Literacy Capital is joining the Specialist Fund Segment of the Main Market on 25 June, but no new money is being raised. The company is chaired by Capita founder Paul Pindar.
The focus is long-term capital growth through investment in unquoted investments and the provision of donations to charities. Literacy Capital makes an annual charitable donation of 0.9% of its NAV.
The company was formed in September 2017 and the investment manager is Literacy Capital Management LLP. Paul Pindar and his son Richard run the investment manager. The management fee is one-quarter of 0.9% of NAV. The directors and investment management team own 55.2% of the shares.
By the end of 2018, £54m had been raised for investment. From the beginning of 2022, the company will be run as an investment trust....