously known as First State Investments VCT, has a fund size of almost £28 million and invests predominantly in AIM-listed companies and those planning an initial public offering (IPO) on the junior market.

The company says that the majority of new funds raised will be dedicated to investments that do not qualify under VCT rules. VCTs may hold up to 30 per cent of funds in non-qualifying investments.

Paul Jourdan, head of quoted investments at Noble and manager of the AIM VCT, says: ‘Although the downturn in markets makes this a more difficult time to attract investors, those who do support us should be buying at an attractive level.’