[Interview 2020/21] Introducing Karen McCormick: The Manager Behind ProVen VCTs

Hey everyone, welcome to Wealth Club! In today’s video, we have a special guest, Karen McCormick, the chief investment officer at Beringea, to talk about the ProVen VCTs. Before we dive into the details, let’s quickly go over some background information on Beringea and Karen McCormick.

[Beringea](https://www.beringea.com/) is a well-established venture house that has been in the industry for over 30 years, with offices in both the US and the UK. They manage the ProVen VCTs, which aim to offer investors a better than market return, ideally with a targeted 5% dividend and outsized dividends on past realizations. In total, Beringea has about $750 million under management, with the ProVen VCTs accounting for approximately £240 million of that.

The ProVen VCTs primarily focus on early stage growth capital companies, but with a slight twist compared to traditional venture capital. They specifically seek out businesses that have proven commercial traction, usually with at least £1 million in revenue and close to profitability or already profitable. This strategy sets them apart from other venture capital firms.

During the interview, Karen covers a wide range of topics, including recent investments, the anatomy of a typical investee company, the impact of Covid on the portfolio, investing opportunities, and emerging trends in the venture capital landscape. She provides valuable insights and shares examples of some portfolio companies, such as Second Nature, Luxury Promise, Commonplace, Social Value Portal, and many more.

If you’re interested in learning more about the ProVen VCTs and potentially investing, you can find detailed information and investment documents on [Wealth Club’s website](https://www.wealthclub.co.uk/y/proven-vcts/). However, it’s important to note that the opinions expressed in this video are solely those of the interviewee and may not necessarily reflect the views of Wealth Club Limited.

Remember, VCTs are higher-risk investments and may be less liquid compared to mainstream options. It’s essential to consider your own circumstances and seek professional advice before making any investment decisions. Tax rules can also change, and the availability of tax benefits depends on your personal situation.

Feel free to watch the video for a comprehensive discussion on Beringea, ProVen VCTs, and the exciting opportunities they offer in the venture capital landscape!

**Timestamps:**

0:00 – Introduction and overview of Beringea and ProVen VCTs
1:33 – Recent investment examples
3:10 – Anatomy of a typical investee company
5:23 – Impact of Covid on the portfolio
8:17 – Investing opportunities in the current landscape
9:20 – Exits and future prospects
11:51 – Emerging trends in venture investing
13:41 – Why choose ProVen VCTs as an investor?

**Portfolio companies mentioned:**

– Second Nature (health & wellbeing platform)
– Luxury Promise (reseller of pre-owned luxury goods)
– Commonplace (community involvement platform)
– Social Value Portal (report card for ESG initiatives)
– My 1st Years (luxury children’s gifting business)
– MPB (pre-owned high-end camera equipment)
– MYCS (customizable furnishings and home furniture)
– Zoovu (software to guide customers through high-value ecommerce)
– Fnatic (esports industry)
– Watchfinder (pre-owned luxury watches)
– Chargemaster (EV charging)
– Third Bridge (expert networks for city firms)
– Festicket (tickets and travel packages)
– Monica Vinader (jewelry)

Make sure to check out the (https://www.youtube.com/watch?v=djP0aOtZVhY) for more insights and information!

*Please note that this description is for optimization purposes and does not necessarily reflect the views or opinions of the original content creator.*

** A newer interview (2022) is here: https://www.youtube.com/watch?v=djP0aOtZVhY.
“The ProVen VCTs tend to focus on early stage growth capital companies, which I would differentiate a little bit from traditional venture in that we’re looking for businesses that have proven commercial traction.” Meet Karen McCormick, chief investment officer at Beringea, manager of the ProVen VCTs, which aim to offer investors “a better than market return, ideally with a 5% targeted dividend, with outsized dividends on realisations as we’ve delivered on many years in the past.” Please note dividends are variable and not guaranteed; past performance is not a guide to the future. This fascinating and wide ranging interview covers:

0:00 About Beringea, Karen McCormick, and ProVen VCTs
1:33 Examples of recent investments
3:10 Anatomy of a typical investee company
5:23 How has Covid affected your portfolio?
8:17 Is now a good time to be investing?
9:20 What’s happening with exits?
11:51 What trends are you seeing in venture investing?
13:41 Why should VCT investors choose ProVen VCTs?

Portfolio companies mentioned include:
Second Nature (health & wellbeing platform)
Luxury Promise (reseller of pre-owned luxury goods)
Commonplace (community involvement platform)
Social Value Portal (report card for ESG initiatives)
My 1st Years (luxury children’s gifting business
MPB (pre-owned high-end camera equipment)
MYCS (customisable furnishings and home furniture)
Zoovu (software to guide customers through high value ecommerce)
Fnatic (esports industry)
Watchfinder (pre-owned luxury watches)
Chargemaster (EV charging)
Third Bridge (expert networks for city firms)
Festicket (tickets and travel packages)
Monica Vinader (jewellery)

For more details on ProVen VCTs, including documents & how to invest, see:
https://www.wealthclub.co.uk/y/proven-vcts/

IMPORTANT
The opinions expressed in this video are the interviewee’s own and do not necessarily reflect the view of Wealth Club Limited. This interview, like our service, is not advice and the products featured are not suitable for everyone. VCTs are higher risk and less liquid than mainstream investments. You could get back less than you invest. Tax rules can change and tax benefits depend on your circumstances. If you’re unsure an investment is right for you, please seek professional advice.