The directors of Unicorn AIM VCT expect their VCT offer to be oversubscribed despite a challenging market.
The Unicorn AIM VCT opened for offers for a subscription of up to £15mn at the end of January and added a further £5mn on February 8.
In a stock exchange update on February 15, the directors announced that, on the basis of the applications received so far, the offer will be over subscribed.
Fund manager, Fraser Mackersie, said: “We know fundraising in the VCT market has been far more challenging this year and the pace of subscriptions has been slower for most.
"Against that backdrop we are delighted to see such strong continued support for Unicorn AIM VCT.”
Unicorn Asset Management was set up in 2000 and it claims its VCT is the largest and longest running AIM-focused VCT with net assets of over £215mn.
The previous offer received subscriptions over the £15mn offer amount less than a day after opening.
Chris Hutchinson, another Unicorn fund manager added: “Despite challenging market conditions and economic headwinds, the performance of many of Unicorn AIM VCT’s portfolio companies has been reassuringly resilient."
tara.o'connor@ft.com
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