Foresight 4 VCT raises £39M as NAV total return slips to -3.2%
What's the deal? Foresight VCTDealroom has a profile for this one. Try Dealroom →, a venture capital trust backing unquoted early-stage UK growth companies, raised net proceeds of £38.6 million through an offer for subscription that closed on March 20, 2026. Total net assets rose to £231.2 million. But NAV per share fell from 71.6p to 65.7p, producing a NAV total return of -3.2% for the six months ending June 30, 2026.
Why now? The trust launched the offer on January 14, 2026, targeting up to £40 million, and closed it having generated £40.0 million in gross proceeds. It plans to launch a second offer for subscription later in 2026.
Where the money went: During the period, Foresight made three new investments totaling £5.9 million: £2.5 million into diagnostic testing firm RegenerusDealroom has a profile for this one. Try Dealroom →, £2.0 million into engineering consultancy SAMP Technology HoldingsDealroom has a profile for this one. Try Dealroom →, and £1.4 million into equity management platform VestdDealroom has a profile for this one. Try Dealroom →. Four follow-on investments added another £3.2 million.
What dragged the return? The portfolio valuation edged up £1.5 million, as £9.1 million in new and follow-on investments offset a £7.5 million decline in existing holdings. Ten Health HoldingsDealroom has a profile for this one. Try Dealroom → fell £3.33 million and SpektrixDealroom has a profile for this one. Try Dealroom → dropped £2.20 million. No realisations were completed.
The longer view: Over three years, the trust reports a NAV total return of 10.8%, and 34.3% over five years. A 3.6p final dividend, £12.6 million in total, was paid on June 26, 2026. The manager noted technology valuation multiples fell 5.5% between December and March before recovering 4.8% by June.
The signal: The £39 million raise ranks in the 32nd percentile by amount — a modest round that keeps the trust deploying capital despite soft valuations. With £70.5 million in cash reserves and nine post-period investments already logged, Foresight is positioning for the next leg while the market steadies.
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