Friends Ivory closes new VCT

UK fund manager Friends Ivory & Sime has raised 43m for a new VCT aimed at institutional and retail sources.

3PC Investment Trust, Friends Ivory & Sime’s 12th venture capital investment trust, has clsoed, with £43m raised from retail and institutional investors.

The new fund, managed by Bill Brown, will invest in all business sectors, but prioritise investments in applied technology. 3PC will specifically pursue investments in healthcare, biotechnology, electronic hardware, computer equipment and software, telecom services, communications and e-commerce.

The fund had initially hoped to attract commitments in the region of between £100m and £150m, but abandoned this target later on in the process. “We are pleased to have successfully raised new capital in the current market conditions”, said Peter Arthur, a managing director responsible for the FI&S’s investment trusts.

“We decided to launch the fund at this point in time as the market opportunities are right for investment and the team have identified a number of interesting opportunities.”

3PC will invest alongside five other VCTs operated by Friends. Up to 40 per cent of the fund are earmarked for investments in privately owned companies, whilst the remaining assets will target opportunities in listed European businesses.