Unicorn AIM VCT launches £35 million fundraise

The Unicorn AIM VCT has launched an offer for up to £35 million (£20 million + £15 million overallotment).
The VCT has total net assets of £228.2 million and a portfolio of around 90 companies.
Unicorn invests mainly in companies raising money on AIM, though it has enjoyed some spectacular success in backing a handful of unlisted companies.

Over the five years to December 2025 the VCT delivered a NAV total return of -2.8%.
The VCT does not specify a dividend target.
Nicholas Hyett, Investment Manager at Wealth Club commented:

“Unicorn is a specialist UK small and mid-cap investor, and the VCT looks to make the most of this expertise by backing companies raising money on AIM. That’s been a tough ask in recent times.

Over five years Unicorn AIM has achieved a total return of -2.8%. That may not sound impressive, but it is far better than the average AIM VCT’s -31.9%, and a good deal better than the -28.2% achieved by the AIM market as a whole. In short Unicorn has a track record other AIM VCT managers would kill for.

Ironically performance has largely been driven by a small number of non-AIM investments in the portfolio – a couple of which have been wildly successful and led to large special dividends. Most recently the VCT’s holding in corporate intranet provider Hasgrove, previously the trust’s largest holding, was sold for £88 million resulting in a 23p per share special dividend for investors.

The sale of large unquoted holdings means the VCT is now more heavily exposed to the future fortunes of AIM. That may be no bad thing. The trust has so far weathered the downturn in AIM remarkably well, if AIM turns a corner in the next couple of years it would be well placed to ride the recovery too.”