VCT fundraising hits nine-year high

Venture capital trust (VCT) fundraising reached a nine-year high in the last tax year, according to the data from the Association of Investment Companies (AIC.)

VCTs raised £429m in the 2014/15 tax year, the highest level since 2005/6. The AIC said this figure was the fourth highest level ever in terms of annual fundraising, and compared to £420m raised in the 2013/14 tax year (excluding enhanced share buybacks). An additional £17.3m was raised through enhanced share buybacks during this period, but the rules were changed to abolish these in April 2014. To ensure the 2014/15 figures are comparable with the historic VCT fundraising figures, the historic fundraising totals exclude enhanced buybacks, the AIC said. Total funds under management...