Friends Ivory to launch new VCT

Fund Manager Friends Ivory & Sime, which manages two Aim-listed venture capital trusts as well as Aim Trust Plc, is aiming to raise up to £150m to invest in up to 40 stocks across sectors.

Friends Ivory & Sime (Friends), the UK fund management business, has announced plans to raise between £100m and £150m to launch 3PC, a new venture capital trust (VCT), next month.

Friends already runs two Aim-listed VCTs as well as Aim Trust Plc. The firm has hired Cazenove & Co to act as a placement agent to help raise the trust capital via an offer for subscription as well as ISA wrapper.

Bill Brown will be leading the team managing the trust, with Robert Mitchell looking after small cap quoted companies, Stuart Rollason responsible for biotechnology and healthcare and Robert Rasbach in charge of technology investments.

According to Brown, 3PC will provided financing to both listed and unlisted companies and envisage to make arround 40 investments over two years across a number of sectors. Around 40 per cent of the fund are supposed to benefit private companies. The remaining cash will be put to work in IPOs on techMark, Easdaq and other growth indexes in Europe.

The prospectus of the trust is due to be published today.