Law firm Howard Kennedy has reaffirmed its market leading position in the UK venture capital trust (VCT) market, acting for 14 of the 18 VCTs coming to market in the 2016/17 financial year.
The 14 funds advised by the firm are collectively seeking to raise GBP309 million, with all 18 funds seeking to raise GBP398 million.
Howard Kennedy remains the only English law firm to be able to act as both sponsor and legal adviser to VCTs through its wholly owned FCA authorised subsidiary, Howard Kennedy Corporate Services. The firm has over the past five years acted for 80 per cent of all VCTs to come to market
Howard Kennedy’s VCT team is led by Partner and head of capital markets Keith Lassman, with support from capital markets partner Stephen Heinemann, corporate partner Michael Harris, senior associate Ian Scott and associates Matthew Astbury and Siân Dewing.
Lassman says: “The 2016/17 market has been slightly quieter this year compared to 2015/16, when 26 VCTs launched funds raising an impressive GBP538 million, driven largely by funds coming to grips with the recent VCT rule changes. Octopus Titan, a client of the firm, is by far and away the largest fund this year, seeking to raise GBP120 million. It has been well received, raising GBP50 million so far, and this is echoed across other VCTs as investor demand remains strong.”
