Baronsmead Second Venture Trust
Applications open
Next deadline: 8am 30 March 2026
Important Information - Venture Capital Trusts (VCTs) invest in small, early-stage, unlisted companies and are considered high-risk investments. It’s difficult to access your money in the short term and their value can go down as well as up so you could get back less than you put in. VCTs are long-term investments and should only be a consideration for experienced investors with larger portfolios. We suggest they form a small part of a diversified portfolio. This isn’t personal advice, if you’re unsure if VCTs are right for you, please consider taking advice. Tax rules can change, and their benefits depend on your individual circumstances.
About Baronsmead Second Venture Trust
Baronsmead Second Venture Trust invests primarily in a diverse portfolio of UK growth businesses, whether unquoted or traded on AIM. The VCT is managed by Gresham House, an asset manager overseeing £10.7 billion.
Investments are made selectively across a range of sectors in companies that have the potential to grow and enhance their value.
Key Facts
Started in 2001
£221.2mn total assets under management (September 2025)
Annual dividend target yield of 7% of the NAV. This is not guaranteed
Raising £15mn with an over-allotment facility of up to a further £10mn.
Before applying you should read the prospectus and key information document. This contains helpful information about how the VCT works and is invested, but will also help you understand any further risks you should be aware of.
VCT offer details
Open to UK investors located and resident in the UK
Minimum application of £5,000, limited to a maximum of £200,000
You must hold an HL Fund and Share Account to apply; you can open one during the application process. It’s free to hold VCT shares in this account.
Investors will qualify for a 0.5% annual rebate. This is accrued annually with bonus shares paid at the next available allotment date, when an offer for subscription is open.
The offer price will be established through the issue, relative to the NAV and discount.
Shares are allocated in tranches by the VCT manager during the offer period. There may be a few weeks until your shares are allotted.
Applications can close early and at short notice, especially if there is strong demand.
Any application in this VCT should be made on the basis of the offer document and any supplementary information issued by the VCT manager. The offer document and additional documents are provided by Gresham House Asset Management; Hargreaves Lansdown has not authorised or approved them and is not responsible for their accuracy.
Ready to apply?
Make sure you’ve read these key documents. They cover in more detail the risks and investment strategy of this VCT.
Example companies held by Baronsmead Second Venture Trust
Popsa Holdings is a UK-based technology company that builds an AI-powered platform and app for creating personalised photo products — like photobooks, calendars and keepsakes — by automatically organising and designing layouts from users’ photos, making the process much faster and easier than traditional tools
Branchspace is a London-based travel technology company that provides software and consultancy services to airlines and other travel businesses to help them modernise and transform their digital retailing and commerce capabilities.
Patchworks Integration is a UK-based technology company that provides an integration platform to help e-commerce and retail businesses connect and automate data across their core systems.
To see more detail on how the VCT invests, including why they’ve chosen certain companies check the VCT prospectus.
Past performance
You can view the past performance data of this VCT on our factsheet. You’ll need to return to this page to place a deal. Past performance is not a guide to the future.
Costs and charges
| VCT manager initial charge: | 4.5% |
| HL saving on the initial charge: | 1.5% |
| Net initial charge: | 3.0% |
| Ongoing charge: | 2.8564% |
| Performance fee: | 10% |
If you wish to sell your VCT, telephone rates of commission will apply (1%, minimum £20, maximum £50).
Existing investors must hold their VCT shares in an HL Fund and Share Account to qualify for the discount.
Other incidental charges for buying and selling investments may apply. Details on this are available in the prospectus and key information document.
Full breakdown of charges
The following charges are based on an investment of £10,000 within a Fund and Share Account over 5 years assuming a 5% growth rate. We’ve used the initial charge including the HL saving, but no further discounts like early bird or existing investor discounts have been applied. The annual rebate is also not included. Holders should also get income from the VCT, on which there's no charge from HL and so isn't included in these figures. The income you’ll receive isn't guaranteed and you could get back less than you invest.
| Management charge | £0.00 |
| Entry dealing charge | £0.00 |
| Exit dealing charges | £50.00 |
| Stamp duty (N/A) | £0.00 |
| Net initial charge (3%) | £298.50 |
| Ongoing charge (2.8564%) | £1,437.58 |
| Transaction costs | £0.00 |
| Incidental charges | £0.00 |
| Total charges over 5 years | £1,836.08 |
| Average annual charge | 3.63% |
| Illustrative 5-year value | £10,646.48 |
| Illustrative 5-year value with no charges applied | £12,762.82 |
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Total | |
| HL charges | £50.00 | £0.00 | £0.00 | £0.00 | £50.00 | £100.00 |
| Management charge | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 |
| Entry dealing charge | £50.00 | £0 | £0 | £0 | £0 | £50.00 |
| Exit dealing charges | £0 | £0 | £0 | £0 | £50.00 | £50.00 |
| Investment charges | £574.34 | £281.57 | £287.42 | £293.39 | £299.37 | £1,736.08 |
| Stamp duty (N/A) | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 |
| Net initial charge (3%) | £298.50 | £0.00 | £0.00 | £0.00 | £0.00 | £298.50 |
| Net ongoing charge (2.8564%) | £275.84 | £281.57 | £287.42 | £293.39 | £299.37 | £1,437.58 |
| Incidental charges | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 |
| Transaction costs | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 |
| Total charges over 5 years | £624.34 | £281.57 | £287.42 | £293.39 | £349.37 | £1,836.08 |
| Average annual charge | 6.40% | 2.83% | 2.83% | 2.83% | 3.30% | 3.63% |
| Illustrative 5 year value | £9,851.99 | £10,056.65 | £10,265.55 | £10,478.80 | £10,646.48 | £10,646.48 |
| Illustrative 5 year value with no charges applied | £10,500.00 | £11,025.00 | £11,576.25 | £12,155.06 | £12,762.82 | £12,762.82 |
Key documents
Make sure you’ve read these key documents. They cover in more detail the risks and investment strategy of this VCT.