The Mobeus VCTs have announced an offer for up to £90 million (£70 million + £20 million overallotment).
The VCTs have total net assets of £338.5 million and a combined portfolio of around 50 companies.
The manager invests across a wide spectrum of companies – from early-stage companies with less than £500,000 of revenue to later stage, profitable businesses. It does not target any particular sectors.
Over the five years to June 2024, the VCTs have generated an average NAV total return of 71.2%.
The VCTs recently increased their dividend target to 7% of NAV.

Nicholas Hyett, Investment Manager at Wealth Club commented:

“This marks the start of the 2024/25 VCT season – and it’s likely to begin with a bang.
The Mobeus VCTs are hugely popular with investors – raising £43m in the first 24 hours when they last opened back in October 2022. That popularity is built on a very strong track record – among the best in the industry.

The manager has been through a few changes in recent years, first being acquired by AIM-quoted Gresham House, before Gresham was itself acquired by US PE firm Searchlight Capital.

The portfolio has also seen a fair amount of turnover as older, legacy investments have been sold. This leaves 19.5% of the portfolio invested in a single company Preservica. There’s a lot to like about Preservica, its digital archive platform is used by thousands of organisations globally, from the National Archives to HSBC, and operating in a niche segment bodes well for future margins. However, the VCTs’ very large exposure to a single company does make it riskier.

Long term, the VCT benefits from a proven management team which remains essentially unchanged, despite the flurry of acquisitions, and is well incentivised. If the team can continue to identify winning investments at their historic rate, while meeting the VCTs’ new 7% a year dividend target, investors should be well served.”