Seneca Partners to launch growth-focused VCT next month

It has partnered with Hygea VCT to launch a new B share class, which will be renamed Seneca Growth Capital VCT Plc upon the first allotment of the share class. Its intention is to use the existing Hygea VCT, which originally launched in 2001 but is now realising its portfolio of existing investments, as a platform for its new fund. It said it is aiming to raise £10m in its first year and anticipated making seven to 10 initial investments. Seneca Partners said its new B share class will be independent from existing Hygea investments, but will take advantage of Hygea distributable divid...