Close VCT Management is launching a technology venture capital trust later this month that will inve...
Close VCT Management is launching a technology venture capital trust later this month that will invest around 20% in international equities, writes Leo Bland.
The Close Technology & General VCT will have around 50% in technology related companies such as biotechnology and IT firms and 50% in unquoted companies in the non-technology sectors of the UK market. In the technology portion of the trust, around 20% will be in a portfolio of international quoted technology stocks chiefly in Europe and the US. The other 30% of the technology portion will be in unquoted UK technology orientated companies. Sector exposure in this portion will include areas such as engineering, distribution, leisure, services and transport.
The portfolio will be managed by an investment team including Patrick Reeve, Ole Bettum and Donald Maclennan. The technology advisers to the fund will be Michael Bourne and Andrew Clark of Reabourne. The board of the investment trust will include Mike Hart, founder of AFA Systems and Kip Meek, founder and chairman of Spectrum Strategy Consultants.
Close Technology & General VCT will be launched on 15 December. The first closing date for investments will be 16 January 2001 with the last closing date on 3 April 2001. Investors can also invest in the tax year ending 5 April 2002 under the 2001/2002 offer.
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