The Rathbone EIS Portfolio service is looking to raise a further £5m by the end of the year. Mich...
The Rathbone EIS Portfolio service is looking to raise a further £5m by the end of the year.
Michael Cunningham, who manages both the EIS service and the Pennine VCTs at Rathbones, said: 'The service is always open to new investment but we like to control how much comes into the fund as having too much money is just as much of a problem as too little.'
The service is aimed at high net worth individuals and offers exposure to the same companies invested in through the VCTs.
Cunningham manages the Pennine Aim VCT, Pennine Aim VCT II and the Pennine Downing Aim VCT.
He said: 'All the investments in the EIS service will have been screened for the VCT, which is a good reassurance for investors. If there were a situation whereby we wanted to invest in a company that was not in a VCT then we would put it to the shareholders.'
His portfolio strategy in the service is to have around 10 investments that are broadly spread by sector and stage of development.
The most recent companies to be added to the portfolio include Rexonline, an internet recruitment service, Blooms of Bressingham, a garden centre operator and Aero Inventory, an inventory management firm. The service has already raised around £8m and the minimum investment is £50,000.
Reasons to be cheerful
Total investment reaches £9m
Medium to long-term capital growth