The Venture Capital Trust Association (VCTA), the UK industry body for VC investments, has appointed Chris Lewis as its new chair.
VCTs are investment funds that target young, high-growth companies and come with tax incentives for participating investors.
The VCTA represents twelve of the largest VCT managers in the UK, making up 90% of the VCT industry with more than £5.5bn of combined funds under management.
Lewis joins the group with more than 25 years of finance experience, currently serving as CFO and COO of Pembroke VCT and having previously held the role of CFO at Downing LLP.
Lewis has also worked for major accounting firms KPMG and EY.
“Our members currently support over 1,100 highly innovative, rapidly growing startups and scaleups. These businesses create economic impact and employment opportunities throughout the UK,” said Lewis.
“It is crucial that these companies are able to access the equity finance that they need to continue growing and innovating. I am delighted to be able to promote the great work across the VCT industry and the interests of the entrepreneurs that they support.”
Lewis has taken over the role from previous VCTA chair and managing partner at Albion Capital, Will Fraser-Allen.
“He [Fraser-Allen] has done a brilliant job representing our members’ interests culminating in the recent extension of the Sunset clause which is key to continued success of VCTs,” said Lewis.
“The VCT scheme is a vital part of the UK’s funding ecosystem. The government’s recent extension of the VCT scheme until at least 2035 will come as a relief to thousands of ambitious entrepreneurs across the UK who could benefit from investment and support from VCTs as they scale up.”
Data published by the VCTA last month found that the majority of companies backed by VCTs are planning to expand overseas next year.