Pembroke VCT launches new £40m offer with over allotment facility for further £20m
Pembroke VCT plc, the venture capital trust focused on backing early-stage businesses with exceptional founders and management teams, has launched a new share offer to raise up to £60 million (an initial £40 million, with an over-allotment facility for a further £20 million). The additional funds will allow the company to support the growth of its existing portfolio and take advantage of a healthy pipeline of prospective investment opportunities.
Pembroke VCT was established in 2013 to provide investors with the opportunity to share in the growth of some of the UK’s most exciting and innovative smaller companies, across industries with strong growth prospects. It has assets under management of over £153 million (as at 30 June 2021).
Pembroke VCT has invested £79.1 million in its current portfolio of 41 companies. This year Pembroke VCT has marked successful exits from Pasta Evangelists and Plenish, passing on returns to investors by paying special dividends.
New investors will gain immediate access to a maturing portfolio of growing businesses and to a well‑established dividend‑paying VCT. The portfolio includes high growth, innovative brands – such as Popsa, Stitch & Story, ME+EM and Thriva – in the design, education, food, beverage & hospitality, wellness, digital services and media sectors.
Pembroke aims to deploy one third of funds raised into new opportunities and two thirds in follow-on investments in existing holdings, where further capital will allow these companies to take advantage of emerging trends and opportunities. This algins with Pembroke’s ‘stepping-stone’ approach to investment.
Andrew Wolfson, CEO of Pembroke Investment Managers LLP commented; “We invest in exceptional founders that we believe in, and work alongside them to support their continued growth through our strategic and operational expertise. The VCT sector is an area of increasing interest for investors, which shows the faith they have in both VCT managers and in smaller UK enterprise.”
Over the past twelve months, Pembroke has expanded the team with three additional hires. In June, Pembroke welcomed Angus Nodder as an Investment Associate who joined from Ruffer LLP. Stefania Ponzo also joined the team in June as Portfolio Director, focusing on existing investments within the Pembroke portfolio. Stefania has twelve years’ experience in venture capital funds and private banking. Dilesh Maisuria joined the team in August as a Portfolio Associate, having previously worked at Pantheon Ventures. Pembroke intends to continue growing its team over the coming months.
NOTES TO EDITORS
Established in 2013 and managed by Pembroke Investment Managers LLP, Pembroke VCT plc is a venture capital trust focused on growth stage companies in the design, education, food, beverage and hospitality, wellness, digital services and media sectors. The investment team aims to find exceptional, innovative founders to grow the brands of tomorrow – giving investors the opportunity to share in the growth of some of Britain’s most exciting and entrepreneurial smaller companies. Pembroke is committed to helping strong management teams realise their vision through its strategic and operational expertise, helping at every stage of a company’s growth.
Andrew Wolfson, CEO, Pembroke Investment Managers LLP
CEO Andrew Wolfson is responsible for executing the firm’s strategy, leading the investment team, deal origination and supporting portfolio companies. Andrew sits on the board of a number of Pembroke’s investments. Prior to the launch of Pembroke, Andrew was a Director at Oakley Capital and worked with smaller portfolio companies including KX and James Perse. Before joining Oakley, Andrew ran several businesses working across a breadth of sectors from hospitality to manufacturing and telecoms. Andrew is also Chairman of Benesco Charity Limited, The Charles Wolfson Charitable Trust and Music in Secondary Schools Trust.
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