There are another 10 investments still in the 1989 fund portfolio and the pace of realisations will be stepped up next year. The effect will not be dramatic, since most of the gains are reflected in revaluations before flotations.
Candover is putting the finishing touches to its replacement venture fund, which has so far attracted pounds 222m from institutions, including US pension funds. Another substantial chunk is expected to come in by the closing date in November. Candover itself is committed to putting at least pounds 65m in the new fund.
This is one of the few investment trusts that does not trade at a discount to net asset value. The 1994 fund is also starting at a better point in the cycle than the last, which began just before the recession. Candover looks a good long- term bet.Reuse content