Unicorn AIM VCT has triggered a £15m over-allotment facility to bump up the initial £20m.
The initial offer being 90% subscribed prompted the board to raise the figure to £35m.
This represents the largest fundraise in the trust’s history, and follows its recent record £88m net proceed exit from its largest holding, Hasgrove Limited.
That figure was split between £66.2m in cash proceeds and a £22m reinvestment in a newly-established holding company to maintain an investment in the Hasgrove business.
Of the cash, £50m has been distributed to shareholders via a special dividend of 23p per ordinary share.
Chris Hutchinson (pictured), CEO of Unicorn Asset Management, said: “The scale of this year’s raise reflects our confidence in the opportunity set ahead.
“We are seeing a strengthening pipeline of VCT-qualifying investments, supported by recent Budget changes which, in our view, should improve both the number and quality of companies eligible for VCT funding.
“The recent realisation from our investment in Hasgrove is a good example of how we seek to build and crystallise value over the long term, while continuing to participate in future growth.”
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