Triple Point VCT Reports H1 2025 Growth with £25.7m Fundraise and AI Portfolio Gains

Triple Point Venture VCT’s H1 2025: stronger portfolio momentum, bigger war chest

I’ve had a close read of Triple Point Venture VCT’s interim results for the six months to 31 August 2025. The headline story is steady progress: more capital raised, more invested, and several AI-led portfolio names pushing valuations higher. NAV per share dipped, but total return edged up thanks to portfolio uplifts and the dividend.

For new and existing investors, this update shows a VCT that’s deploying at pace into early-stage B2B software – with AI and climate tech front and centre – while keeping costs in check.

Key numbers at a glance

Metric	H1 2025	Prior period
Net assets	£92.6 million	£83.5 million (Feb 2025)
NAV per share	93.94p	95.44p (Feb 2025)
Profit before tax	£372,000	£636,000 (FY 2025)
Earnings per share	0.39p	0.86p (FY 2025)
Total return per share	110.94p	110.44p (Feb 2025)
Dividend paid in period	2.00p (17 March 2025)	-
Dividend announced	2.00p (payable on or around 1 Dec 2025; record date 14 Nov 2025)	-
New capital raised	£25.7 million (Offer closed 31 July 2025)	-
Deployed in period	£12.6 million	£7.7 million (FY 2025)
Ongoing charges ratio (annualised)	2.97%	2.98% (FY 2025)
Cash and liquid assets	£26.6 million	£28.6 million (Feb 2025)
Shares in issue	98,587,918	87,542,533 (Feb 2025)

What drove performance: AI and climate tech doing the heavy lifting

Seven portfolio companies raised fresh funding during the half; five were at higher valuations, one was flat and one was via a convertible loan note. Those uplifts nudged the VCT’s total return to 110.94p per share, up from 110.44p at 28 February 2025. Remember, total return is simply NAV plus all dividends paid since launch – the key yardstick across the VCT sector.

AI is a recurring theme. Nory – an AI-powered operating system for restaurants – is now one of the largest holdings by valuation (£7.8 million). Aptem, the apprenticeships and skills software platform, is embedding AI to automate admin tasks through its “Enhance” module. In climate tech, Treefera continues to impress: it closed a $30 million Series B led by Notion Capital, and its latest carrying value stands at £108 million, up from £63.5 million at Series A.

It wasn’t all one-way traffic. The Manager cut the carrying values of 13 companies and recorded one realised loss, which is par for the course in early-stage venture. The balance of uplifts versus write-downs explains the small drift in NAV per share despite healthy investment activity.

Capital raised and capital deployed: the flywheel is spinning

The seventh Venture Share offer raised £25.7 million and closed on 31 July 2025. Within the reporting period alone, the company issued 11,836,880 shares, raising £11.4 million. A new offer opened on 5 September 2025 to raise a further £10 million (with a £20 million over-allotment facility), scheduled to close in April 2026 for the 25/26 tax year and in July 2026 for 26/27, or earlier if fully subscribed.

Deployment stepped up markedly: £12.6 million invested across 10 opportunities – five new, five follow-ons. New positions include:

• An enterprise-wide AI procurement and monitoring platform for hospitals
• Real-time fraud prevention software using AI and advanced analytics
• A fintech platform offering health and financial products for the 55+ mass affluent market
• An AI-driven logistics system for automotive dealerships
• A UK healthcare workforce platform supplying remote, GMC-registered GPs

Follow-on cheques went into AeroCloud, Kohort, Treefera, Paloma Health and Nory. At period end, around 71% of assets were invested in unquoted holdings, with £26.6 million still in cash and permitted liquid investments. The VCT confirms it remains comfortably within the rule that at least 80% of new funds must be invested in qualifying holdings within three years of fundraising.

Dividends and total return: steady, policy-led payouts

Investors received 2.00p per share in March and have another 2.00p declared for payment on or around 1 December 2025 to shareholders on the register as at 14 November 2025. Cumulative dividends now stand at 17.00p per share since inception. Because dividends reduce NAV when paid, tracking total return (NAV plus dividends) is the best way to view progress over time – now 110.94p per share.

NAV, earnings and costs: the moving parts

NAV per share fell 1.50p to 93.94p during the half. That reflects the normal push-and-pull of portfolio revaluations, dividend payments, and the impact of fundraising. Profit before tax was £372,000, equating to EPS of 0.39p. For a VCT investing in very young companies, earnings are less meaningful than NAV and total return, but they do signal limited income drag while the portfolio matures.

On costs, the annualised ongoing charges ratio was 2.97% (2.98% in FY 2025) and no performance fee was earned. The fee cap at 3.5% of NAV remains in place. Cost discipline matters because it compounds into long-run total returns.

Portfolio shape: diversified, B2B-first, and maturing

Since inception, the VCT has deployed £60.8 million into 60 qualifying growth companies. The largest sectors by investment value are health, climate technology and hospitality management. The team notes an average portfolio company hold period of 3.5 years, with the expected divergence now visible: some companies accelerating with new rounds, others written down as they struggle to secure follow-on capital.

One notable post-period event: a £1.0 million new investment into Chalkie AI Limited. The AI thread running through the portfolio looks set to continue.

Market backdrop and outlook: selective capital, rational pricing

The Bank of England cut base rate to 4% on 7 August 2025. That helps at the margins, but venture capital remains highly selective, with valuations scrutinised and funding concentrated in standout teams with clear product-market fit. Management expects NAV volatility to remain elevated, influenced by global venture trends and company-by-company performance.

On balance, I view the setup positively: Triple Point has fresh capital to deploy, a pipeline that’s still delivering competitive deals, and several portfolio leaders attracting reputable institutions. The flip side is the usual venture reality – continued write-downs and occasional failures alongside the winners.

Why this update matters for investors

• Fundraising strength: raising £25.7 million in the current market is a vote of confidence and supports continued follow-ons to back emerging winners.
• Real portfolio momentum: five funding rounds at higher valuations and a bigger footprint in AI and climate tech suggest the strategy is gaining traction.
• Costs under control: a 2.97% ongoing charge and no performance fee keeps more of the upside for shareholders.
• Risks unchanged: NAV dipped, EPS is modest, and 13 write-downs show early-stage volatility. This is normal for VCTs, but worth remembering.

If you want to dig deeper into the strategy and offers, the company’s page is here: Triple Point Venture VCT.

Bottom line from me: a solid half. The combination of fresh capital, active deployment and visible AI-led winners like Nory and Treefera gives Triple Point Venture VCT a decent platform for the next leg. Expect bumps along the way, but the ingredients for compounding total return are in place.