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Octopus’s Titan VCT has smashed records to raise the largest amount ever

The Titan venture capital trust (VCT) run by investment firm..

The Titan venture capital trust (VCT) run by investment firm Octopus, already the largest ever, has smashed fundraising records.

The firm has exercised an £80m over-allotment option to take its fundraising total to £200m, significantly more than any other VCT has raised in once chunk.

Octopus rapidly reached its initial £120m target due to strong investor demand, and once complete the new raise will increase the total fund size to more than £600m.

Read more: Octopus aims for record £120m venture capital trust raise as it allows investors to commit through an Isa

“With investors facing increased taxation on both their pensions and property, the rise in inflows into VCTs is not surprising,” said Octopus’s Paul Latham.

“More and more people are looking at alternative tax-efficient investment options to support their retirement planning.”

Jo Oliver, who manages the VCT, added that investors are “increasingly interested in playing a role in supporting the next generation of UK businesses”.

"The UK is a vibrant market for entrepreneurial activity and there is a thriving pipeline of investment opportunities," he said.

Read more: Octopus Ventures to raise the largest ever venture capital trust as demand for tax-efficient investments rockets

The fund allows investors to plough money into a portfolio of smaller companies, while providing tax benefits.

In the past it has invested in businesses which have become household names, such as discount holiday retailer Secret Escapes.

In last year's Autumn Budget, chancellor Philip Hammondhighlighted the importance of VCTs in supporting UK business – though he has brought in rules to make sure they focus on helping small companies grow, rather than simply being used for financial engineering and boosting investors' returns.

The current fundraising round for the Titan VCT will remain open until 4 September 2018, but may close earlier if the total is reached.

Read more: Venture capital trusts firms prepare for Hammond to close loopholes in next week's Budget

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