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Puma AIM VCT

Applications open


Earlybird deadline:
5pm 31 December 2025

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 Puma AIM VCT

Puma AIM VCT, Puma’s newest VCT, aims to provide returns by investing in established companies traded on the Alternative Investment Market (AIM). It focuses on looking for steady returns from companies with growth potential, avoiding the volatility of start ups.

Key facts

  • Annual dividend target of 5p per share. But dividends are not guaranteed.
  • Started in 2024.
  • Concentrated portfolio which can mean that underlying companies contribute more to performance but this is a higher-risk approach.
  • Raising £10mn with an over-allotment facility of a further £10mn.
  • Earlybird offer: 0% initial charge for applications received by 5pm 31 December 2025.
  • Puma has a decade of investing experience on AIM and the team behind this VCT has a collective track record of over 50 years with investing in AIM companies

Ready to invest?


Make sure you’ve read these key documents. They cover in more detail the risks and investment strategy of this VCT.


Puma AIM VCT prospectus

Puma AIM VCT brochure

Key Information Document (KID)

HL offer terms and conditions

Before applying you should read the prospectus and key investor 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 £10,000, capped at a maximum of £200,000.
  • It's free to hold VCTs in a HL Fund and Share Account.
  • HL dealing charge of £50 applies.
  • Investors will qualify for a 0.6% 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 prospectus. These documents are provided by Puma Investments, Hargreaves Lansdown has not authorised or approved them and is not responsible for their accuracy.

To see more detail on how the VCT will invest, check the VCT prospectus and brochure.

Ready to invest?


Make sure you’ve read these key documents. They cover in more detail the risks and investment strategy of this VCT.


Puma AIM VCT prospectus

Puma AIM VCT brochure

Key Information Document (KID)

HL offer terms and conditions

Example companies held by Puma AIM VCT

To see more detail on how the VCT invests, including why they’ve chosen certain companies check the VCT prospectus and brochure.

Costs and charges

VCT manager initial charge: 3%

HL saving on the initial charge: 0%

Net initial charge: 3%

Ongoing charge: 4.26%

Performance fee: 20%

  • Earlybird discount: 0% initial charge for applications received by 5pm 31 December 2025.

  • Existing investor discount: 1% discount on the initial charge for applications received from 1 January 2026.

Hargreaves Lansdown has waived the 0.6% initial commission. This will therefore be applied in subscription for extra Ordinary Shares at an issue price reflecting this fact.

An HL dealing charge of £50 applies to purchases and sales.

Existing investors must hold their VCT shares in an HL Fund and Share Account to qualify for the discount.

The VCT manager can charge a performance fee based on past performance. Other incidental charges for buying and selling investments may apply. Details on this are available in the prospectus and key information document.

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
£50.00

Exit dealing charges
£50.00

Stamp duty (N/A)
£0.00

Net initial charge
3% £298.50

Ongoing charge
4.26% £1,911.09

Transaction costs
£1,352.03

Incidental charges
£0.00

Total charges over 5 years £3,661.62

Average annual charge 8.01%

Illustrative 5-year value £8,565.73

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 £0.00 £0.00 £0.00 £0.00 £50.00
Exit dealing charge £0.00 £0.00 £0.00 £0.00 £50.00 £50.00
Investment charges £981.15 £667.33 £652.35 £637.70 £623.09 £3,561.62
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 (4.26%) £399.80 £390.83 £382.06 £373.48 £364.92 £1,911.09
Transaction costs £282.85 £276.50 £270.29 £264.22 £258.17 £1,352.03
Incidental charges £0.00 £0.00 £0.00 £0.00 £0.00 £0.00
Total charges over 5 years £1,031.15 £667.33 £652.35 £637.70 £673.09 £3,661.61
Average annual charge 10.82% 7.16% 7.16% 7.16% 7.73% 8.01%
Illustrative 5-year value £9,434.83 £9,223.03 £9,015.98 £8,813.59 £8,565.73 £8,565.73
Illustrative 5-year value with no charges applied £10,500.00 £11,025.00 £11,576.25 £12,155.06 £12,762.82 £12,726.82

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.

Key documents

Make sure you’ve read these key documents. They cover in more detail the risks and investment strategy of this VCT.


Puma AIM VCT prospectus

Puma AIM VCT brochure

Key Information Document (KID)

HL offer terms and conditions