Mercia Asset Management said the three Northern Venture Capital Trusts which form part of its third-party funds under management have completed their expanded fund raise, totalling £80 million of new capital, through share offers.

Mercia is a regionally focused specialist asset manager with over £2 billion of assets under management.

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

Mercia CEO Mark Payton said: “I am delighted that the Northern VCTs have achieved a record fund raise in the context of a more challenging fund raising environment.

“The successful £80 million fund raise is another example of how Mercia is scaling its broad range of investment capabilities across venture, development capital and property finance.

“It also underscores the trust that Mercia has built in managing the Northern VCTs, which remain a vital source of investment for SMEs throughout the UK, whilst they navigate the current economic climate.”