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Manager Overview

  • Seneca  is an independent investment management and corporate advisory business specialising in the SME sector and dealing with UK based companies in the turnover range of up to £100m per annum
  • Over  60 staff across 4 offices based in the SME heartlands of the North West and Yorkshire
  • Over £880m total  AUM (for all Seneca companies) including more than £120m AUM in taxed advantaged investments
  • Over £50m in growth capital deployed in more than 80 deals since 2012

Product Overview

  • Since launching the new B Shares class in 2018, the Seneca Growth Capital VCT has already raised c. £6.3m which has been invested in a portfolio of five companies
  • In 2019, the VCT paid dividends totalling 3p per B share.
  • The intention is to continue to build a portfolio of diverse growth capital investments in UK SMEs
  • Intended mix of AIM quoted and private company investments from Seneca’s extensive pipeline of dealflow

Offer Details

  • 12 exits to date (1 of which is a partial exit) from the EIS Portfolio Service averaging 2.21x return (before fees)
  • Offer for Subscription to raise up to £10 million of B Shares with an over-allotment facility of up to a further £10 million
  • The  Company intends to distribute a large proportion of the net profits it receives from realisations of investments made by the B Share Pool by way of regular and special tax-free dividends
  • Closing  date of the Offer (subject to the Offer not being fully subscribed before this date) is 5pm on July 9th 2020

 

All data – Seneca Partners as at January 2020

Fund Information

Offer Size£10 Million
Over Allotment£10 Million
Minimum Investment£5,000
Initial Fee Reduced to 1% until 28th of February 2020
Annual Management Charge 2% p.a. (plus VAT)
Annual Running CostCapped at 3% p.a. (including AMC of 2% + VAT p.a.)
Performance Fee20% (+ VAT)
Early Bird DiscountsN/A
Closing Date 2019/20 Tax YearJuly 9th 2020

Further Information

For further information, please contact us on info@lighttowerpartners.co.uk or call 020 7071 3926.

Get in Touch

Please do not hesitate to get in touch for further information on LightTower Partners or on the investment products we distribute.

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Disclaimer

In order to view the information on the LightTower Partners website (lighttowerpartners.co.uk) (the “Website”), you must accept the terms and conditions set out below (these “Terms”) and our separate Terms of Use. These Terms create a binding legal agreement between us. For your own protection and benefit, please read these Terms carefully before starting to use this section of the Website. During each visit to this section of the Website, you are responsible for being familiar with, and are bound by, the then current version of these Terms. If you do not agree to these Terms, please refrain from using the Website. By clicking “Accept” below and accessing the information and material available on the Website, you accept these Terms.

IMPORTANT NOTICE: For legal reasons the contents of the Website cannot be made available to US residents. These materials and any products described herein are not being offered or targeted to US persons or to US residents and access by them is prohibited.

This section is only for UK regulated financial advisers, wealth managers and others regulated by the Financial Conduct Authority.
This section is not intended for, and must not be accessed by, investors who would be classified as retail clients under MiFID. If you are in any doubt as to whether you would be deemed to be a ‘professional client’ or ‘eligible counterparty’, please seek professional advice and refrain from accessing this section until such advice has been obtained.

By clicking ‘I accept’ you confirm that you are an FCA authorised financial intermediary, you also confirm that:
(i) you are eligible to access this section of the website and that you are acting on the behalf of your client as their authorised adviser or are seeking information as a representative of an institution;
(ii) you understand that the information contained in this section of the website is provided solely for the use by the advisers of organisations or representatives of such organisations, and not for members of the general public;

I confirm that:

  • I have read and accept the Terms and Conditions of using this Website, detailed above;
  • I am a professional client or eligible counterparty for the purposes of the Conduct of Business Sourcebook of the FCA;
  • I will not make an investment in an Investment Product, or advise another to do so, if the promotion of the Investment Product to the type of investor I represent is prohibited;
  • I recognise that the information provided on this Website is for information purposes only and is not a solicitation of an investment;
  • I will study the Prospectus, KIID or Offering Memorandum of an Investment Product, including the risk factors before making an investment