NEW PUMA VCT OFFER TARGETS GROWTH-STAGE COMPANIES WITH £70M RAISE

Puma VCT 13 has announced the launch of a new fundraising offer of up to £70 million, as it looks to expand its portfolio of growth-stage UK companies.

The vehicle, which has net assets of around £195 million and investments across 26 companies, is aiming to raise £50 million with an additional £20 million available through an overallotment facility. Over the five years to June 2025, Puma VCT 13 has delivered a NAV total return of 41.3% and targets an average annual dividend of 5p per share, though payouts have historically varied year to year.

Part of a long-running series of Puma-managed venture capital trusts, Puma VCT 13 focuses on backing businesses that have reached a particular stage of development – typically those generating revenues of at least £2 million. This approach, Puma argues, reduces the risks inherent in early-stage investing and allows the team to add value by sharing best practice across its portfolio.

Nicholas Hyett, Investment Manager at Wealth Club, said: “As the name suggests, Puma VCT 13 is one of a long line of Puma VCTs. Over nearly 30 years Puma has invested more than £370 million into 65+ qualifying companies and achieved more than 40 full exits.

“It targets more mature businesses, typically with revenues of £2 million or more, in part because it helps to mitigate the more dramatic risks involved in backing startups, but also because the team believe companies at this stage tend to face similar problems. Puma hopes to add value by sharing best practice across the portfolio.”

The trust is relatively concentrated, with the top 10 positions accounting for nearly half of net asset value. Its largest holding, Pockit – a financial services provider for individuals excluded from mainstream banking – represents 10.2% of NAV. Hyett noted this concentration means Puma VCT 13 may be best suited as part of a broader portfolio of more diversified VCTs.

Venture capital trusts continue to attract investors primarily due to their generous tax advantages, including up to 30% income tax relief, tax-free dividends, and exemption from capital gains tax. Beyond their tax treatment, VCTs provide access to fast-growing smaller companies whose revenue growth often outpaces listed market peers, while also offering portfolio diversification.

By backing such businesses, VCTs also play a wider role in supporting the next generation of UK companies, driving innovation and job creation.