The VCT was originally established as BioScience VCT in 2001 and subsequently renamed Hygea vct plc in 2006.
On 9 May 2018, the VCT launched an Offer for Subscription to raise up to £10 million of New B Shares of 1 pence each with an over-allotment facility for up to a further £10 million of New B Shares to be managed by Seneca Partners, with the assets and investments of the New B Share pool being separate to those of the existing Ordinary Share pool.
On the 23 August 2018, on the first issue and allotment of New B Shares, the VCT was renamed Seneca Growth Capital VCT Plc and Seneca Partners was formally appointed as Investment Manager and has been permitted to act as the VCT’s Alternative Investment Fund Manager (“AIFM”).
This first Offer for Subscription in the B Share Class closed on 29th April 2019. A new offer was launched on 17th July 2019.
Seneca Partners is responsible for all investment management of the VCT and will make decisions in relation to the B Share Class. The ongoing management of the existing Ordinary Share pool investments has been delegated to the members of the previous Hygea Board.