News Room
2 January 2007
Aberdeen wins VCT mandate
Aberdeen Asset Managers Ltd has been awarded the management contract to run Guinness Flight Venture Capital Trust PLC. Inflexion Private Equity Partners LLP, Investment Manager to the £19.1m (as at 31 August 2006) VCT since 2004, has decided to focus on the buyout aspect of its operations having recently closed its 2006 Buyout Fund at £165m. The VCT was originally launched in 1996 at 100p, the shares currently trade at around 60p.
Aberdeen’s Growth Capital team has entered into a minimum four year contract to manage the fund. Neil MacFadyen, Investment Director – Growth Capital, will be the lead manager of the VCT and will be supported by the Growth Capital team based around the UK.
The news rounds off a good year for Aberdeen’s Growth Capital team. During the first quarter the team raised £15 million through a C-Share issued by Aberdeen Growth Opportunities VCT. The team has also managed a number of successful cash exits from investee companies that have led to significant rises in the NAVs of VCTs they manage. Going forward the team will be actively marketing the £15 million S-Share issue for Aberdeen Growth Opportunities VCT 2.
Bill Nixon, Head of the Growth Capital team at Aberdeen, said:
"We are very excited at the prospect of managing Guinness Flight VCT. We welcome the opportunity to reinvigorate the fund in the same way we have done for the other maturing Aberdeen VCTs, and allow shareholders to benefit from our access to dealflow across the UK. We put the large number of deals we source through a rigorous selection process before selecting the best for our highly diversified portfolios. This approach has seen our 2005 fund, Aberdeen Growth Opportunities VCT 2, already produce results which position it as one of the best performers of its vintage."
“Aberdeen Growth Opportunities VCT’s S_Share issue next year will provide investors with another opportunity to gain exposure to venture capital and benefit from attractive tax incentives. We are currently seeing a healthy level of qualifying dealflow across the country, and the outlook for new investment completions remains very promising, particularly in the North of England."
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