Puma VCTs

Puma VCTs adopt our investment team's proven track record investing in growth businesses.   

Puma VCT 13 plc (currently open for 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 have assets or 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 12 Puma VCTs


The largest limited life VCT fundraised for 2015/16 by Puma VCT 12

What are VCTs?

Venture Capital Trusts (VCTs) were launched in 1995 to incentivise investment in smaller companies. Since then over £5 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 always suitable for all investors. Please see the Risk Factors below.

Investment Criteria:

Under the current VCT legislation, the Company has to hold 70% 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 2016/17 tax year


of companies have seen an increase in turnover since VCT investment

Track Record

The Puma Investments team has a 21 year track record of investing into smaller companies.

By following our investment strategy, each of the first five Puma VCTs led their 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 of 52.3% (equivalent to a 9.4% annual return).

Past performance is no guarantee of future results.



£223m raised across 12 previous VCTs



Dividends in Puma VCTs to date



Of Limited Life fundraise in the 2015/16 tax year

VCT Launched Net Cost of Investment Per Share1 Total Cash Distributions to date2 Net Asset Value per share3 Annualised Return4
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 70p 28.80p 9.1%
Puma VCT 9 2013 70p 24p 74.12p 9.5%
Puma VCT 10 2014 70p 18p 79.09p 10.5%
Puma VCT 11 2015 70p 3p 95.39p 14.2%
Puma VCT 12 2016 70p n/a 96.34p 21.0%


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

2 Total Cash Distributions as at 16 March 2018

3NAV calculated as at 28 February 2018. 

4Calculated on net investment after initial tax relief from launching of the VCT to the final distribution or, in the case of Puma VCT 8 to Puma VCT 12, to 28 February 2018

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

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 16 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 investments were secured with a first ranking charge against the company’s assets. The transaction completed successfully and the Puma VCTs exited in full in October 2015.

Opes Industries

£8m investment in Opes Industries, a clean technology and waste management  business, to facilitate the development of a materials recycling facility at an established landfill and aggregates business on a 76 hectare site in Oxfordshire.

Opes Industries has assembled an impressive team to oversee the development and operation of the facility, once completed. The investment is secured with a first charge on the business and the freehold site.

Chinook Urban Mining

£5m investment in Chinook Urban Mining, a developer and operator of gasification technology for energy from waste, to support the development of its flagship plant in the new Sustainable Industries Park in East London. The plant, utilising a leading technology, will generate electricity through the gasification of municipal solid waste and commercial and industrial waste. 


The management team has extensive experience in the development and operation of similar plants and the investment is secured with a first charge on the business and the long leasehold site on a very conservative basis.

Puma VCT 13

Puma VCT 13 is now open for 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 April 2020.

Limited Life

Seeking orderly wind up within 8-10 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

5 April 2018

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 can 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.

Offers 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 - Supplementary Prospectus

Puma VCT 13 plc - Key Information Document

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