VCT query following 2015 rule change

[Musonius]

Hello

Does anyone have a list of which VCTs were not impacted by the 2015 rule change because they already focused on earlier stage Investments at that time?

Thank you

Musonius

[UncleEbenezer]

That's been discussed here before. Most of the VCT houses have published commentary on the subject: check their own reports from around the time of the change.

From memory, one or two that spring to mind:
- Octopus Titan has always focussed on early-stage investments.
- Beringea (the ProVens) largely does likewise: their reports following the rule change told us that a substantial majority (80% or something) of their investments over the previous years would still be eligible under the new rules.
- Most of the historic stalwarts were on the MBO gravy-train that got stopped. They've reacted by refocussing, and it remains to be seen whether they're up to it as the portfolios evolve. They've made various changes: for example, Mobeus poached Trevor Hope from Beringea.
- AIM VCTs are affected slightly differently. I couldn't meaningfully expand on that.

[Kidman]

Another one to add to the list is Pembroke VCT - note now all 'B' shares after conversion of ordinaries to 'B's.