Maven Capital Partners is looking to raise up to £6 million to invest in small and medium-sized businesses.
The Glasgow-headquartered private equity house announced the fund-raising through its Maven Income and Growth VCT 6 trust.
It said there continued to be strong investor demand for the income potential and up to 30 per cent initial tax relief available on venture capital trusts (VCTs), alongside the opportunity to invest in “high quality” UK private companies.
Maven VCTs have launched a series of successful fundraisings in recent years, a number of which have been oversubscribed, but the VCT 6 is the only one raising funds at this time.
Changes by the UK government to VCT investment rules in 2015 restricted the range of companies eligible for VCT finance, at a time when access to capital remains a challenge for SMEs, despite record low interest rates.
Maven said it had completed more than 40 growth or development capital transactions since 2011 and continued to target a “wide range of private companies, many of which will offer sector-disruptive, innovative technologies or business models which have the potential to challenge an established market”.
Managing partner Bill Nixon said: “Maven is a committed backer of entrepreneurial British businesses. We manage a diverse private company portfolio and are well equipped to source some of the most exciting new private equity opportunities across the UK, whether that be in more established companies operating in traditional industry sectors, or investing in carefully vetted growth businesses with new business models which are challenging the traditional routes to market.”
Headquartered in Glasgow, and with five other offices across the UK, the firm has invested more than £250 million in SMEs across the UK since 2009.