Strategy

Seneca Partners Teams Up Specialist Venture Capital Firm

Robbie Lawther Reporter London 20 December 2017

Seneca Partners Teams Up Specialist Venture Capital Firm

As part of the arrangement, Seneca will launch a new fund in the first quarter of 2018.

UK-based investment manager Seneca Partners has joined forces with the directors of specialist venture capital firm Hygea VCT to launch a new fund.

In a bid to supplement its tax advantaged product range, Seneca will launch of the Seneca Income & Growth VCT PLC during Q1 2018, the firm said in a statement.

The proposal is for Hygea to issue a new class of shares, whose assets will be managed by Seneca.

The North West-based investment and corporate advisory business is seeking to build on its' Enterprise Investment Schemes investment activities which also invests in the region’s growing companies.

During the Budget, Chancellor Phillip Hammond doubled EIS investment limit for knowledge investment firms from £1 million ($1.34 million) to £2 million, as reported by this publication.

“We are long standing growth capital investors through our EIS division which has deployed circa £70 million in the region’s brightest prospects over the last 4 years and the addition of our VCT will offer investors a different tax advantaged option in an area of substantial strength for Seneca,” said Seneca’s managing partner, Richard Manley. “The announcements made in the Budget recently, together with the vitally important patient capital review provide further conviction of the support needed by businesses in our heartlands, a cause we will continue to champion. We will maintain our position as “generalist” investors and key supporters across the Northern Powerhouse which is recognised and valued by our investors from all parts of the UK.”

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