Artemis Investment Management has launched its second Aim venture capital trust. Open for investme...
Artemis Investment Management has launched its second Aim venture capital trust.
Open for investment from 8 October, Artemis Aim VCT 2 seeks to raise up to £40m, of which 80% will be invested in qualifying holdings, with 75% of this in stocks listing on Aim.
The trust will be co-managed by Lindsay Whitelaw and John Dodd, managers of the Artemis New Enterprises and UK Smaller Companies funds respectively, who also co-run the first VCT. The minimum subscription is £3,000 and charges are 5.25% initial and 1.75% annual.
The managers are also entitled to receive a performance fee equivalent to 20% of any distribution, providing the NAV plus previous distributions exceed an 8% per year hurdle rate. Commission is 3%, or 2.25%, plus five years' trail of 0.375%.
The final closing date is 29 April 2005.