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MARKET DEVELOPMENT
The first VCTs to launch were Generalist VCTs, which are still the most popular type of VCT today. According to our research, the first
AIM VCT launched in 1996, but there were no other AIM VCTs until 1999. More have launched since then and there have been about
a dozen in total.
The first Specialist VCTs were launched in 1997 and 2000 and were focused on technology, aiming to take advantage of the dot com
boom. Several other specialists have launched since and their chosen industries include healthcare, media, infrastructure and the
environment. Renewable energy, which until recently could be held in a VCT and still benefit from subsidies such as the Feed-in-Tariffs,
has been a very popular sector for investment. Limited Life offerings began in 2005 and have very popular over the last decade.
VCTs can be Generalists, Specialist or AIM focused as well as Limited Life. A Pre-Qualifying
VCT has provisional approval for VCT status from HMRC, but has not yet deployed its funds
2015
2009
2014
2008
2013
DISTRIBUTION OF VCT SECTORS
(2008-2015)
VCT AIM Quoted
VCT AIM Quoted Pre Qualifying
VCT Generalist
VCT Generalist Pre Qualifying
VCT Specialist: Environmental
VCT Specialist: Environmental Pre Qualifying
VCT Specialist: Healthcare & Biotechnology
VCT Specialist: Infrastructure
VCT Specialist: Media, Leisure & Events
VCT Specialist: Technology
VCT Specialist: Technology Pre Qualifying
VCT Specialist: Media, Leisure & Events
Pre Qualifying
Source: the AIC (2015)
1%
0%
14%
63%
9%
0%
1%
0%
5%
0%
5%
0%
20%
6%
19%
32%
4%
2%
3%
0%
3%
8%
1%
0%
3%
0%
14%
62%
6%
2%
1%
0%
4%
0%
7%
0%
2011
13%
0%
14%
53%
2%
5%
2%
0%
5%
0%
7%
0%
20%
6%
17%
32%
2%
2%
2%
0%
2%
6%
10%
1%
8%
0%
15%
56%
3%
5%
2%
0%
4%
0%
8%
0%
2010
14%
0%
17%
46%
3%
2%
2%
0%
4%
2%
10%
0%
2012
16%
0%
13%
50%
2%
6%
2%
0%
5%
0%
7%
0%