Octopus Ventures implements new and enhanced VCT fund management structure

• Richard Court appointed Head of VCTs and EIS, a new role that involves oversight of all investments into unquoted companies from VCTs managed by Octopus Ventures.

• New structure will boost collaboration and deepen knowledge sharing across funds, helping to strengthen and scale Octopus Ventures’ pan-European platform.

Octopus Ventures, part of Octopus Group and one of the largest and most active venture capital investors in the UK and Europe, today announces a new fund management structure for the Venture Capital Trusts (VCTs) it manages that invest into unquoted companies.

Richard Court has been appointed as Head of VCTs and Enterprise Investment Schemes (EIS), a new role. Richard has been the lead Fund Manager for Apollo VCT for the past five years, and has extensive experience and a strong track record in managing VCT funds. Apollo VCT has achieved a 41.8% total return over the last five years,¹ placing it in the top quartile of its peer group during that period.² His new role will involve oversight of all investments into unquoted companies from Octopus VCTs, including Octopus Titan VCT, Octopus Apollo VCT and Octopus Future Generations VCT.

Paul Davidson, a Partner within the Octopus Ventures team, will replace Richard as lead Fund Manager for Apollo VCT. Simon King will continue as lead Fund Manager of Octopus Future Generations VCT. There will be no changes to the Octopus AIM VCTs.

As part of this, Jo Oliver has stepped back from his interim role as Strategy Adviser to the Board and lead Fund Manager of Octopus Titan VCT. Jo had held this role on an interim basis since March, having previously been lead Fund Manager for many years. Richard Court will oversee the appointment of a permanent Fund Manager for Titan VCT.

This new leadership structure will help facilitate and deepen collaboration and knowledge sharing across the VCT funds managed by Octopus Ventures. It will also provide a strong foundation for Erin Platts ahead of her joining as Octopus Ventures CEO in January, supporting her to refine and enhance its equity capital business, and ultimately increase the pool of start-ups it supports across the UK and Europe.

Alliott Cole, CEO of Octopus Ventures said: “I’m delighted that Richard has stepped up to take on this key role within our new enhanced fund management structure. Having worked with him for seven years, I know he is perfect for the role ─ his extensive experience will be a great source of support and guidance for the Fund Managers he will lead.”

Richard Court, Partner at Octopus Ventures, said: “I’m excited to take on this new challenge, and work more closely with the lead Fund Managers of the VCTs we manage, as well as the independent Boards of those VCTs and all the other stakeholders we support. I’m particularly proud to be passing the Apollo VCT baton over to Paul, who has shadowed me over the past few years and is more than ready to lead the VCT to continued success.”

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Notes to editors

¹ Performance

Past performance is not a reliable indicator of future results and may not be repeated.

The performance information above shows the total return of Octopus Apollo VCT for the last five years to 31 January 2024.

The total return is calculated as movement in total value in the period, divided by the NAV per share at the beginning of the period.

The annual total return for Octopus Apollo VCT is calculated from the movement in net asset value (NAV) over the period to period end, with any dividends paid over the period then added back. The revised figure is divided by the NAV at the start of the period to get the annual total return. Performance shown is net of all ongoing fees and costs.

The annual dividend yield is calculated by dividing the dividends paid during the period by the NAV at the start of the period. Please note, the NAV per share may be higher than the share price, which is the price you may get for the shares on the secondary market.

Total value shows the sum of the NAV per share in pence for the last five years to 31 July and cumulative dividends per share in pence since inception (2006) for the last five years to 31 July.

Please note data is unaudited and may be subject to change.

²   AIC, as of 27/08/2024: https://www.theaic.co.uk/aic/find-compare-investment-companies?invsec=VCT&sortid=SPTR5Y&desc=true

For journalists in their professional capacity only.

The value of an investment, and any income from it, can fall as well as rise. Investors may not get back the full amount they invest. Tax treatment depends on individual circumstances and may change in the future. Tax reliefs depend on the VCT maintaining its VCT-qualifying status. VCT shares could fall or rise in value more than other shares listed on the main market of the London Stock Exchange. They may also be harder to sell. Personal opinions may change and should not be seen as advice or a recommendation. We do not offer investment or tax advice. We recommend investors seek professional advice before deciding to invest. Investors should only subscribe for shares based on information in the prospectus and the Key Information Document, which can be obtained from investments-old.production.octps.co. Issued by Octopus Investments Limited, which is authorised and regulated by the Financial Conduct Authority. Registered office: 33 Holborn, London, EC1N 2HT. Registered in England and Wales No. 03942880. We record telephone calls. Issued: August 2024