Octopus Apollo VCT

What Octopus Apollo VCT does

Octopus Apollo VCT plc is a UK-listed Venture Capital Trust (VCT) that invests in a diversified portfolio of approximately 45 established smaller UK business-to-business (B2B) software companies, targeting investees with revenues of £2-£8 million that have already commercialised their products. The fund was launched on 17 October 2006 and is externally managed by Octopus Investments Limited, part of the Octopus Group, which leverages the deal sourcing, due diligence, and portfolio management capabilities of Octopus Ventures (described as one of Europe's largest venture capital teams). Octopus Apollo VCT shares are admitted to trading on the London Stock Exchange main market under the ticker OAP3, with a buyback facility operated by Octopus at a discount to NAV (typically around 5%) to support secondary-market liquidity.

The VCT's product surface is centred on tax-efficient exposure to UK B2B software, offering investors 20% income tax relief on subscriptions up to £200,000 per tax year, tax-free dividends, and tax-free capital gains, alongside a target annual dividend yield of 5% of NAV. Named portfolio holdings include Fiscal Technologies (AI-powered Procure-to-Pay), Sova (hiring transparency and diversity), Tendable (health and social care quality inspection), Definely (LegalTech document tooling), and Turtl (personalised marketing materials). As at 31 January 2026, the fund reported funds under management of approximately £541 million and cumulative dividends of 93.9p paid since launch. Lead Fund Manager is Paul Davidson, a Partner at Octopus Ventures.

Octopus Apollo VCT generates returns through investment gains and capital appreciation across its portfolio, distributing tax-free dividends to shareholders. Revenue to the manager (Octopus Investments Limited) is fee-based: a 3% initial fee, a 2% annual management charge, and a 20% performance fee on returns above prior highest NAV plus cumulative dividends. Distribution is primarily via the UK financial adviser channel, supported by webinars, the VCT Academy, the Inheritance Tax and Business Relief education hub, and dedicated business development managers; secondary distribution runs through direct online applications and LSE secondary-market trading. Recent capital-raising activity includes a £100 million fundraise launched in October 2025 (£75 million target plus £25 million over-allotment), with material allotments of £75 million on 2 December 2025 and approximately £14.2 million on 22 December 2025.

Name

Octopus Apollo VCT

Legal name

Octopus Apollo VCT plc

Website

https://octopusinvestments.com

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Octopus Apollo VCT plc is a UK-listed Venture Capital Trust (LSE: OAP3) investing in approximately 45 established UK B2B software companies, managed by Octopus Investments Limited. It offers UK financial advisers and high net worth investors tax-efficient exposure with a target 5% annual dividend yield.

Ownership category

akta.pro rank

Product category

Venture Capital Trust

NAICS

Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Micro-VC & Angel Funds (FSANAAAI)

Keywords

• Venture capital trust
• Tax-efficient investing
• B2b software investment
• Growth capital funding
• Uk portfolio management

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Investment returns and capital gains: Generates revenue through equity appreciation and capital gains from the portfolio of around 45 B2B software companies, including debt investments that provide interest income. Investors benefit from tax-free capital gains.
2. Tax-free dividends from portfolio: Targets an annual dividend yield of 5% of NAV, distributed from investment income generated by the portfolio. Dividends paid to investors are free from income tax.
3. Fund management fees: Octopus Investments Limited, as portfolio manager, earns an initial fee of 3%, an annual management charge of 2%, and a 20% performance fee on returns above the previous highest NAV plus cumulative dividends.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels8 records

Core offering

Octopus Apollo VCT is a UK-listed Venture Capital Trust (VCT) that invests in a diversified portfolio of approximately 45 established smaller UK business-to-business (B2B) software companies with revenues of £2-£8 million, targeting an annual dividend yield of 5% of NAV. Investors obtain access to Octopus Ventures' deal sourcing and due diligence capabilities and benefit from statutory VCT tax reliefs, including 20% income tax relief on investments up to £200,000 per tax year, tax-free dividends, and tax-free capital gains.

Product overview

Octopus Apollo VCT is a single dedicated Venture Capital Trust (VCT) product — not a multi-module platform — within the wider Octopus Investments product family. Its core offering is the Octopus Apollo VCT itself, which provides investors with access to a diversified portfolio of around 45 UK smaller business-to-business (B2B) software companies. Surrounding/auxiliary offerings on the same product page include the £100 million fundraise offer for subscription, application/illustration tooling, and information on individual portfolio companies such as Fiscal Technologies, Sova, Tendable, Definely, and Turtl. These are constituent elements of the Apollo VCT offering rather than separate modules.

Differentiator

Problem solved

Functional benefit

Products and services

• Octopus Apollo VCT A Venture Capital Trust (VCT) that invests in a diversified portfolio of approximately 45 established smaller UK business-to-business (B2B) software companies, targeting an annual dividend yield of 5% of NAV alongside capital growth. Investors obtain access to Octopus Ventures' expertise and benefit from VCT tax reliefs (20% income tax relief up to £200,000 per tax year, tax-free dividends, and tax-free capital gains). Available to UK investors via financial advisers or direct application.
• Octopus Apollo VCT Fundraise Offer A 2025/26 prospectus-based offer for subscription of new ordinary shares in Octopus Apollo VCT, targeting up to £100 million (£75 million plus a £25 million over-allotment facility). Open to UK investors via financial advisers or direct online application until 5 April 2026 or until fully subscribed, with allotment dates issued in December 2025.

Quantifiable outcome

• Targets annual dividend yield of 5% of NAV
• +5 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered flagship.

• Octopus Investments LimitedflagshipStrategic or Co-development Partner · 30 October 2025Octopus Investments Limited acts as the portfolio manager for Octopus Apollo VCT plc, with fees paid by the VCT to Octopus Investments for management services. Octopus Investments is the UK's largest provider of VCTs and BR-qualifying investments, with £14.6 billion under management. The fundraise prospectus published on 30 October 2025 explicitly references fees paid to Octopus Investments Limited as portfolio manager.
• Octopus VenturesflagshipStrategic or Co-development PartnerOctopus Ventures is one of Europe's largest venture capital teams and provides deal sourcing, due diligence, and portfolio management expertise for Octopus Apollo VCT. The VCT leverages the Octopus Ventures team's pan-European pipeline of B2B software opportunities. Lead Fund Manager Paul Davidson is a Partner at Octopus Ventures.

Scale indicators12 records

Recent moves8 records

Expansion highlights4 records

Direct peers

• Downing VCTs: Downing runs a family of UK VCTs (Downing FOUR VCT, Downing ONE VCT) targeting smaller UK growth and healthcare companies. They overlap with Octopus Apollo VCT on the smaller-company growth thesis and on the adviser distribution channel.
• Octopus AIM VCTs: Octopus-branded VCTs focused on AIM-listed smaller UK companies. While the underlying investment universe (AIM-listed) differs from Apollo's unquoted B2B software focus, they share the same manager, same tax wrapper and same adviser distribution channel, so they compete for the same advised VCT pound.
• Foresight VCT: Foresight Group operates a UK VCT alongside its wider investment trust and fund range. It is a direct competitor in the same UK smaller-company, tax-efficient wrapper category and is typically benchmarked alongside Octopus Apollo VCT by UK advisers.
• Albion VCTs: Albion Capital runs a family of UK VCTs (Albion VCT, Albion Development VCT, Albion Technology & General VCT) that invest in smaller UK growth companies. They are among the largest UK VCT providers and the most direct non-Octopus competitor for adviser-led VCT allocations targeting UK smaller companies.
• Octopus Titan VCT: Sister product within the same Octopus family, also a UK VCT investing in smaller UK companies via Octopus Ventures' deal flow. Titan targets earlier-stage, higher-growth companies, whereas Apollo focuses on more mature, established B2B software firms — making them the closest comparable VCT in terms of structure, manager and distribution.
• Maven Income and Growth VCT: Maven Capital Partners manages UK VCTs investing in smaller UK companies across the regions. Direct competitor to Octopus Apollo VCT for adviser recommendations and investor capital within the UK smaller-company growth segment.
• British Smaller Companies VCT (British Smaller Companies Fund): A long-established UK VCT focused on smaller UK growth companies, often referenced in the same model portfolios as Octopus Apollo VCT. Competes head-to-head for the same HNW advised allocation to UK smaller-company VCTs.
• Octopus Future Generations VCT: Another Octopus-managed UK VCT, listed on the same platform and distributed through the same adviser channel. It targets earlier-stage, impact-oriented growth companies, but is structurally and regulatorily identical to Octopus Apollo VCT, making it a near-direct competitor for the same advised client allocation.

Broad incumbents

• Octopus Investments Limited (parent / manager): The portfolio manager of Octopus Apollo VCT and the broader Octopus Group, with £14.6bn AUM across VCTs, EIS, Business Relief and quoted funds. It is the incumbent that defines Apollo's deal flow, fee structure and distribution, and is the natural reference point for Apollo's economics and brand value.

Others

• Octopus Ventures: One of Europe's largest venture capital teams and the upstream sourcing engine for Octopus Apollo VCT's B2B software deal flow. It is not itself a comparable investment vehicle, but is the supplier of the underlying investment opportunities and portfolio monitoring infrastructure that Apollo relies on.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds3 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Octopus Apollo VCT