To achieve long-term returns greater than those available from investing in a portfolio of quoted companies by investing in a portfolio of qualifying investments in small and medium sized unquoted companies with excellent growth prospects and a portfolio of non-qualifying investments including cash, liquidity funds, fixed interest securities and non-qualifying venture capital investments. To invests in companies at various stages of development, including those requiring capital for expansion and in management buy-outs, but not in start-ups. Investments are spread across a range of different sectors. Funds not invested in qualifying investments may be held in cash, liquidity funds, fixed interest securities of A-rating or better, investments originated in line with the qualifying VCT policy of the company but which do not qualify under the VCT rules for technical reasons and debt and debt-related securities in growth companies.
Management fee at 2% of NAV. Investment Manager is entitled to a performance fee. The investment management agreement is terminable by either party at any time on 12 months written notice. The performance fee will be equal to 20% of the amount.
The company intends to pay a regular half-yearly dividend. Dividend to be paid twice a year in July and January.