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Today: May 7, 2024
January 8, 2024
1 min read

Pembroke’s CFO Joins VCT Industry Body as New Chairperson

TLDR:

– The Venture Capital Trust Association (VCTA) has appointed Chris Lewis as its new chair
– Lewis has over 25 years of finance experience and currently serves as CFO and COO of Pembroke VCT

The Venture Capital Trust Association (VCTA), the UK industry body for VC investments, has announced the appointment of Chris Lewis as its new chair. VCTs are investment funds that target young, high-growth companies and provide tax incentives for participating investors. The VCTA represents twelve of the largest VCT managers in the UK, covering 90% of the VCT industry with over £5.5bn of funds under management.

Chris Lewis brings more than 25 years of finance experience to the role, currently serving as CFO and COO of Pembroke VCT. He has previously held the position of CFO at Downing LLP and has also worked for major accounting firms KPMG and EY.

Lewis expressed the importance of ensuring that innovative and rapidly growing startups and scaleups have access to the equity finance they need to continue their growth and innovation. He highlighted the positive economic impact and employment opportunities created by these businesses throughout the UK. Lewis takes over the position from Will Fraser-Allen, the previous VCTA chair and managing partner at Albion Capital.

Lewis praised Fraser-Allen’s representation of the members’ interests and highlighted the recent extension of the Sunset clause, which is crucial for the continued success of VCTs. The VCT scheme is an essential part of the UK’s funding ecosystem, and the government’s extension of the scheme until at least 2035 will provide relief to ambitious entrepreneurs who can benefit from investment and support from VCTs as they scale up.

Data recently published by the VCTA revealed that the majority of companies backed by VCTs are planning to expand overseas next year. This indicates the positive growth and global ambitions of VCT-backed companies in the UK.

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