Foresight Group LLP (“Foresight”), a leading listed infrastructure and private equity investment manager, has launched a £15m offer for the Foresight WAE Technology VCT Share Class (“FWT Share Class”) of its Solar & Technology VCT.
The FWT share class was launched in December 2019 and has raised approximately £20m and made 27 investments.
The offer includes an over-allotment facility that allows Foresight to raise a further £10m through the issue of new shares.
Despite the difficult market environment, a number of the portfolio companies raised additional funding in 2022, four of which raised over £20m.
Andy Bloxam, Director at Foresight Group, said: "As growth investors, we have backed some of the most exciting and forward-thinking businesses in the UK, including immersive audio provider Audioscenic and university spinout Cambridge GaN Devices.
"We have a growing number of exciting companies in our portfolio and look forward to continuing to support them while delivering results for our investors."
The VCT invests in early-stage companies across a range of sectors and is run in collaboration with WAE, which the group said provides a "sustainable competitive advantage when it comes to sourcing investment opportunities, carrying out due diligence and working with portfolio companies to maximise development and growth".
The Board of the VCT announced an increase in its net asset value of over 5.5% in its half-year results published on 30 September.
The offer is open and will close on 3 April 2023 for the 2022/23 tax year and 22 December 2023 for the 2023/24 tax year or earlier if the offer is fully subscribed or otherwise at the board's discretion.
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