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

Maven VCT 5’s 2025 results: higher NAV total return, healthy dividends and a standout Summize partial exit

Maven Income and Growth VCT 5 has posted steady progress for the year to 30 November 2025. The headline is a rise in NAV total return to 86.21p per share (2024: 85.39p) alongside another year of dividends above target. Under the bonnet, two profitable exits and a chunky post-year-end partial realisation at Summize underline the strategy of banking cash while staying invested in winners.

NAV, earnings and dividends: what moved and why it matters

First, a quick refresher. NAV total return is the sum of today’s NAV per share plus all dividends paid to date. It is the most useful number for long-term VCT holders because it captures both value and distributions.

• NAV total return increased to 86.21p per share (2024: 85.39p).
• Year-end NAV per share was 30.96p (2024: 32.39p), reflecting dividends paid and portfolio revaluations.
• Earnings per share were 0.83p (2024: 2.00p) as gains on investments moderated to £2.33 million (2024: £5.32 million).

Dividends again did the heavy lifting for income seekers. Two interim dividends of 1.25p and 0.50p were paid in August and January, and a final dividend of 0.30p is proposed for 15 May 2026. That brings the total for the year to 2.05p per share, a 6.33% yield based on the NAV at the prior year end, beating the 6% target for a second consecutive year. Since launch, cumulative tax-free payouts will reach 56.05p after the proposed final dividend.

Exits: Horizon, DPP and a post-period gem at Summize

Realisation activity stayed brisk:

• Horizon Ceremonies sold in July 2025 for an initial 2x cost and over £1.8 million of cash proceeds, with more possible if planning approvals land.
• DPP exited in November 2025 at a 2.1x total return including yield payments.

After the year end, the partial realisation of AI-enabled contract software specialist Summize is the standout. A £40 million funding round – including Maven’s Regional Buyout Fund II and two new institutions – allowed the VCT to take an initial 3.8x cash return while keeping a meaningful equity stake and completing a new VCT-qualifying investment alongside. With ARR having grown 100% year on year for five straight years and a successful North American launch, this deal neatly illustrates Maven’s preferred model: recycle cash to support dividends while staying on board for the next leg of growth.

Portfolio development: more companies reaching profitability

Maven deployed £5.5 million into the portfolio during the year, split between £2.6 million across five new private companies and £2.9 million of follow-ons into 18 existing holdings. The breadth is striking – more than 100 companies across SaaS, cyber, data analytics, regtech and advanced manufacturing – and the maturity is improving. Notably, 35% of the private companies are now profitable (23% at 30 November 2024).

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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