Mercia Asset Management PLC is pleased to note that the three Northern Venture Capital Trusts ("NVM VCTs") which form part of Mercia's assets under management ("AUM"), following the acquisition of the NVM VCT fund management contracts in December 2019, have raised a total of £38.2million in new capital through the share offers launched in January 2020.
The NVM VCTs comprise Northern Venture Trust PLC, Northern 2 VCT PLC and Northern 3 VCT PLC.
Mark Payton, Chief Executive Officer of Mercia, commented:
"We are pleased by the successful fund raising of £38.2million, despite the challenging market environment, reflecting continuing confidence in the reputation and track record of the NVM VCT portfolios and the investment team managing them. This now takes Mercia's total AUM to c.£740million and we continue to be well positioned as an important source of capital for regional SMEs, as they look to navigate the current economic conditions."