Puma AIM VCT
Applications open
Earlybird deadline: 5pm 05 April 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 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: 2% initial charge for applications received by 5pm 05 April 2026.
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.
VCT offer details
Open to UK investors located and resident in the UK.
Minimum application of £3,000, capped at a maximum of £200,000.
It's free to hold VCTs in a HL Fund and Share Account.
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 and brochure. These documents are provided by Puma Investments, 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 Puma AIM VCT
Time To Act is an engineering business focused on technology in the energy transition sector. It has two business divisions:
GreenSpur, which designs compact, lightweight wind turbines with enhanced power density.
Diffusion Alloys, which provides advanced industrial coatings for components used in blue and green hydrogen production, as well as small modular nuclear reactors.try.
Verici Dx plc is a diagnostics company developing advanced RNA signature-based tests to improve outcomes in kidney transplantation. Its products aim to predict and detect transplant rejection, helping clinicians make more informed decisions.
Aurrigo International plc is a UK-based company specialising in smart airside solutions and autonomous vehicles for the aviation industry (alongside automotive components and electric vehicle technologies).
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% |
Early bird offer: 2% discount to the initial charge for applications received by 5pm on 05 April 2026.
Existing investor discount: Further 1% discount to the initial charge for applications received.
Initial commission waived by HL: an additional 0.6% of the value of your application will be added to your allotment as extra shares
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%) | £300.00 |
| Ongoing charge (4.26%) | £1,920.69 |
| Transaction costs | £1,358.83 |
| Incidental charges | £0.00 |
| Total charges over 5 years | £3,629.52 |
| Average annual charge | 7.90% |
| Illustrative 5-year value | £8,609.02 |
| 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 | £986.08 | £670.68 | £655.63 | £640.91 | £626.22 | £3,579.52 |
| Stamp duty (N/A) | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 |
| Net initial charge (3%) | £300.00 | £0.00 | £0.00 | £0.00 | £0.00 | £300.00 |
| Ongoing charge (4.26%) | £401.81 | £392.79 | £383.97 | £375.36 | £366.75 | £1,920.69 |
| Transaction costs | £284.27 | £277.89 | £271.65 | £265.55 | £259.47 | £1,358.83 |
| Incidental charges | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 |
| Total charges over 5 years | £986.08 | £670.68 | £655.63 | £640.91 | £676.22 | £3,629.52 |
| Average annual charge | 10.29% | 7.16% | 7.16% | 7.16% | 7.73% | 7.90% |
| Illustrative 5-year value | £9,482.25 | £9,269.38 | £9,061.29 | £8,857.87 | £8,609.02 | £8,609.02 |
| 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.
Key documents
Make sure you’ve read these key documents. They cover in more detail the risks and investment strategy of this VCT.