Puma Investments, the Investment Manager, has opened a new £50 million fundraise for Puma VCT 13. Following a strong year of deployment, the VCT offers investors the opportunity to gain exposure to a diversified portfolio of scale-up, high growth potential businesses with the aim of providing attractive but stable returns.

Launched in 2017, Puma VCT 13 has been recognised by MICAP as one of the best performing generalist VCTs in the market on a five year basis as at August 2024¹, with a total return (NAV growth plus dividends paid) of over 57%². The VCT has assets of more than £150 million and has achieved several exits to date, it currently has 20 scale-up UK companies in the portfolio. All Puma VCT 13 investors, including new investors, who are shareholders on the company’s register on 22 November 2024 are eligible for an upcoming 3p dividend.³ To ensure that new investors do not miss out on the dividend, valid applications and funds must be received and cleared before the capacity is reached or before the close of business on 15 November 2024 (whichever is earlier). 

The last 12 months have been a stand-out year of deployment for the VCT. The investment team has focused on deploying capital into scale-up rather than start-up businesses, that have proven themselves in their market, diversifying across sector, business model and end customer group. New portfolio companies include Lucky Saint, the UK’s number one dedicated alcohol-free beer brand, Transreport, the UK’s fastest-growing accessibility technology company and Aveni, a driver of AI revolution in financial services. These join existing companies including Pockit, the digital account provider for under-served communities, men’s athleisurewear business Ron Dorff and voice isolation specialist IRIS Audio Technologies.

The experienced investment team take an ultra-active approach, working in partnership with portfolio companies to help them achieve their growth ambitions, through supporting them on all aspects of building their businesses. The dedicated Investment Directors have a concentrated portfolio of businesses which enables them to take a hands-on approach and provide meaningful support. In addition, Puma’s Value Acceleration team offer guidance and commercial expertise at all levels within an organisation.

Rupert West, Fund Manager, Puma VCTs comments:

“While the last year has continued to be challenging for the growth of scale-up businesses, we took advantage of these market conditions to invest in high potential companies at attractive valuations. Essentially, while the rest of the market was pulling back, we were investing with momentum.

“Our experienced team has seen almost every scale-up challenge, from every perspective and our core focus has remained on working in partnership with our companies to support their growth. As we kick start this next period of fundraising, we’re delighted to offer more investors access to our diversified portfolio of scale-up businesses.”

David Kaye, CEO of Puma Investments, comments:

“As a business we have a strong track record of managing VCTs, having raised over £390 million and invested in over 60 growing companies. The recent confirmation from HM Treasury to extend the VCT Sunset Clause to 2035 was a much-needed boost to the sector. Both to the scale-up companies that VCTs support and the investors who can benefit from these growing companies and the potential tax reliefs available.

“VCTs are crucial to the UK economy in creating jobs and supporting growth and we’re thrilled to open Puma VCT 13 following a strong year of deployment.”

As with all VCT investments, investors in Puma VCT 13 can benefit from⁴:

• Upfront 30% income tax relief available to UK taxpayers on an investment of up to £200,000 per tax year
• 100% tax-free dividends
• 100% tax-free capital gains on the sale of Company shares

Sources

¹ Source: MICAP, VCT performance public, period: 5 years as at 31 August 2024.

² Five-year performance. 30 June to 30 June of the year shown.

Puma VCT 13 latest published Net Asset Value (NAV) per Ordinary Share as of 30 June for each year (unaudited), and dividend per Ordinary Share data for the 12-month period preceding 30 June for each year.

Past performance is not a guarantee of future results. Share prices and their values can go down as well as up. The payment of any dividends is not guaranteed, and any such payments may erode the capital value of any underlying investment.    

³ On 24 September 2024, the directors of the Company declared an interim dividend of 3p per ordinary share (the “Dividend”) with an ex-dividend date of 21 November 2024 and a record date of 22 November 2024 (the “Record Date”). New ordinary shares issued on or before the Record Date pursuant to valid applications and cleared funds received in respect of the first £20 million (in aggregate) in subscription monies (the “Maximum Shares”), where such applications are received during the period from (and including) 24 September 2024 to (and including) 15 November 2024, will be eligible to receive the Dividend. The Company will not issue new ordinary shares in respect of applications received on or after 16 November 2024 up to and including the Record Date (or if earlier, between the date on which the Company has issued the Maximum Shares and the Record Date). The Dividend will be paid on or around 16 December 2024.

⁴ Investments need to be held for at least 5 years to qualify for income tax relief. Tax reliefs are not guaranteed and depend on the individual investor’s circumstances and may be subject to change.