Seneca Partners completes fund-raise for recently-launched VCT

The firm's first VCT launched in May and, having reached its initial fund-raise target, has allotted the first £3.1m of shares. Seneca partnered with Hygea VCT to launch a new B share class, which was renamed Seneca Growth Capital VCT upon the first allotment of shares on 23 August. Seneca used the existing Hygea VCT, which originally launched in 2001 but is now realising its portfolio of existing investments, as a platform for the new fund. It said it was aiming to raise £10m in its first year and anticipated making seven to 10 initial investments. Seneca Partners said its new B shar...