You are joining Mercia at the most exciting time in our history. Having recently completed a successful placing to raise £30.0million and the acquisition of three venture capital trusts (VCT) fund management contracts from NVM Private Equity LLP, this brings us significantly closer to achieving our strategic milestone of managing £1.0billion in AuM by 2022, and makes us a valuable and valued active asset manager.
We have c. £280million in VCT funds under management and seek to invest c. £40million per annum. As a result of changes to the VCT Rules in 2015, VCTs are now focused on providing growth capital for relatively young companies. These early stage companies sometimes take 5-10 years to mature, with VCTs well placed to be patient and supportive. While a broad, generalist investor, many of our investment opportunities are technology based, either having their own proprietary technologies, or applying innovative business models that rely upon technology.
Mercia has an exceptional record in delivering investment returns based on our flexible capital solutions across four asset classes of venture capital, private equity, debt and proprietary balance sheet capital. Together with the three Northern VCTs, Mercia plans to further dominate the regional venture capital market and offer full life-cycle support, from seed to scale-up and beyond, including when investee companies may no longer qualify for VCT investment. With strong regional investment track records and long-standing commitments to supporting fast- growing SMEs across the UK, Mercia has grown substantial investment company portfolios.
We are looking to further grow our VCT team with several additional roles at this time.