In early January of 2022, Tech.eu brought you the news that Albion Capital was on the hunt for £80 million to line the coffers of its six venture capital trusts. As of today, Albion has confirmed that it’s brought home the trophies.
According to Albion the £80 million is earmarked to be deployed across its existing portfolio of around 60 businesses that employ some 5,000 people across software, healthcare (including health tech), and what the firm terms “mission-critical tech-enabled services”. Mission critical. Ohhhhhh kay.
“VCTs play an important role bringing British innovation to life and supporting entrepreneurs on their growth journey. This results in positive economic and social benefits for the UK and valuable returns for patient VCT investors. This has been recently demonstrated by one of our companies, Quantexa, completing a funding round at a £1.4bn valuation,” commented Albion Capital’s Will Fraser-Allen.
“Given the ongoing global economic and geopolitical challenges, we believe that the funding provided by VCTs is more important than ever and this well supported fundraise makes it possible to continue backing talented entrepreneurs to accelerate growth.”
Looking at the numbers, over the decade concluding 30 September 2022, Albion Capital VCTs returned an average annual return of 8.4% per annum, 9.0% per annum over 5 years, and 6.3% per annum over 3 years excluding tax relief. According to the firm, all six VCTs have an annual dividend target of around 5% of net asset value.
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