Maven VCT 5 Reports Steady NAV Return, Announces Key Management Succession and Summize Partial Exit

It’s not all plain sailing. Earlier-stage businesses can be bumpier, and the company flags a small number of failures. But the faster-scaling names have more than compensated so far, which is what you want to see in a VCT strategy focused on high-growth private assets.

AIM exposure and treasury income

AIM appetite remained muted in 2025, so Maven kept it light. AIM holdings are 6% of NAV (6.9% in 2024) and the Board does not expect significant new AIM investments until there’s clear evidence of a market recovery. On the cash side, the proactive treasury approach continues to pull its weight, with a blended annualised yield of over 3% across permitted non-qualifying holdings and cash.

Cash, fundraising and buy-backs

• Cash and cash equivalents stood at £12.7 million at year end (2024: £14.2 million), alongside £58.1 million in investments (2024: £53.7 million).
• The 2024/25 offer closed early, fully subscribed at £10 million.
• The October 2025 offer targets £12.5 million plus up to £5 million over-allotment and, as at the report date, had attracted subscriptions in excess of the £12.5 million target. Details are at mavencp.com/vctoffer.
• The Board aims to keep the share price around a 5% discount to NAV through buy-backs, subject to VCT rules and liquidity.

Separately, shareholders approved the cancellation of the share premium account and capital redemption reserve to create more distributable reserves. The High Court confirmed this on 28 January 2026, which should support future dividends and buy-backs.

VCT rule changes: bigger cheques, lower upfront relief

The 2025 Autumn Statement brought two big changes:

• Good news: investment limits for qualifying companies will double from 6 April 2026 – up to £10 million a year (£20 million for knowledge intensive companies) and a lifetime cap of £24 million (£40 million for knowledge intensive companies). The gross assets test also doubles, widening the investable universe.
• Less good: initial income tax relief on VCT shares issued on or after 6 April 2026 will be cut from 30% to 20%. Maven is contributing to the industry case to reverse this.

For existing holders, the bigger limits are a positive for backing portfolio winners through the scale-up phase. For new investors, just note the timing of any subscriptions relative to that 6 April 2026 date.

Management succession: continuity with fresh leadership

In early 2026, Bill Nixon stepped back from day-to-day VCT management to become Chair of Maven. Ewan MacKinnon – a long-standing Maven partner and co-manager of the VCTs – has taken over as Investment Manager and Managing Partner. Given Ewan chairs Maven’s valuation committee and has led recent VCT fundraisings, this looks like a well-planned handover with strong continuity.

Key numbers from the 2025 annual results

NAV per share	30.96p (2024: 32.39p)
NAV total return	86.21p (2024: 85.39p)
Total net return	£1.881 million (2024: £4.137 million)
Earnings per share	0.83p (revenue 0.21p; capital 0.62p)
Gains on investments	£2.330 million (2024: £5.320 million)
Cash and cash equivalents	£12.716 million (2024: £14.234 million)
Investments at fair value	£58.060 million (2024: £53.704 million)
Dividends for the year	2.05p per share (yield 6.33%)
Ongoing charges ratio (OCR)	2.37% (2024: 2.33%)
New and follow-on investment	£5.5 million
AIM exposure	6% of NAV

My take: steady progress, real cash returns, and a clear plan

Overall, this is a solid year. NAV per share dipped, but the more important NAV total return moved up and the 6% dividend target was exceeded again. Realisations at 2.0–2.1x and a 3.8x initial return on Summize after the year end demonstrate that exits are still happening at sensible multiples, with a smart use of partial sales to fund dividends and stay exposed to the upside.

The direction of travel in the portfolio is encouraging: more companies are now profitable, and Maven is using follow-on capital to back those executing well. AIM exposure remains modest by design. Liquidity is healthy, fundraising momentum is strong, and buy-backs aim to keep the discount around 5%.

On the flip side, gains on investments were lower than last year, the OCR ticked up a touch, and the reduction of upfront tax relief to 20% from April 2026 is a clear headwind for new money. Early-stage portfolios can also see the occasional failure – that’s part of the model – so diversification and follow-on discipline matter.

Management succession looks orderly, with continuity from a team that has driven the turnaround since 2011. If Maven keeps converting maturing assets into cash returns while compounding the best performers, NAV total return should keep grinding higher. For income-focused VCT investors, a 6%+ tax-free yield supported by realisations remains the core attraction here.

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