The trust’s portfolio is valued at £123.9m and consists of 35 companies, including a range of UK technology businesses, such as PrimaryBid, Freetrade, Riverlane and Focal Point.
Nicholas Hyett, investment manager at Wealth Club, said Molten Ventures, which targets a dividend of 5%, is “among the most established venture capital outfits in Europe.”
The VCT is managed by the same team that oversees Molten Ventures’ own balance sheet investments, and usually invests alongside the vehicle.
Molten Ventures VCT’s offer period will open on 12 October and will last until 5 April for applications in this tax year, or 28 April for the following, unless the subscription is fully met.
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“That has given it a portfolio of top flight venture investments, the likes of which you rarely find in a small VCT – including core banking platform Thought Machine and quantum computing start-up Riverlane” said Hyett.
“Unfortunately, the super-high growth, slightly more mature part of the market has been hardest hit in the last 18 months. Shares in the plc have tumbled, and are now trading at a deep discount to NAV.
“We still think the investment team deserves to be highly rated, but in the short term there is work to do in demonstrating that the VCT’s trophy assets can continue to attract funding, find buyers or list themselves.”
