Puma VCT 13 launches £70 million fundraise

Puma VCT 13 has announced an offer for up to £70 million (£50 million + £20 million overallotment).
The VCT has total net assets of £118.6 million and a portfolio of 20 companies.
The VCT targets more mature businesses, typically generating revenues of £2 million or more a year.
Over the five years to June 2024 the VCT delivered a NAV total return of 62.7%.
The VCT targets a dividend of 5p per share on average – though this can vary substantially year to year.

Nicholas Hyett, Investment Manager at Wealth Club commented:

“Since launching in 2018 Puma VCT 13 has matured into a reasonably well diversified and strong performing portfolio of businesses. It targets companies at the more mature end of the spectrum – typically reporting revenues of £2 million or more – and that has served it well in a tough market for earlier stage or more speculative venture investments.

The VCT has started to see exits, supporting its first dividends, while several other holdings are showing substantial mark-ups in value – notably social media marketing platform Influencer which is held at more than ten times cost.

For investors that typically back the same VCTs year-in year-out, Puma 13 could be a welcome addition to the portfolio.”