Strategy: To invest in a portfolio of unquoted companies to preserve capital value while generating an income stream.
Exposure level: With the majority of the VCT being funds raised in the last two years, about half of the assets are currently invested.
Team: One of the longest-standing managers in the VCT/EIS area, Calculus has a very experienced and stable team.
Past performance: Write-offs over the last couple of years have adversely affected Calculus’s previously very good performance. An average realised 13% IRR is still credible.