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Titan VCTs have £27 million to invest

Article Date:  Sep 16 2008

Ten months after their launch, Octopus Titan VCTs 1 and 2 still have £27 million to invest, according to an interim management statement, while the third Titan VCT has so far raised £3.4 million out of a targeted £25 million.

The first two Titan funds, which operate as a combined “twin” VCT, have invested a total of £2.6 million in three qualifying companies: USB security specialist The Key Revolution, disinfection technology developer GB Environmental, and Cambridge-based online search engine True Knowledge. These assets are currently valued at cost.

The trusts’ net assets have increased from £29.0 million to £29.7 million over the three months to July as a result of investments in non-qualifying funds and securities including two of Octopus’s own funds. This is equivalent to an increase of 1.7 per cent in net asset value per share, from 93.4p to 95.0p.

The funds will continue to focus on providing early stage, development and expansion funding to unquoted companies with a typical deal size of £250,000 to £1 million.

Titan VCT 3, which was launched in May this year, seeks to raise £25 million by April 2009.

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