Sitka VCT on track

Sitka Health VCT, which was launched in February 2001, has beaten its first hurdle of raising £3m by 03 April this year.

The venture capital trust had raised £5.3m by that date and Matrix Securities, which is sponsoring the VCT, anticipates that it will reach its target of £20m in the next three to four months. Venture capital group Sitka is managing the trust.

The trust's management team is led by Gerard Tardy who was previously chief executive of Schroder Partenaires and a member the executive committee of Schroder Ventures Europe. Bridget Cleverly, director of Matrix, said that it had been more difficult to raise the trust in current market conditions but that investors were encouraged by the trust’s focus on Healthcare and by what was seen as an ‘excellent management team’.

The health and life sciences sector of the stock market has shown healthy returns over the last few years, which has given investors confidence, Cleverly said.

Sitka Health VCT has not done any deals as yet but has identified its first investment. Investors in the trust include major banks and financial advisors.

Last week, Seymour Pierce pulled its venture capital trust because it had been unable to raise £3m (E4.9m) before the end of the tax year.