×

COVID-19: -

Our Commitment to Client Service & Investor Communications

Why invest

Positives

  • Strategy: To invest in a portfolio of more established unquoted companies with growth potential to attain capital appreciation.

Issues

  • Time to invest: The target time to invest of 15-18 months is longer than many other EIS funds, although Calculus is looking to reduce this.

The Investment Manager

Positives

  • Team: One of the longest-standing managers in the VCT/EIS area, Calculus has a highly experienced and stable team.

Issues

  • Past performance: Some write-offs have adversely affected the company’s previously very good performance. An average realised 12% IRR is still credible.

Nuts & bolts

  • Offer period: Closing dates are quarterly on the last Friday of October, January, April and July.
  • Diversification: The aim is to invest in a minimum of five companies, with approximately one-third in each of healthcare, technology-enabled companies and others.
  • Valuation: Investors will receive valuations twice a year. Industry guidelines will be used, with two auditors examining the figures.

Specific issues

  • Fees: Mixture of direct fees and charged via the investee companies.
  • Performance fee: 20% on gains over a return of total capital invested.

Risks

  • Risk mitigation: The aim is to diversify by sector and the focus on more established companies should also help mitigate some of the risk.
  • Target return: Overall, the strategy is medium risk relative to other EIS/VCT products, with the target company IRR of 20% and capital return of 2.5x towards the top end of what we’d expect for that risk category.
Download the full report

Request a meeting

If you'd like to be introduced to the team at Calculus Capital (Funds), get in touch.

Request a meeting