Yorkshire Fund Managers, the fund management arm of the Yorkshire Enterprise Group, is set to raise up to £20m (€33m) through the launch of its British Smaller Technology Companies VCT2, its second technology-focused venture capital trust.

The VCT 2 follows hard on the heels of its first British Smaller Technology Companies VCT, which was launched in May 1999. The trust enjoyed a high level of demand when it raised an additional £1.1m of funding earlier this year. The Yorkshire-based private equity house, with £78.5m of funds under management, believes this enthusiasm for its first tech-focused VCT will ensure the success of new trust.