Mercia Asset Management announced that the three Northern Venture Capital Trusts which form part of its third-party funds under management have successfully completed their fund raise, totalling £60 million in new capital, through share offers launched last year.

Mercia is a regionally focused specialist asset manager with £1.5billion of assets under management.

The Northern VCTs comprise Northern Venture Trust PLC, Northern 2 VCT PLC and Northern 3 VCT PLC.

Following an initial allotment in January 2024, they each expect to allot the remaining new shares on or around April 4, 2024.

Mercia CEO Mark Payton said: “I am delighted that the Northern VCTs have achieved a significant fundraise in the context of a more challenging fundraising environment.

“The successful £60.0 million fundraise underscores the trust Mercia has built in managing the Northern VCTs, which remain a vital source of investment for SMEs navigating the current economic climate.”