Investec raises £3.8m for first VCT

Investec Structured Products has raised £3.8m for its first VCT launch.

The VCT, which is run in partnership with Calculus Capital, will invest in a combination of structured products and venture capital investments. 

Although the vehicle has raised less than he would have liked, Investec Structured Products head of intermediary sales Gary Dale says the group has achieved its goal of expanding its investor base.

"Preferably, we would have like to have raised more, but we launched at the beginning of March and so we were unable to get much momentum as most advisers had already given their tax advice," he says

"But the success was not the number we sold, but the clients we reached and we were able to sell to more discretionary wealth managers."

Dale says they plan to launch a second round of fundraising this year, either at the end of Q2 or in Q3.