Having opened its two managed Venture Capital Trusts (VCTs) for non-prospectus top-up offers in early February, YFM Equity Partners (YFM) has announced that they are both now fully subscribed, ahead of schedule, achieving a further £14m of committed funds from returning investors.
The partner-led private equity firm which has offices in Leeds, Manchester, Birmingham and London, now has over £350m of funds under management, of which almost £185m is through British Smaller Companies VCT plc and British Smaller Companies VCT2 plc, which first listed on the stock exchange in 1996 and 2000 respectively. They comprise funds from more than 10,000 investors, mainly private individuals, who have each committed sums of between £3,000 and £200,000.
VCTs provide vital funding for dynamic young businesses across the UK. With two of the longest running VCTs, YFM has, over the years, supported the growth of dozens of emerging, innovative companies.
“Over the last four or five years, offers from our managed VCTs have proved very popular and it’s extremely pleasing to see this trend continuing with such a strong response to the latest round of VCT top-up fundraising – about £1.25m of funds a day were committed in the first few days of opening,” comments David Hall, managing director of YFM. “It’s testimony to the performance of our VCTs that we have received so much support from our existing investor base, with the fundraising fully subscribed so quickly.”
YFM has a portfolio of around 40 companies throughout the UK and its VCT managed funds typically invest around £3m to £10m per transaction.