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Three quarters of VCT managers have been at the helm for at least 10 years

Over three quarters (79 per cent) of venture capital trusts (VCTs) have a fund manager who has been in position for 10 years or more, according to research by the Association of Investment Companies (AIC).

The AIC says this is an impressive figure given that VCTs were only introduced 21 years ago.
 
Tim Levett is the longest serving VCT manager, having managed Northern Venture Trust for almost 21 years. He is closely followed by Patrick Reeve who has managed Albion VCT for over 20 years.
 
Both managers feature an additional two times in the list: Levett for managing Northern 2 VCT for over 17 years and Northern 3 VCT for almost 15 years; and Reeve for managing Albion Development VCT and Albion Technology & Gen VCT for almost 18 years and 16 years respectively.
 
Levett says: “We’ve been making VCT qualifying investments since 1995; in fact Northern Venture Trust was one of the first funds to be launched. Over the last 20 years we have invested GBP543 million in 296 companies, ranging from early stage investments right through to management buy-outs. It is heartening to us that many of the people who invested in the early rounds are still investors. Our track record – and that of many of our peer group – in making good investments that have supported UK growth and provided returns to our shareholders, demonstrate the valuable part that VCTs play in funding small companies.”
 
Reeve says: “Over the last 20 years Albion’s investment philosophy has continued to develop and today, at its heart, is the view that long-term financial returns are driven by companies which have a social impact. The construct of our portfolio increasingly reflects this view; we see great opportunities for the creation of long-term value through investments themes such as healthcare, renewable energy and education. This thematic but also returns-driven approach is supported by the specialist areas of expertise which we have developed within the investment team. However, the diversification of risk has deepened, with asset-based sectors such as care homes and schools, being balanced by higher growth companies, including a wide range of technology. A recent development has been the introduction of ‘seed’ investments to the portfolio where our focus is on high growth, early stage companies with outstanding management teams.”

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