The 2015/16 VCT season has drawn to an unexpectedly successful close, with VCTs raising record-breaking amounts.
And law firm Howard Kennedy has once again been at the heart of the VCT community, advising over 80 per cent of all funds coming to market in 2015/16, including the largest fund raise by Octopus Titan VCT, which increased its offer from GBP80 million to GBP100 million following exceptional investor demand.
Howard Kennedy has acted for 16 individual VCTs seeking to raise a total of GBP421.7 million. In the 2015/16 tax year a total of GBP457.5 million was raised by VCTs – the third highest amount on record and the most since 2005/06.
Keith Lassman, Partner and head of Capital Markets at Howard Kennedy, says: “This has been a cracking season for VCTs, and one that was not expected. The Government was forced to adopt EU rules on State Aid that many predicted would depress investor appetites. This has not been the case, with investors hungry for VCT products.
“Howard Kennedy is the only English law firm able to act as both sponsor and legal adviser to VCTs, and over the past four years we have advised 80 per cent of all VCTs to come to market, and nine of the 10 largest VCTs by funds under management. We are the go-to firm for VCTs.”
The firm has a dedicated team of partners and staff advising VCTs through its wholly owned FCA authorised subsidiary, Howard Kennedy Corporate Services LLP, which has been active in the market place since 1997, listing well over 150 companies over that period.
