Foresight launches GBP20m VCT share offer for Foresight Williams Technology VCT shares
Foresight Group (Foresight) and Williams Advanced Engineering (Williams) have launched a share offer for Foresight Williams Technology Shares, a new share class within Foresight Solar & Technology VCT.
The Offer, which opened on 20 December 2019, has a target fundraise in aggregate of GBP20 million and is open to investors for tax years 2019/20 and 2020/2021.
The Foresight Williams Technology Share class represents an exciting investment opportunity made possible by the unique collaboration between Foresight and Williams Advanced Engineering (Williams) which saw the successful launch of the Foresight Williams Technology EIS Fund in 2016. It has thus far raised approximately GBP40 million and invested in excess of GBP25 million into 15 innovative technology businesses.
The Offer provides investors with the opportunity to invest in a portfolio of early-stage companies with high growth potential, developing transformational technologies across a range of sectors, with all the associated benefits of a VCT wrapper.
Recent investments from the sister Foresight Williams Technology EIS Fund include; Open Bionics, an award-winning designer and manufacturer of next generation bionic limbs, Refeyn, an Oxford University spin-out developing a new generation of scientific instrumentation with the potential to transform the biopharma sector, and Mixergy, which is set to revolutionise the global hot water tank market.
The Foresight Williams Technology share class is a new share class that sits within the long-established and successful Foresight Solar & Technology VCT. It can invest alongside its sister Foresight Williams Technology EIS Fund, targeting investment in companies where Foresight’s and Williams’ expertise and services can be harnessed to assist with the development of businesses, with the objective of achieving successful exits at high value multiples.
The launch comes in response to demands from financial intermediaries who believe there will be strong appetite from private investors who value the simplicity of the VCT structure.
Nick Morgan, Partner at Foresight, says: “Following the success of the Foresight Williams Technology EIS Fund, we are delighted to launch the Foresight Williams Technology share class within our ground-breaking Foresight Solar & Technology VCT to give investors the opportunity to invest alongside the EIS fund with all the benefits of the VCT tax wrapper. The investment strategy has been popular with investors looking for opportunities to support early-stage and innovative companies in the UK with the potential for strong financial returns.”
Matthew Burke, Head of Technology Ventures at Williams Advanced Engineering, adds: “We are excited to launch the new Foresight Williams Technology share class within the Foresight Solar & Technology VCT which builds on the growing popularity of the Foresight Williams Technology EIS Fund. The launch of the new share class further strengthens the unique relationship between Foresight Group and Williams Advanced Engineering, and we are delighted that the ‘Foresight Williams’ collaboration now comprises both VCT and EIS products.”