Puma Investments launches Puma VCT 10

Tax-efficient investment specialist Puma Investments has launched its limited life venture capital trust (VCT) Puma VCT 10.

The new VCT is looking to raise £30 million and will invest in established businesses in the form of senior secured loans.

Puma VCT 10 will target a regular dividend payout of 6 pence per annum with the first payment being made in April 2016.

David Kaye, chief executive officer of Puma, said: “Our asset-backed investment strategy has proven to be popular among investors seeking capital preservation in a tax-efficient wrapper as VCTs are increasingly seen as an alternative to pensions.

“Investors in Puma VCT 10 will benefit from the successful track record of the Puma Investments team and an extremely strong deal flow.

"We will be looking to build on both of these with the launch of Puma EIS, thus giving investors access to our strategy in a range of tax-advantaged wrappers,” he said.

With an annual management charge of 2%, minimum investment is set at £5,000 and maximum investment is capped at £200,000. The closing date is April 2014.

According to Puma, VCT 9 was the most successful fund, raising £28 million in the 2012/13 tax year.

Last month, the group placed three VCTs into members’ voluntary liquidation.

VCT schemes were first established in 1995. They offer individuals 30% upfront tax relief on investments of up to £200,000 a year, as well as tax-free dividends and capital gains.