Corporate team complete £369m AUM transfer for Mobeus Venture Capital Trusts

Deal
Published: 17th September 2021
Area: Firm News

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New deal with Mobeus Venture Capital Trusts

After an extensive due diligence process led by Shakespeare Martineau, the boards of the four Mobeus advised venture capital trusts (Mobeus VCTs) have unanimously approved the transfer of their management contracts – relating to combined assets under management (AUM) of £369m – from Mobeus Equity Partners (Mobeus) to Gresham House as part of the £36.1m acquisition by Gresham House of Mobeus’ VCT business.

Following completion of the acquisition, which is expected to take place at the end of September, the Mobeus VCT team – comprising 16 full-time employees, including two partners, plus three consultants – will transfer to Gresham House, a specialist alternative asset manager offering funds, direct investments and tailored investment opportunities, which includes managing the existing £486m AUM Baronsmead VCTs.

Corporate partner and head of investment funds Kavita Patel and corporate legal director Peter Mayhew, both of Shakespeare Martineau, acted on behalf of the four Mobeus VCTs as part of the transaction.

Kavita said: “We have acted for the Mobeus VCTs for the past 20 years, so we’re delighted to have supported them in the transfer of their management contracts to Gresham House. This represents a new step in the evolution of both the Mobeus and Gresham House VCT businesses, with increased prospects for shareholders flowing from the combined capability.”

Peter added: “The boards have taken their responsibilities very seriously and we have assisted them in undertaking significant due diligence, in particular, to ensure that the transaction is in the interests of shareholders.”

Following completion of the acquisition of Mobeus’ VCT business and transfer of the Mobeus VCTs’ contracts, the enlarged Gresham House strategic equity division will have six VCTs under management with more than £850m AUM – creating a leading player in the VCT market.

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Kavita specialises in a broad range of corporate finance transactions, both for public and private companies, including acquisitions, disposals, joint ventures, funding arrangements, restructurings and cross-border transactions.

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