Puma VCTs

Puma VCTs adopt our 22 year track record of investing in smaller companies.

Puma VCT 13 plc (closed to subscriptions) will build on this track record, investing primarily in the form of ordinary equity offered together with loans. Our principal focus is on generating stable returns for our investors, targeting investee companies that are expected to be revenue generating with limited external debt. We look for growth businesses with strong management teams and proven track records. 

Please see the Risk Factors below.


Raised across 13 Puma VCTs


Cash returned to Puma VCT investors to date

What are VCTs?

Venture Capital Trusts (VCTs) were launched in 1995 to incentivise investment in smaller companies. Since then over £7.35 billion has been raised for VCTs and they have become an established fixture in the UK investment landscape. 

Tax benefits:

Investing in smaller companies carries a higher level of risk than investing in more established companies. So to encourage investment in VCTs, tax incentives are available to investors. These tax incentives are currently:

Up to 30% income tax relief on the amount subscribed


Tax-free dividends



Tax-free capital gains



The maximum investment in a VCT is £200,000 per person per tax year. Whilst the tax advantages are very attractive, investors need to hold shares in the VCT for a minimum of 5 years to maintain the initial tax relief. As with all investments, VCTs do carry risk and therefore are not suitable for all investors. Please see the Risk Factors below.

Investment Criteria:

Under the current VCT legislation, the Company has to hold 80% of its assets by value in qualifying investments within 3 years. The companies in which qualifying investments are made must have no more than £15 million of gross assets and 250 employees (certain trades do not qualify for VCT treatment). 


All Puma VCTs are listed on the London Stock Exchange. 


raised by VCTs since 1995


VCT fundraise in 2017/18 tax year


of companies have seen an increase in turnover since VCT investment

Track record

The Puma Investments team has a 22 year track record of investing into smaller companies.

By following our investment strategy, each of the first five Puma VCTs led their respective peer group for total returns. 

The first two VCTs were the first limited-life VCTs to return over 100p per share to investors, and Puma VCT V delivered a total return of 106.3p per share, equivalent to a total return on the invested amount, including the income tax relief, of 52.3% (equivalent to a 9.4% annual return).

Past performance is no guarantee of future results.



Over £230m raised across 13 Puma VCTs



Dividends in Puma VCTs to date

VCT Launched Net Cost of Investment Per Share1 Total Cash Distributions to date Net Asset Value per share Annualised Return (including upfront tax relief)2
Puma VCT plc 2005 60p 101p Exited 11.5%
Puma VCT II 2005 60p 101p Exited 11.7%
Puma VCT III 2006 60p 94.6p Exited 9.7%
Puma VCT IV 2006 60p 93.3p Exited 9.6%
Puma VCT V 2008 70p 106.3p Exited 8.4%
Puma High Income 2010 70p 97.5p Exited 7.8%
Puma VCT VII 2011 70p 99p Exited 8.3%
Puma VCT 8 2012 70p 99.1p Exited 9.1%
Puma VCT 9 2013 70p 75p 23.17p  
Puma VCT 10 2014 70p 24p 72.97p  
Puma VCT 11 2015 70p 10p 88.20p  
Puma VCT 12 2016 70p 2p 83.50p  
Puma VCT 13 2018 70p   89.11p  


1 Cost per share less the initial income tax relief available at the time of investment

Annualised return on the net investment amount from launching of the VCT to its final distribution

Independent reviews

“Puma can offer investors a key differentiator for this VCT, which is the Investment Managers’ ability to seek to mitigate risk on qualifying investments, and their historic ability to recover shareholder funds when investee companies haven’t performed as expected.”

Tax Efficient Review, Martin Churchill, review of Puma VCT 13


“As a limited life fund, investors can be confident they will receive back money at the end of the expected life rather than being reliant on a buy-back scheme or the secondary market where spreads can be significant.“

Tax Shelter Report, Allenbridge, review of Puma VCT 13


85 / 100

Martin Churchill


85 / 100


Example investments

Brewhouse & Kitchen

£3.1 million investment into a micro-brewery pub business to support the roll-out of the brand across the UK (in December 2012). The B&K business has continued its successful expansion and is currently running the concept at 22 locations. B&K branded pubs brew a significant volume of their own beer on site, which acts as a USP and focal point for the unit as well as boosting margin through the lower duty levied on small scale beer production.

The transaction completed successfully and the Puma VCTs exited in full in October 2015.

Pure Cremation

£5 million investment into a leading provider of 'direct cremations', meeting the needs of a growing number of people in the United Kingdom who want a respectful direct cremation arranged without any funeral, leaving them free to say farewell how, where and when is right for them. The Pure Cremation team have many years’ experience in the funeral services sector and have recently acquired a site near Andover on which they are developing a new crematorium and central facility.


£2.2 million investment to fund the development and initial trading of a new 120 place children’s day nursery in Altrincham, South Manchester. The management team behind Applebarn include Stewart Pickering (the founder of Kidsunlimited which he built up to 50 nurseries before a successful exit) and experienced developer and contractor, the McGoff Group.

Puma VCT 13

Puma VCT 13 is closed to subscriptions.

The offer

Proven Track Record

Proven investment team investing in growth businesses, primarily in the form of ordinary equity offered together with loans, seeking to generate stable returns for investors.

Target Dividends

Target average annual tax-free dividend of 5p per share, starting from 2020.

Limited Life

Seeking orderly wind up within 7-9 years, or earlier if market conditions present such an opportunity, subject to shareholder consent.

Tax Free

Both dividends received and any capital gains made upon the disposal of shares are tax free.

Income Tax Relief

Up to 30% income tax relief for eligible UK tax-payers provided Shares are held for at least five years. 

Closing Date

22 February 2019

Summary of fees

Initial: INITIAL FEE 3% of amount subscribed
Ongoing:   ANNUAL MANAGEMENT FEE 2% (inc.VAT) of net asset value p.a.
ADMINISTRATIVE FEE 0.35% (inc. VAT) of net asset value p.a.
PERFORMANCE FEE 20% of amounts realised in excess of 105p per Ordinary Share


Other expenses: The Company is responsible for its normal operating costs. The Investment Manager may be paid arrangement, structuring and/or monitoring fees for executed transactions, but these fees are not paid by the VCT.

Note: Tax benefits are not guaranteed, subject to personal circumstances, minimum holding periods and may be subject to change. Investors should take independent advice.

Risk factors

An investment in Puma VCT 13 carries risk and you should take your own independent advice. You should only invest in Puma VCT 13 on the basis of the Prospectus which details the risks of the investment. Below are the key risks:


Past performance is no indication of future results and the forecasts in this documentation are not a reliable indicator of future performance. The payment of dividends is not guaranteed. Investors have no direct contractual right of action against Puma Investments. The Financial Ombudsman Service/ the Financial Services Compensation Scheme are not available. 

Capital at risk

An investment in Puma VCT 13 should be viewed as high risk. Investors’ capital may be at risk.

Tax reliefs

Tax reliefs depend on individuals’ personal circumstances, a five year minimum holding period and may be subject to change.


It is unlikely there will be a liquid market in the shares of Puma VCT 13 and it may prove difficult for investors to realise their investment immediately or in full.

Offer documents

Puma VCT 13 plc - Overview

Puma VCT 13 plc - Investment Details

Puma VCT 13 plc - Application Form

Puma VCT 13 plc - Prospectus

Puma VCT 13 plc - Key Information Document

Puma VCT 13 plc - Recent Transaction

Independent reviews

Puma VCT 13 plc - Allenbridge Tax Advantaged Investments, VCT Review, January 2018

Puma VCT 13 plc - Martin Churchill Tax Efficient Review, January 2018