VCT News
ProVen VCT raises £1m Top Up
13 April 2004 - In a successful conclusion to the tax year and VCT fund raising season, ProVen VCT has raised in excess of £1m to add to its £22m fund. ProVen VCT is managed by Beringea Limited, the international private equity firm. The top up fund was raised with the assistance of Downing Corporate Finance.
Launched in April 2000, ProVen VCT is one of the top-performing funds of its vintage, having outperformed the FTSE AIM index by 11% p.a. compound over its four-year history. ProVen VCT's portfolio includes Espotting Media, the leading independent European internet search marketing company, Cardpoint, the UK's third largest operator of independent ATMs, and Zenith Entertainment, the independent TV production company behind shows such as CD:uk Live
Stuart Veale, Managing Director said "We are delighted to have raised in excess of £1m and are looking forward to investing this in more high growth companies." He added, "This is an attractive time to be investing in VCTs. The current strengthening of the UK economy should support strong growth by well managed smaller companies of the type in which VCTs aim to invest."
PVCT is one of three private equity funds currently managed by Beringea's UK investment team comprising Stuart Veale, Trevor Hope and Jeff Bocan, the other two being ProVen Media VCT (Winner of the 2003 Investor Allstars VCT of the year) and the Global Rights Fund II.
Beringea is planning to launch a new VCT later this year, which will allow investors to take advantage of the recently announced doubling of income tax relief on VCT investment from 20% to 40%.
About Beringea
Beringea is an international venture capital firm with offices in London and Detroit. In the UK Beringea manages ProVen VCT, ProVen Health VCT, ProVen Growth & Income VCT and Global Rights Fund II. Beringea launched its first VCT in 1996, making it one of the most experienced VCT managers in the UK. ProVen Growth & Income and ProVen VCT are highest performing VCTs of their launch years, respectively, according to www.taxefficientreview.com. For more information please visit www.provenvcts.co.uk.