Puma Alpha VCT plc
PUAL.L
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ROIC.AI
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- Puma Alpha VCT plc (PUAL.L) is a United Kingdom-based venture capital trust that invests in a diversified portfolio of established UK scale-up companies to deliver attractive risk-adjusted returns and the full spectrum of VCT tax benefits, including 30% income tax relief on new share subscriptions up to GBP 200,000 annually, tax-free dividends, and capital gains tax exemption on share disposals. The company targets growth capital opportunities in small and medium-sized enterprises across seven sectors, such as educational technology providers, food and beverage operators including LOVE CORN and Lucky Saint, high-performance sports apparel producers like Le Col, insurance specialists such as Bikmo, digital account providers like Pockit, speech analytics firms such as Aveni, fitness operators including NRG Gyms, emissions tracking solutions like CameraMatics, and travel platforms such as TravelLocal; it provides qualifying holdings of shares or securities, alongside limited non-qualifying investments, with an active hands-on approach involving mentorship, rigorous investment committee oversight, and follow-on funding to support portfolio company expansion. Founded in 2019 and headquartered at Cassini House, 57 St James's Street, London, SW1A 1LD, Puma Alpha VCT plc operates under the management of Puma Investments, part of the Puma Capital Group, which has launched 15 VCTs raising over GBP 400 million collectively and achieved more than 40 exits across its funds. The company maintains a portfolio of 20 investments, doubled from 10 over the past two years, and has realized one successful exit while declaring dividends totaling 8 pence per share, including a 3 pence payment in March 2025. In the fiscal year ended February 28, 2025, Puma Alpha VCT plc reported seven new qualifying investments alongside co-investments from other Puma-managed funds, strengthening its diversified exposure. Most recently, on December 9, 2025, the company launched a prospectus for a new share offer to raise up to GBP 20 million, with an over-allotment option for an additional GBP 10 million, open until April 2, 2026 (extendable to November 26, 2026), promoted by Puma Investment Management Limited at a 3% fee to continue backing ambitious UK scale-ups amid updated VCT rules effective April 2026. It also operates a share buyback policy for qualifying long-term shareholders at a 5% discount to latest NAV, conducted biannually, and issued equity allotments as recently as March 2025.