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Downing LLP is pleased to announce that Downing ONE venture capital trust plc (Downing ONE) has launched a new £15 million offer. Since 1996, Downing has managed a number of VCTs which have subsequently merged into Downing ONE. This has created a large, sector diversified venture capital trust (VCT) with net assets of over £90 million. Downing ONE has investments in more than 90 unquoted and quoted companies at different stages of maturity and has a blend of both income-focused and growth investments.
This latest offer is designed for investors seeking a generalist strategy and gives the advantage of attractive VCT tax reliefs – 30% income tax relief, tax-free capital gains, and tax-free dividends. The target annual dividend is 4%. Investors have the option to reinvest dividends in new shares, which should qualify for the usual tax benefits.
Commenting on the fundraise, Kostas Manolis, Partner and Head of Unquoted Investments at Downing, said:
“We are going into a period of increased economic uncertainty that may be combined with increased taxation levels, we would, therefore, expect investors to seek opportunities that provide tax reliefs like the ones offered by Downing ONE VCT but also with mature and diverse portfolios. Downing ONE VCT stands out in the market because it has a mix of mature profitable businesses and earlier stage companies and can deliver both income and capital growth. Despite the current market conditions, we are seeing a very strong pipeline of investment opportunities in technology businesses that are either not impacted by or, in some cases, are able to capitalise on the structural changes we are experiencing.”
The maximum individual subscription per tax year for Downing ONE VCT remains at £200,000, and the minimum investment is £5,000. It is also one of the few VCTs that accepts monthly subscriptions (£1,000 a month for regular contributions), which can be particularly attractive to high earners who have been restricted by what they can contribute to their pensions because of the annual or lifetime allowance.
The initial charge paid by advised investors is 2.5% - while professional clients and direct investors who have been introduced on an execution only basis will pay 4.5%.
Further charges, such as performance fees, may apply. Downing’s annual running charges, including investment adviser fees, secretarial and administration costs etc., are capped at 2.6% p.a. of Downing ONE’s net assets, making them among the lowest in the industry.
 Subject to personal circumstances and a five-year holding period
 Please note that this is not guaranteed, and is subject to liquidity and VCT regulations