Northern Venture Managers (NVM) is to launch a £20m venture capital trust investing in new Aim marke...
Northern Venture Managers (NVM) is to launch a £20m venture capital trust investing in new Aim market issues and pre-floatation placings by unlisted companies.
The smaller companies team at Edinburgh Fund Managers will manage the initial proceeds of the issue, which will be invested mainly in smaller listed companies. Funds will be progressively drawn down by Northern Venture as the Aim and unquoted portfolio is developed over a two to three year period.
The fund is expected to be launched in October, with information available from 18 September. The issue is sponsored by Brewin Dolphin Securities.
Norman Yarrow, director at NVM, said: "The link up with Edinburgh Fund Managers means that investors in the new trust will benefit not only from NVM's experience in investing in unquoted deals but also from Edinburgh Fund Manager's smaller companies investment experience."
The Edinburgh Smaller companies unit trust is ranked second out of 77 funds in the UK smaller companies sector, over the three months to 30 August, on a bid to bid basis.
NVM, which has assets under management of £105m in three funds, was acquired by Edinburgh Fund Managers in June 2000. Northern Investors Company has been operating for 16 years, while the group's two existing VCT's, Northern Venture Trust and Northern 2 VCT, have to date raised more than £65m.
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