Mercia's Northern VCTs raise £60.0million

Mercia Asset Management PLC

13 March 2024

 

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13 March 2024

Mercia Asset Management PLC

("Mercia", the "Group" or the "Company")

Mercia's Northern VCTs raise £60.0million

Mercia Asset Management PLC (AIM: MERC), the proactive, regionally focused specialist asset manager with c.£1.5billion of assets under management ("AuM"), is pleased to note that the three Northern Venture Capital Trusts ("Northern VCTs"), which form part of Mercia's third-party funds under Management ("FuM"), have successfully completed their fund raise totalling £60.0million in new capital, through share offers launched in September 2023.

The Northern VCTs comprise Northern Venture Trust PLC, Northern 2 VCT PLC and Northern 3 VCT PLC. Following an initial allotment in January 2024, they each expect to allot the remaining new shares on or around 4 April 2024.

Mark Payton, Chief Executive Officer of Mercia, commented: "I am delighted that the Northern VCTs have achieved a significant fundraise in the context of a more challenging fundraising environment. The successful £60.0million fundraise underscores the trust Mercia has built in managing the Northern VCTs, which remain a vital source of investment for SMEs navigating the current economic climate."

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For further information, please contact:

Mercia Asset Management PLC Mark Payton, Chief Executive Officer Martin Glanfield, Chief Financial Officer www.mercia.co.uk	[phone]
Canaccord Genuity Limited (NOMAD and Joint Broker)	[phone]
Simon Bridges, Emma Gabriel
Singer Capital Markets (Joint Broker)	[phone]
Harry Gooden, James Moat
FTI Consulting	[phone]
Tom Blackwell, Jenny Boyd
[e-mail]

About Mercia Asset Management PLC

Mercia is a proactive, specialist asset manager focused on supporting regional SMEs to achieve their growth aspirations. Mercia provides capital across its four asset classes of venture, private equity, debt and proprietary capital: the Group's 'Complete Connected Capital'. The Group initially nurtures businesses via its third-party funds under management, then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet.

The Group has a strong UK footprint through its regional offices, university partnerships and extensive personal networks, providing it with access to high-quality deal flow.

Mercia Asset Management PLC is quoted on AIM with the EPIC "MERC". 

 

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