The ProVen VCTs
Fund Overview
The ProVen VCTs, managed by Beringea LLP, invest in growth-focused UK businesses across diverse high-potential sectors like SaaS, healthcare, and consumer e-commerce. Together, the ProVen VCTs have net assets exceeding £343.3 million as of May 2024 and hold over 50 portfolio companies. The funds target long-term capital growth alongside regular tax-free dividend distributions, offering investors a balanced approach to venture capital investing.
Investment Strategy
The ProVen VCTs focus on supporting innovative UK businesses with strong growth potential. Key elements of their investment strategy include:
- Sector Focus: Investments in technology, healthcare, SaaS, and consumer sectors.
- Diversified Portfolio: Over 50 companies with varying levels of maturity, mitigating risk and enhancing growth opportunities.
- Active Engagement: Close collaboration with portfolio companies through board participation and strategic support.
Recent Highlights:
- Investments in leading companies like Doctify, DASH Water, and CreativeX.
- A strong pipeline of follow-on investments and new ventures.
Performance Metrics
| Year | NAV Total Return (%) | Dividends Paid (p/share) |
|---|---|---|
| 2024 | 5.1 | 3.25 |
| 2023 | 5.0 | 3.75 |
| 2022 | 7.2 | 5.25 |
Note: NAV Total Return is the sum of NAV growth and dividends paid.
Tax Benefits
Investors benefit from:
- 30% income tax relief: Available for investments up to £200,000 annually.
- Tax-free dividends: Regular income without tax obligations.
- Capital gains tax exemption: No CGT on share disposals.
Tax treatment depends on individual circumstances and may change.
Fund Documents
Contact Information
- Phone: 020 7845 7820
- Email: [email protected]
- Website: ProVen VCTs
Why Consider Access EIS Instead?
Both ProVen VCTs and Access EIS provide tax-efficient investment opportunities, but they cater to different investor needs:
| Feature | ProVen VCTs | Access EIS |
|---|---|---|
| Investment Focus | Growth-oriented businesses across diverse sectors | Early-stage, high-growth UK startups |
| Minimum Investment | £5,000 | £5,000 |
| Tax Benefits |
- 30% Income Tax Relief - Tax-Free Dividends - Capital Gains Tax Exemption |
- 30% Income Tax Relief - Capital Gains Tax Deferral |
| Liquidity | Some liquidity via buyback schemes | Illiquid, with returns realized after ~5–7 years |
| Dividends | Regular, tax-free dividends | No dividends; all profits reinvested |
| Risk Level | Moderate to High | Very High |