×

Why Invest

Positives

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

Issues

Time to invest: The target time to invest of 18 months is longer than many other EIS funds.

The Investment Manager

Positives

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

Issues

Past performance: Write offs over the last couple of years have adversely affected their previously very good performance. An average realised 13% IRR is still credible.

Nuts & bolts

  • Offer period: Closing dates are quarterly on last Friday of October, January, April and June.
  • Diversification: The aim is to invest in 6-10 companies with no more than 25% in one sector.
  • 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 mature 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
Download the full report