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Hargreave Hale targets £20m from VCT fundraise

Hargreave Hale targets £20m from VCT fundraise

Investment manager Hargreave Hale has launched a £20 million fundraise for its AIM VCT range, run by Citywire AA-rated Giles Hargreave.

The firm is aiming to raise £10 million for Hargreave Hale AIM VCT 1 and Hargreave Hale AIM VCT 2 from new and existing investors.

First launched in 2004, the Hargreave Hale AIM VCTs, also managed by Oliver Bedford, targets AIM-lised companies with a history of strong performance and competitive share buyback policy.

The VCTs target a tax free income of 5% based on the year-end net asset value and offer an upfront tax relief of 30%, as long as sufficient income tax is paid and the shares are held for at least five years.

Both trusts give Hargreave (pictured) flexibility to invest in non-qualifying equities and fixed income.

The company said that to maintain the VCT’s exposure to small companies, up to 75% of the net proceeds of funds raised may be invested in the Marlborough Special Situations fund, pending investment into qualifying companies.

Bedford commented: 'Many AIM-listed companies are young and dynamic, and often operate in new and emerging sectors. However, AIM offers much more than "frontier investing", it is also home to numerous established and more traditional businesses such as Abcam, Advanced Computer Software and Vertu.'

The news hot on the heels of a successful fund rasing for Hargreave's Nano Cap fund, which soft closed at £90 million just two weeks after its launch.  

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