Mercia Asset Management at the 'VCTs – growing importance in taxing times' Forum | November 2025

Join Dr Paul Mattick, Head of Sales and Private Investor Relations at Mercia, as he explains why the long-established Northern VCTs—now with around £416m AUM and a 25-year track record—stand apart in a market crowded with newer entrants. He outlines their disciplined Series A investment strategy, strong regional focus, sector mix across software, AI, health, life sciences and consumer, and the importance of capital efficiency in driving long-term returns. Paul also highlights recent exits and discusses dividend performance, current fundraising progress and how the changing tax landscape may increase adviser interest in VCTs. A concise, insightful overview of one of the UK’s most seasoned VCT managers. Paul was speaking at Hardman & Co's first VCT Tax Advantaged Forum, hosted in association with GrowthInvest, bringing together leading voices in the tax-advantaged investing space for a timely discussion on Venture Capital Trusts (VCTs). We also heard from Blackfinch Ventures, Guinness Ventures and Foresight Group. Read more on our website and check out our fund reviews here: https://hardmanandco.com/research/tax-advantaged-research/ Important notice: This content has been prepared purely for information purposes, and should not be construed as an offer, or the solicitation of an offer, to buy or sell any security, product, service or investment. Nor should it be viewed as a substitute for viewers’ own due diligence. The companies or legal entities covered in this content may or may not pay us a fixed fee for this content to be made available. This content contains factually correct information at the time of publication which has been provided to us by our client to which the content relates, who have also confirmed that it has not been misleadingly presented. Investing in early-stage growth companies is speculative and involves a high degree of risk. An investor could lose all or a substantial amount of his or her investment, and the securities, legal entities or alternative investments mentioned in this content may not be suitable or appropriate for all investors. Access to liquidity may be totally or highly restricted. Each investor’s particular needs, investment objectives and financial situation were not taken into account in the preparation of this content. Each investor must make his or her own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein. The fact that Hardman & Co has made available through this content various information constitutes neither a recommendation to enter into a particular transaction nor a representation that any financial instrument is suitable or appropriate for you. Each investor should consider whether an investment strategy of the purchase or sale of any product or security is appropriate for them in the light of their investment needs, objectives and financial circumstances. For more information, please read our full disclaimers: www.hardmanandco.com/research-disclosures www.hardmanandco.com/disclaimer