EIS May Open Offers by Alex Sullivan

Highlighting some of the key tax efficient investment offerings currently available to IFAs EIS

SEIS

VCT

SITR

IHT

BPR

EIS Open

January 2014

Open-ended

Amount to be Raised: Unlimited

T. 020 7408 4070 E. info@pumainvestments.co.uk www.pumainvestments.co.uk

EIS Open

December 2015

At Capacity

Amount to be Raised: £20m

T. 020 7391 4747 E. questions@time-investments.com www.time-investments.com

EIS Magazine · May 2016

PUMA INVESTMENTS - PUMA EIS Puma EIS employs an investment strategy similar to that successfully deployed by the Puma VCTs and aims to provide investors with downside protection in a carefully managed portfolio. Building on Puma’s established track record in tax efficient investments, Puma EIS targets asset-backed businesses aiming to provide downside protection for investors through a portfolio exposure to HMRC pre-approved companies. Successful Deployment: Puma EIS was the largest fundraise of any new EIS with a capital preservation strategy launched in 2013/14 tax year. All funds raised were successfully deployed into companies with HMRC Advanced Assurance before the end of the tax year end. Allotment Dates: The discretionary management service has no fixed closing date. Puma EIS intends to make quarterly allotments with an allotment shortly in advance of the tax year-end each year. Strong Track Record: Building on the market leading track record of the Puma VCTs which operate a similar asset-backed investment strategy. Realisations: It is envisaged that investments in Qualifying Companies will be realised within 3 to 5 years. Investment Size: Minimum subscription is £25,000 with no upper limit.

TIME:EIS TIME:EIS invests in shipping, offering investors an asset backed opportunity in a global industry that has been established for thousands of years. Shipping is a sector recently identified by the Government as vital to the UK economy and one it is keen to support. Targeting a base case return of £1.27 for each net 70p invested, this noncontentious business model makes TIME:EIS an excellent fit within the EIS regulations – which is why advance assurance from HMRC has already been granted. TIME:EIS has an initial capacity of £20 million which will be split across four tranches. Alongside our specialist EIS team, support is provided by third parties with substantial experience in shipping. Key information for TIME:EIS • Asset backed, with investment realisation expected within 4-5 years • Market is currently at a historic low point, creating potential for significant upside • Each vessel purchased without use of debt, thereby reducing the overall risk profile • No Annual Management Fee • Highly rated by independent researchers • Minimum investment £10,000

EIS Open

Now

Evergreen

Amount to be Raised: N/A

Par Syndicate EIS Fund The Par Syndicate EIS Fund is an evergreen EIS fund, unapproved by HMRC, investing in innovative high growth potential companies with a view to generating capital gains. The fund, managed by Par Fund Management Limited, made its first investment in December 2012. The fund’s mandate is to invest alongside (and on the same terms as) business angel syndicates, and usually, but not exclusively, co-invests with the Par Syndicate, a leading business angel syndicate that has been investing since 2009. The fund may be promoted to retail investors under COBS 4.7. Independent research reports have been published by Hardman & Co. and MICAP.

T. 0131 556 0044 E. info@parequity.com www.parequity.com

EIS Open

Now

N/A

Amount to be Raised: £5m

T. 020 3011 5095/5096 E. info@symvancapital.com www.symvancapital.com

EIS Open

04/06/2015

24/06/2016

Amount to be Raised: £25m Minimum Investment: £50,000

T. 020 7493 4940 E.madeleine@calculuscapital.com www.calculuscapital.com

Symvan Technology EIS Fund Symvan’s funding strategy embodies the continuity of our philosophy: The greatest potential gains in venture capital investing rest with the successful earlystage investor. Symvan Capital is currently marketing the Symvan Technology EIS Fund. The aim of the Fund is to focus investment in businesses which have established plans and management teams, have demonstrated growth potential with strong commercial opportunities, and are planning to exit within five years. Symvan’s ‘life-cycle’ approach to EIS investing mitigates early-stage risk of the investment proposition. The Fund is focussed on ‘post-seed’ financing, where companies may have already raised early-stage funding, some possibly under SEIS and having achieved milestone developments since then. Symvan has seeded the investee company and raised money through our angel investor network, thus ensuring that the Fund invests in companies that Symvan knows well through board representation, have reliable corporate governance and are exposed to a broad range of sectors. Investors are able to claim relief on the full amount of their subscription as there are no investor fees at the time of investment.

Calculus Capital EIS Fund 16 Calculus Capital, creators of the UK’s first approved EIS Fund and three time winner of EIS Fund Manager of the Year, is proud to present its 16th EIS Fund.

Investors can benefit from over 16 years of invaluable investment experience and a strong track record of delivering excellent results to investors. EIS Fund 16 offers investors a portfolio of at least six qualifying companies (the historic average is eight) across a diverse mix of sectors. While the Fund targets capital appreciation, capital preservation is key, this is underpinned by our robust investment process, detailed investment agreements and investment strategy of focussing on established firms with the following characteristics: • The ability to achieve our target IRR of 20% • Experienced management teams • Successful sales of proven products or services • Revenue generating with a strong commercial proposition • Profits or a clear path to profitability • Clear route to exit

The 12-18 month investment programme commences after the relevant closing date. We value our reputation for personal service as much as our investment record, and are focused on providing an excellent client experience. May 2016 · www.eismagazine.com

EIS Open

Evergreen

Amount to be Raised: No Max Min Investment: £25,000

T. 01865 860760 E. investment@oxcp.com www.oxcp.com

EIS Open

01/08/2013

N/A

Amount to be Raised: Uncapped

Oxford Capital Growth EIS Through the Oxford Capital Growth EIS, investors can build a portfolio of shares in 6-10 small or medium-sized companies over a period of roughly 12 months. Each investment should be eligible for EIS reliefs, including 30% income tax relief and taxfree gains. Investee companies could be operating in a wide range of industries – past investments have spanned sectors from digital marketing to sustainable agriculture – but they will all be businesses that have potential to grow rapidly. Oxford Capital works closely with the investee companies, helping to accelerate commercial development with the aim of achieving a profitable exit, usually through either a trade sale or a stock market listing. The Oxford Capital Growth EIS targets a return of 2.5x the amount invested (net of applicable fees and including the impact of EIS income tax relief), aiming to return the majority of proceeds 4-6 years after initial investment.

Deepbridge - Technology Growth EIS The Deepbridge Technology Growth EIS represents an opportunity for investors to participate in a portfolio of actively-managed growth-stage technology companies, taking advantage of the potential tax benefits available under the Enterprise Investment Scheme. The Deepbridge Technology Growth EIS is a diversified portfolio of actively managed high-growth companies seeking commercialisation funding. The Deepbridge EIS invests in companies that have a proven technology, clear intellectual property and are operating in a high growth/high value market sector. Focused on investing in high growth companies that are seeking to commercialise and expand, specifically in three sectors: • Energy & resource innovation; • Medical technology • IT-based technology

T. 01244 746000 www.deepbridgecapital.com

EIS Open

Now

Evergreen

Minimum Subscription: £10,000

The target return for the Deepbridge Technology Growth EIS 22.9% p.a. over a minimum of three years; representing mid-case capital growth of 160p returned for every 100p invested. To ensure maximum tax efficiency for the investor, the Deepbridge EIS is entirely investor-fee free at point of investment.

Rockpool’s EIS Portfolio Service Rockpool’s EIS Portfolio Service offers an alternative to traditional EIS funds as all investment is direct into quality private companies. Investors can choose the Managed service and build a portfolio of EIS qualifying private company investments to suit their investment strategy and required diversity through the Managed service. Alternatively, investors can choose the companies to invest in and build a bespoke portfolio through the Self-select service.

Two strategies are available: Growth and Asset-rich. Asset-rich sectors include: crematorium operation, construction project delivery, managed storage services and children’s nurseries.

T. 0207 015 2150 E. team@rockpool.uk.com www.rockpool.uk.com

EIS Magazine · May 2016

Rockpool’s model offers full transparency and control with opportunities to meet the management, regular updates on the investment performance and an on-line portal for latest valuations.

∞ Managed service – Minimum application of £10,000 with a minimum investment of £2,500 per company. ∞ Self-select - Minimum investment of £10,000 per company.

EIS Open

Now

N/A

Amount to be Raised: £15m Minimum Investment: £15,000

T. 020 7416 7780 E. contact@downing.co.uk www.downing.co.uk

EIS

SEIS

Open

January 2015

N/A

Amount to be Raised: £5m

T. 020 7873 2122 E. seis@jensonsolutions.com www.jensonfundingpartners.com

EIS

SEIS

Open

Now

Evergreen

Minimum Subscription: £20,000

T. 020 7952 6685 E. info@kuber.uk.com www.kuberventures.co.uk

Downing Ventures EIS - High risk, high potential return Our Downing Ventures EIS focuses on early-stage UK technology companies, offering our investors a high risk, high potential return investment opportunity with attractive EIS tax reliefs. We believe that our portfolio is one of the most diversified in the UK venture capital market, with 21 investee companies as at 1 April 2016, spread across a range of sectors including life sciences, education technologies and consumer internet. We aim to allocate a portfolio of between 8 to 10 of these companies to each subscriber in order to spread risk. We have built strong relationships with major partners such as the LCIF (London CoInvestment Fund), the MoD (Ministry of Defence) and the incubator Webstart Bristol. We are always looking for talented management teams and new investment opportunities. Our Ventures team receives and analyses on average 40 new investment opportunities each month (based on the average number of investments opportunities reviewed from 01/10/2014 to 30/09/2015). This financial promotion has been approved by Downing LLP, authorised and regulated by the Financial Conduct Authority (FCA). This promotion is directed only at FCA authorised advisers. For more information, including the risks, please visit www.downing.co.uk.

Jenson Funding Partners - SEIS & EIS Fund 3

We are pleased to follow-up our first two funds with a combined SEIS and EIS Fund (‘Fund 3’). Our offering allows investors to choose whether they want to invest solely via SEIS or EIS or to split their funds across SEIS and EIS investments. The Fund aims to target exciting new innovative and disruptive technologies to be nurtured alongside existing investment opportunities that require follow-on investment to fully exploit commercialization of a proven business model. At Jenson we aim to offer these businesses far more than just funding. To date, we have actively advised entrepreneurs to re-evaluate business models, reduced projected costs and introduced potential executives, partners, customers and suppliers as part of the value added service we provide. Further we believe the addition of an experienced finance director to the management team of Investee Companies, even on a part-time basis, will enhance returns. This is why each investment is allocated a Jenson finance director a key differentiation between ourselves and other SEIS and EIS providers. The combined SEIS and EIS structure is designed to provide increased diversification as a portfolio investment. The balance between capital growth, portfolio risk and time horizon is maximised, whilst enhancing the tax advantages available.

Kuber Ventures Multi Manager Platform

Kuber Ventures Alternative Investment Platform allows investors to create a portfolio across different Fund Managers for EIS/SEIS/BPR investments. Through a single application and depending on the scheme selected, investors can create a diversified spread of qualifying investments. Investors may select individual funds or choose to achieve further diversification by investing in one of the Kuber strategies available. Our strategy choices include: • Business Property Relief (Minimum Subscription £50,000) • Generalist asset focused strategy • Media asset focused strategy • Long term investment strategy • Seed EIS strategy • Seed and early stage growth strategy • Seed EIS media strategy • Mature growth strategy • Diversified growth strategy May 2016 · www.eismagazine.com

EIS

SEIS

Open

01/10/2015

Evergreen

Amount to be Raised: N/A

T. 020 7060 3773 E. chris@boundarycapital.com www.boundarycapital.com

VCT Open

November 2015

31/05/2016

Amount to be Raised: £30m

T. 020 7408 4070 E. info@pumainvestments.co.uk www.pumainvestments.co.uk

VCT Open

26/10/15

Multiple

Minimum Investment: £5,000

T. 020 7493 4940 E.madeleine@calculuscapital.com www.calculuscapital.com

EIS Magazine · May 2016

Boundary Capital AngelPlus Fund AngelPlus Fund from Boundary Capital is an early stage technology fund with unique features and blended EIS and SEIS benefits. Its main advantage is that it only invests alongside ‘Venturers’ who are experienced entrepreneurs and executives who invest their own money alongside Boundary and take an active board seat alongside Boundary’s investment director. This helps to derisk the investment and adds value to the founders. Boundary nurtures a network of 300+ Venturers. There are also coinvestment opportunities for investors in AngelPlus, who get private access to Boundary’s private dealflow and briefing notes. The Team at Boundary Capital are experienced entrepreneurs and investors themselves and have over 60 year’s collective venture capital experience and between them have led 14 funds with over £200m under management and achieved over 60 exits with aggregate returns ranging from 1.4 to 3.0x. There are no fees to pay by investors so 100% of the fund is invested. Rebates are available to introducers.

PUMA INVESTMENTS - PUMA VCT 12 Puma VCT 12 builds on the market-leading track record of previous Puma VCTs. Puma VCT 12 will adopt the same, proven investment strategy primarily investing in established businesses in the form of ordinary equity together with senior secured loans. Strong Track Record: Puma VCTs I to V head their peer group for total return. Puma VCT V, the latest VCT to close, delivered a total return of 106.3p per share, (equivalent to a 9.4% annual return) making it the highest return to date for a limited life VCT. Dividends: Target average annual tax-free dividend equivalent to 5p per share over the life of the fund, commencing from April 2018. Five Year Life: It is envisaged that after 5 years, the Directors will propose a resolution for shareholders to vote on winding-up the Company. Investment Size: Minimum subscription level is £5,000.

Calculus VCT plc D Share Offer is OPEN for Subscription Calculus Capital are best known in the market for their skills and experience as an investor in established, unquoted SMEs. The awards we regularly win are evidence of that. Our long standing investment team and diligent investment process have led to an exceptionally strong track record of investment success. The key points of the D Share offer are: • Calculus VCT plc aims to pay an annual dividend of 4.5% of NAV from the first year (6.1% tax free on net cost after 30% tax relief), the company has a successful track record of delivering dividends to investors. • By co-investing in selected established companies through both VCT and EIS, we are able to choose larger companies and bigger deals – reducing the risk profile of the investment. • Our experienced investment team and thorough investment process have produced impressive dividend performance and exit returns for investors. • Early bird discounts: 1.0% discount for subscriptions received by December 18th 0.5% discount for subscriptions received from December 19th to January 29th 0.5% additional discount for existing Calculus VCT plc investors The full Prospectus is available on our website: www.calculuscapital.com

VCT Open

Now

15/07/2016

Minimum Subscription: £3,000

T. 0131 503 9100 E. info@amatiglobal.com www.amatiglobal.com

IHT Open

October 2014

Open-ended

Amount to be Raised: Unlimited

T. 020 7408 4070 E. info@pumainvestments.co.uk www.pumainvestments.co.uk

IHT Open

June 2013

Open-ended

Amount to be Raised: Unlimited

T. 020 7408 4070 E. info@pumainvestments.co.uk www.pumainvestments.co.uk

Amati VCTs Top Up Offers 2016/2017 Amati Global Investors is a well-established manager of AIM-based VCTs. The Offers provide existing and new investors the opportunity to invest in one or both of Amati VCT plc and Amati VCT 2 plc: •Investment into an existing portfolio of more than 60 companies in each VCT, covering both high-growth and maturing businesses. •Tax free dividends, targeted at 5-6% of year-end NAV (although there is no guarantee the targets will be met). •AIM based VCTs typically have a more diversified portfolio than other types of VCT, and are likely to be invested in larger, more established companies, with transparent market pricing and reasonable liquidity. • Minimum subscription £3,000 or £2,500 per VCT if applying for both Offers. Should you wish to receive monthly Amati fund factsheets, please request from info@amatiglobal.com To view remaining capacity for 2016/2017, please visit: http://amatiglobal.com/avct_share_offer.php

PUMA INVESTMENTS - PUMA AIM INHERITANCE TAX SERVICE Puma AIM Inheritance Tax Service is a discretionary service that seeks to mitigate Inheritance Tax by investing in a carefully selected portfolio of AIM shares. The Puma AIM Inheritance Tax Service is also available in ISAs. Portfolio Service: A discretionary portfolio service that seeks to deliver long term growth focusing on quality companies listed on AIM. Inheritance Tax: It is intended that investors will benefit from relief from Inheritance Tax provided investments are held for at least 2 years prior to and at the point of death. Minimum subscription of £15,000 with no maximum. Available in ISAs: Whilst ISAs are extremely tax efficient during the holder’s lifetime, upon death ISA balances may be subject to a 40% IHT liability. Investing in a portfolio of qualifying AIM stocks allows holders to mitigate Inheritance Tax while still retaining the benefits of an ISA. ISA Transfers can be accepted from existing providers as well as new investments.

PUMA INVESTMENTS - PUMA HERITAGE Puma Heritage’s core focus is on secured lending. Its primary objectives are to preserve capital and mitigate risk. Strategy: Conservative trading strategy focused on secured lending. Flexibility: Choice of income or growth shares and ability to switch between them. Experienced Adviser: Puma Heritage has appointed Puma Investments as its trading adviser. Aligned Interests: The interests of Puma Investments (the trading adviser) and Shareholders are entirely aligned: Puma Investments will not receive any performance fees and its annual advisory fees are only paid in full if the minimum target annual return is paid in full. Liquidity: Twice yearly opportunity to access capital (subject to terms set out in the Prospectus). Subscription Amount: Minimum subscription of £25,000 with no maximum. Inheritance Tax: It is intended that a subscription for shares in Puma Heritage will benefit from relief from Inheritance Tax provided the shares have been held for at least 2 years prior to and at the point of death. May 2016 · www.eismagazine.com

IHT Open

Now

Evergreen

Minimum Subscription: £50,000

T. 0207 015 2150 E. team@rockpool.uk.com www.rockpool.uk.com

IHT

BPR

Open

Now

Evergreen

Minimum Investment: £50,000 Amount to be Raised: Unlimited

T. 020 7201 8989 E. contact@triplepoint.co.uk www.triplepoint.co.uk

EIS Magazine · May 2016

Rockpool’s Managed Inheritance Service Rockpool’s Managed Inheritance Service is designed to deliver 100% exemption from inheritance tax after two years. Investment through Rockpool’s Managed Inheritance Service will be made in unquoted shares in specialist lending companies who provide loans to corporate borrowers. Our objective is to deliver a 5% net annual return with low risk to capital and the flexibility to take income or accumulate gains. The service has a simple, low cost transparent structure. Rockpool’s Managed Inheritance Service facilitates adviser charges or introducer fees.

Triple Point Estate Planning Service Triple Point Estate Planning Service is designed to meet investors’ requirements for an inheritance tax mitigation solution that is clear and straightforward. This allows them to remain in control of their assets with ongoing access to funds and a rapid IHT Qualification after two years. This service gives investors access to our two established strategies, built and managed by a team with a proven and profitable 10 year track record. Navigator Strategy • Lending and leasing to a large and diverse range of UK-based small and medium sized businesses • 4.0%-6.0% per annum targeted returns, net of fees • £5,000 average contract value of underlying investments • £176m of funding provided to date Generations Strategy • Leasing, lending and infrastructure funding to the public sector (Local Authorities, NHS) and to good quality companies, • 1.5%-2.5% per annum targeted returns, net of fees • £250,000 average contract value of underlying investments • £275m of funding for leasing and infrastructure provided to date Please contact the sales team for more information on this offer or Triple Point’s EIS and VCT products. Investments can be illiquid and the value of your investment is not guaranteed.

BPR Open

Evergreen

Amount to be Raised: Unlimited

T. 020 7391 4747 E. questions@time-investments.com

TIME: CTC (Corporate Trading Companies) TIME:CTC is our bespoke Inheritance Tax (IHT) solution for corporate investors, which boasts an impressive 20 year track record of delivering IHT relief for investors. TIME:CTC is aimed at business owners who have built up surplus cash in their business and could potentially lose Business Property Relief (BPR). The focus of TIME:CTC is on capital preservation by investing in asset backed businesses which qualify for BPR. These businesses include secured lending, renewable energy and self-storage. Our strategy allows business owners to maintain control of their assets, avoiding the need for trusts or gifting to obtain relief. Targeting a return of 3.5% and potentially immediate reinstatement of BPR qualifying assets. To date more than 500 of our clients have already achieved BPR on their investments.

www.time-investments.com

BPR Open

Evergreen

Amount to be Raised: No Max

T. 020 7065 6699 E. enquiries@marianainvestments.com www.marianainvestments.com

Mariana Estate Planning Solution Mariana Estate Planning Solution (Mariana EPS) is an evergreen BPR portfolio service managed by Enterprise Investment Partners LLP (Enterprise) with Mariana Capital Markets LLP (Mariana) as the Investment Adviser. The service is designed to be an investment which, if held for at least two years and at the time of death, can be used to shelter part of an individual’s estate from Inheritance Tax. The service is run under a strict capital preservation mandate; it is seeking to invest in a separately operating BPR qualifying company whose primary trade is anaerobic digestion (AD). Mariana has partnered with a major subsidiary of a FTSE 100 company – the company has been in business for over 100 years and are the world’s second largest producer of sugar. This company wish to strengthen the relationship with its farming supply chain, through the delivery of a program of farm-based AD plants. In return for a fully funded solution, this company will help to operationally de-risk the project via the provision of deal flow, robust feedstock and maintenance contracts and long-term operational supervision. Mariana aim to provide regular liquidity to Mariana EPS investors; exit opportunities are available on a monthly and quarterly basis.

Enterprise, the Investment Manager, has a strong track record, has raised over £200 million in tax efficient investments in the last four years and has substantial experience in the sectors in which this products sit.

May 2016 · www.eismagazine.com

BPR Open

Evergreen

Amount to be Raised: Unlimited

T. 020 7391 4747

TIME:Advance TIME:Advance is a discretionary management service that allows investors to access Business Property Relief (BPR) to mitigate their Inheritance Tax (IHT) liabilities. The service offers 100% IHT relief in just two years, alongside a targeted return of 3.5% per annum. Importantly clients retain access and control, so have the option to withdraw a lump sum or set up regular withdrawals in the form of an income. The service focuses on capital preservation by investing in asset backed businesses with no debt which qualify for BPR. These businesses include secured lending, renewable energy and self-storage. The product is managed by an expert team, with a proven 20 year track record of success in achieving BPR for investors.

E. questions@time-investments.com www.time-investments.com

BPR Open

01/07/2015

N/A

Amount to be Raised: Uncapped

T. 01244 746000 www.deepbridgecapital.com

BPR Open

Evergreen

Amount to be Raised: No Max Min Investment: £50,000

T. 01865 860760 E. investment@oxcp.com www.oxcp.com

EIS Magazine · May 2016

Deepbridge IHT Service The Deepbridge IHT Service is designed to deliver capital preservation from a portfolio of Business Relief qualifying renewable energy companies that seek to have a high degree of asset-backing and a business model based on the Renewables Obligation, the UK Government subsidies for the generation of renewable energy. Utilising Business Relief, subscriptions may be eligible for exemption from IHT after a minimum of two years. The Deepbridge IHT Service has a target priority return of 6% per annum after the second year. Investment criteria: • Attractive subsidies: The UK Government offers subsidies to the renewable energy sector, including Renewable Obligation Certiﬁcates and Feed-in-Tariffs. • No planning risk: Investments will be made in projects with all the necessary permissions in place, providing a known cost base for the investment.

• Proven technology: The use of proven renewable energy technologies that allow levels of energy production to be forecast with a good level of accuracy.

Oxford Capital Estate Planning Service The Oxford Capital Estate Planning Service is an investment which, if held for at least two years and still held at death, can be used to shelter part of an individual’s estate from Inheritance Tax. The Estate Planning Service provides a range of investment options, targeting differing levels of capital growth and dividend income. Should their circumstances change, investors can request access to part or all of their capital, by asking Oxford Capital to sell their underlying shares. Investors in the Estate Planning Service will acquire shares in unquoted trading companies. Managed by Oxford Capital’s infrastructure investment team, these trading companies will make equity investments in, and loans to, companies which in turn will own and operate revenue-generating infrastructure assets, such as renewable energy installations. The investor’s shares should qualify as ‘Business Property’, and therefore be eligible for 100% relief from Inheritance Tax through Business Property Relief, if held for the requisite period.