Exclusive: First AIM VCT in 18 years launches on London Stock Exchange
The first AIM-focused venture capital trust (VCT) in 18 years has launched on the London Stock Exchange, City PM can reveal.
Puma AIM VCT, run by Puma Investments, has launched on the market and already made its first investment in quantum science company Quantum Base, in one of AIM’s only IPOs of 2025.
The authentication tech firm debuted on the junior stock exchange in March, seeking to raise between £3m and £5m.
Puma currently runs an AIM-focused inheritance tax portfolio to benefit from IHT relief, which has more than doubled in value over the last decade, as well as 14 different VCTs.
Headed by investment director Stuart Rollason and chaired by Jonathan Di-Stefano, both directors of the new VCT have more than 20 years of experience on the AIM exchange.
The firm has also hired Daniel Cane and Joseph Cornwall for the team, joining after working on AIM-focused funds at Toscafund Asset Management and Gore Brown respectively.
Green shoots for AIM?
AIM stocks have not performed well in recent years, with its index falling 22 per cent over the last three years, compared to a 14 rise in the FTSE All Share index.
Firms have also rapidly delisted from the junior stock exchange, with the number of companies sinking to the lowest level since 2001.
Despite troubles on AIM, VCTs focusing on the junior market continue to be a popular investment option, due to the tax relief they provide.
VCT investors receive 30 per cent upfront income tax relief up for up to £200,000 per year, along with tax-free dividends and capital gains on the sale of shares.
“Following strong demand from financial advisers and their underlying clients, we have successfully raised capital to invest in growth companies at, what we believe to be, favourable valuations,” Rollason told City PM.
“Our first investment in Quantum Base is an excellent example of our investment strategy through backing a high-growth university spin-out with a differentiated product line.”
The VCT joins a variety of recent IPO activity on the London Stock Exchange, providing fresh hope for a return to floats.
Materials firm Cobalt Holdings and fintech specialist Iforex both confirmed their plans to list on the stock market earlier this week.