Puma Alpha VCT
Applications open
Earlybird deadline: 5pm 31 January 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 Alpha VCT
Puma Alpha VCT, Puma’s 14th VCT, launched in 2019 and is designed to deliver returns by investing in companies that have successfully transitioned from 'start-up' to 'scale-up'.
Key facts
Launched in July 2019
Annual dividend target of 5p per share
Currently holds around 24 companies within the portfolio
Raising £20 million with an over-allotment facility for up to a further £10 million
More than £31 million in assets under management
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.
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.
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 Alpha VCT
CameraMatics is a solution for fleet risk management. With a mission to create safer roads for all, it released one of the most advanced AI-powered collision avoidance systems on the market. The system promises to radically improve driver reaction times and blind spot visibility by using deep learning algorithms, continually scanning for pedestrians, hidden road users and cyclists.
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.
Aveni combines world-leading Natural Language Processing (NLP) expertise with extensive financial services experience, to build AI solutions designed specifically for the financial services industry. The brand is trusted by some of the UK’s leading financial services firms including Schroders, Lloyds Banking Group and Nationwide.
To see more detail on how the VCT invests, including why they’ve chosen certain companies check the VCT prospectus and investment overview 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: | 3% |
| HL saving on the initial charge: | 0% |
| Net initial charge: | 3% |
| Ongoing charge: | 3.5% |
| Performance fee: | 20% |
Early bird offer: 2% discount to the initial charge for applications received by 5pm 31 January 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 (3.5%) | £1,611.83 |
| Transaction costs | £1,384.10 |
| Incidental charges | £82.14 |
| Total charges over 5 years | £3,345.92 |
| Average annual charge | 7.16% |
| Illustrative 5-year value | £8,933.74 |
| 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 | £917.76 | £608.36 | £599.10 | £589.98 | £580.73 | £3,295.92 |
| 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 (3.5%) | £332.36 | £327.30 | £322.32 | £317.41 | £312.43 | £1,611.83 |
| Transaction costs | £285.40 | £281.06 | £276.78 | £272.56 | £268.29 | £1,384.10 |
| Incidental charges | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 |
| Total charges over 5 years | £917.76 | £608.36 | £599.10 | £589.98 | £630.73 | £3,345.92 |
| Average annual charge | 9.54% | 6.42% | 6.42% | 6.42% | 6.97% | 7.16% |
| Illustrative 5-year value | £9,552.32 | £9,406.89 | £9,263.67 | £9,122.63 | £10,802.16 | £10,802.16 |
| 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.