Seneca Partners is launching a new VCT, the first by a new VCT manager in five years.

The investment vehicle will open in early May, but broker Wealth Club is offering a pre-launch deal with no initial charge.

Once launched, it will carry a 5.5% charge.

Seneca Partners also say the VCT “could have the ability to pay dividends from the first year.”
 
Alex Davies, founder of Wealth Club, said: “Seneca has a strong track record in growth deals, and that’s precisely what VCTs are about now.

“The decision to build on previous experience and launch a new VCT offering seems a natural step for Seneca.
 
“It’s also very timely. With pension changes and higher taxes for wealthy investors, demand for VCTs is only going to increase.

“At the same time, several VCTs raised record amounts last tax year, and are unlikely to raise again this year, which could mean we face a capacity crunch.

“A new VCT offering from an experienced team is definitely good news for investors.”