ProVen Growth and Income VCT
Applications open
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.
ProVen Growth and Income VCT
Managed by Beringea since its inception, ProVen Growth and Income VCT and its sister fund ProVen VCT are two of the UK's largest and longest-standing Venture Capital Trusts.
It seeks to deliver returns by investing in growing companies that can scale successfully through to exit.
Key facts
Launched in 2001.
Annual dividend target yield of 5% of net asset value.
Widely invested portfolio with over £161mn in assets under management in over 50 companies.
Raising £15mn with an over-allotment facility of a further £5mn.
Before applying you should read the Securities Note, Registration Document, the Summary and Key Information Document. These documents contain helpful information about how the VCT works and is invested, but also will 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, capped at a maximum of £200,000.
It's free to hold VCTs in an HL Fund and Share Account.
Investors will qualify for a 0.5% rebate, this will be provided annually as bonus shares for 5 years.
The offer price will be established through the issue.
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 Securities Note, the Registration Document and the Summary which together comprise a prospectus. These documents are provided by Beringea LLP, Hargreaves Lansdown has not authorised or approved them and is not responsible for their accuracy.
Ready to invest?
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 ProVen Growth and Income VCT
DASH Water is a zero-sugar, zero-calorie seltzer company known for infusing wonky fruit in its drinks. The B-Corp certified company reduces food waste by using locally sourced, misshapen or surplus fruits to infuse its drinks.
Luxury Promise is a marketplace for pre-owned luxury handbags and accessories, with a range spanning the world’s leading designer brands including Hermes and Chanel.
Lucky Saint is the UK’s number one dedicated alcohol-free beer brand across grocery and on-trade. It is stocked in over 7,000 pubs, bars and restaurants and sold in major supermarkets including Waitrose, Sainsbury’s, Tesco and Marks & Spencer.
To see more detail on how the VCT invests, including why they’ve chosen certain companies check the VCT Registration Document and Offer Information Document.
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: | 5.5% |
| HL saving on the initial charge: | 2.75% |
| Net initial charge: | 2.75% |
| Ongoing charge: | 2.5% |
| Performance fee: | 20% |
HL Discount: additional 0.25% discount to the initial charge for applying via HL.
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 Registration Document 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 (2.75%) | £275.00 |
| Ongoing charge (2.5%) | £1,271.72 |
| Transaction costs | £0.00 |
| Incidental charges | £143.61 |
| Total charges over 5 years | £1,740.33 |
| Average annual charge | 3.41% |
| Illustrative 5-year value | £10,765.17 |
| Illustrative 5-year value with no charges applied | £12,762.82 |
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Total | |
|---|---|---|---|---|---|---|
| HL Charges | £0.00 | £0.00 | £0.00 | £0.00 | £50.00 | £50.00 |
| Management charge | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 |
| Entry dealing charge | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 |
| Exit dealing charge | £0.00 | £0.00 | £0.00 | £0.00 | £50.00 | £50.00 |
| Investment charges | £534.57 | £265.46 | £271.49 | £289.04 | £295.13 | £1,690.33 |
| Stamp duty (N/A) | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 |
| Net initial charge (2.75%) | £275.00 | £0.00 | £0.00 | £0.00 | £0.00 | £275.00 |
| Ongoing charge (2.5%) | £243.67 | £248.90 | £254.25 | £259.71 | £265.19 | £1,271.72 |
| Transaction costs | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 |
| Incidental charges | £27.52 | £28.11 | £28.71 | £29.33 | £29.95 | £143.61 |
| Total charges over 5 years | £546.19 | £277.01 | £282.96 | £289.04 | £345.13 | £1,740.33 |
| Average annual charge | 5.55% | 2.76% | 2.76% | 2.76% | 3.22% | 3.29% |
| Illustrative 5-year value | £9,933.87 | £10,147.22 | £10,365.15 | £10,587.77 | £10,765.17 | £10,765.17 |
| 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 |
The costs and charges shown are for illustration purposes only based on the assumptions presented. Total HL charges and 5 year HL charges also include a £50 exit dealing charge. Figures may not add up to the given total due to rounding.
Ready to invest?
Make sure you’ve read these key documents. They cover in more detail the risks and investment strategy of this VCT.