Published: Feb 15, 2011
Focus: Growth Capital
Maven Capital Partners (Maven) is pleased to announce that it has been awarded the contract to manage Bluehone AiM VCT2 plc (Bluehone), which previously merged with Bluehone AiM VCT plc in July 2008.
The appointment consolidates a notable few months for the Maven team, which has also recently announced its selection by the Scottish Investment Bank as manager to the Scottish Loan Fund, and in November 2010 was named Small Buyout House of the Year 2010 at the unquote British Private Equity awards.
Maven has entered into a minimum three year contract to manage Bluehone. Managing Partner Bill Nixon will take up the role as principal fund manager, and will be supported by the 12 strong Maven investment team which is based throughout the UK. Bluehone will immediately begin to co-invest in later stage private company investments alongside the six existing Maven VCTs, so that Bluehone shareholders can benefit from the experience and nationwide dealflow of one of the largest investment and support teams in the VCT industry.
Bluehone is the fourth VCT contract acquired by the Maven team from other managers since 2005, with the previous three now fully integrated within the Maven range of client funds. This mandate will increase the assets managed or advised by Maven to over £240 million and represents another significant step in developing a nationwide private equity business. Maven will shortly be opening its sixth regional office in Edinburgh to expand further its representation in the key business territories across the UK.
The four Maven Income and Growth VCTs are currently raising top-up funds via the Maven Linked VCT Offer 2, which offers investors an attractive combination of investment in established VCT portfolios, alongside a tax credit of up to 30% and immediate eligibility to receive dividends. The same successful linked top-up formula was used in 2010, and investors in that offer have already received eight tax-free dividend payments ranging from 1p to 3p per share from the four participating VCTs. The current offer is strictly limited to £6.4m.
Bill Nixon, Managing Partner at Maven, said: "We are delighted to be appointed to manage Bluehone AiM VCT2, and welcome the chance to work with the Bluehone board to improve shareholder returns. Maven has a fully scaled UK-wide private equity business and offers its investors access to significant dealflow and investment capability, which over time will allow Bluehone to broaden its investment focus to include later stage private companies. Every deal we source goes through a rigorous selection process before a decision to invest, including an extensive and varied independent due diligence exercise. We look forward to working with the Bluehone board and shareholders."