Puma VCT 13 is now closed to new investment.

Puma Alpha VCT remains open, click to find out more

Puma VCT 13

Puma VCT 13 is a Venture Capital Trust (VCT) that invests in growing businesses with experienced management teams. Investors in Puma VCT 13 will be supporting the UK economy by providing growth funding to small and medium-sized companies, whilst benefitting from a range of tax reliefs and an investment that aims to produce attractive returns.

Key details

Minimum investment


Tax benefits

30% upfront income tax relief on an investment of up to £200,000 per tax year; 100% tax-free dividends from the VCT; 100% tax-free capital gains if selling the shares

20+ year track record

Puma Investments has a 25-year track record of investing in small and mid-sized companies

Experienced VCT manager

Since 2005, 14 Puma VCTs have been launched, raising more than £260m

Investment strategy

Puma VCT 13 is our thirteenth of fourteen VCTs and builds on our 25-year track record of investing in small and medium-sized companies. Investors into Puma VCT 13 benefit from the combination of a maturing VCT with an existing portfolio of innovative companies, small enough for exits to potentially generate material increases in value for investors. Most notably, as some of the more mature companies in the portfolio move closer to exit, this also gives the possibility for earlier returns than comparable VCTs.

Our Alpha investment strategy – which can be accessed via Puma VCT 13, Puma Alpha VCT and Puma Alpha EIS – is to invest in growing UK businesses with strong management teams that operate in sectors providing structural support for growth. We choose established companies with proven commercial models, clear expansion plans and experienced leadership. And we seek to reduce risk by diversifying our investments across different regions and sectors.

For example, some of our Alpha investments range from educational technology providers to high-performance sports apparel producers, carbon wheel manufacturers and digital influencer platforms. We choose businesses that investors can support proudly, whilst sharing their success.

In addition to the potential tax reliefs below, Puma VCT 13 seeks to generate a regular annual dividend, with the potential for special dividends if portfolio companies are sold at a profit.

Why invest in a VCT?

VCTs provide vital growth funding to small and medium-sized businesses, which are the backbone of our economy. In addition to supporting British enterprises and economic growth, investors who hold VCT shares for at least five years can receive a number of tax benefits, including:

  • 30% upfront income tax relief on an investment of up to £200,000 per tax year
  • 100% tax-free dividends from the VCT
  • 100% tax-free capital gains if selling the shares

We’ve created a short video explaining how a VCT works and the potential benefits for investors.

Recently exited investment

Pure Cremation


£7.35 million (of which Puma VCT 13 invested £1,297,000)


Direct cremations

Trading locations

Andover, Hampshire

Why we invested

  • Pure Cremation is the UK’s leading independent provider of direct cremations, with a clear strategy to maintain its prime position.
  • The company combines an experienced management team with a disruptive business model and operates within a fast-growing market segment.
  • Its new, purpose-built crematorium facility has delivered considerable operational efficiencies.
  • The end-of-life sector is experiencing high growth returns, with both strategic companies and financial firms participating in a very active market. As the market leader, Pure Cremation benefits from numerous attractive exit opportunities.


We exited the investment in June 2021 and Puma VCT 13 realised a 4x money multiple on its investment after just two and a half years of hold.

Summary of fees

Initial: INITIAL FEE 3% (plus VAT if applicable) of amount subscribed
Ongoing:   ANNUAL MANAGEMENT FEE 2% (plus VAT if applicable) of net asset value p.a.
ADMINISTRATIVE FEE 0.35% (plus VAT if applicable) of net asset value p.a.
PERFORMANCE FEE 20% of amounts in excess of 110p per Ordinary Share


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:

Tax reliefs: Tax reliefs are not guaranteed, depend on individuals’ personal circumstances and a five-year minimum holding period, and may be subject to change.

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

Capital at risk: An investment in Puma VCT 13 involves a high degree of risk. Investors’ capital may be at risk.

General: Past performance of Puma Investments in relation to its other VCTs is no indication of future results. The payment of dividends is not guaranteed. Investors have no direct right of action against Puma Investments. The Financial Ombudsman Service/the Financial Services Compensation Scheme are not available.

Our digital application form process 

DocuSign allows all applications to be completed digitally without the need to print, scan and post. If you or your clients would prefer to complete a handwritten application, we are also happy to accept scans, provided we are still sent the hardcopies for record-keeping. Either follow the process below, or to discuss finding a process that works for you, please contact your local BDM, via email here, and they’ll be more than happy to assist.

  • To receive an application form via DocuSign, please request a secure link from your usual business development contact, or call us on 0207 408 4070.
  • Alternatively if you have got signed application forms printed and ready to go, simply scan or clearly photograph them on your smartphone and email them to us at: [email protected]
  • The original print copies should be sent through to us as soon as practicable thereafter for the investment to be allotted.

Key documents

Puma VCT 13 - Overview

Puma VCT 13 plc - Brochure

Puma VCT 13 - Key Information Document

Puma VCT 13 - Prospectus

Puma VCT 13 - Application Form