Calculus Knowledge Intensive EIS Fund is an approved EIS fund. The target return for each investee company is an IRR of 20%, with a return of £2.5 for each £1 invested. Returns will be focused on capital gains, and investors are unlikely to receive any dividends. The aim is for the assets to be invested 12-18 months from closure of the tranche.

Calculus Capital Limited is the Fund Manager, and there are no other companies involved in running the fund.

Why invest


  • Strategy: To invest in a portfolio of more established unquoted technology and healthcare companies with growth potential.


  • Time to invest:  The target time to invest of 12-18 months is longer than that for many other EIS funds, although Calculus is looking to reduce this.


The investment manager


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


  • Past performance:  Some writeoffs have adversely affected the company’s previously very good performance. An average realised 1.52x MoIC is still credible.


Nuts & bolts

  • Offer period: The fund closes on 5 April 2023.
  • Diversification: The aim is to invest in a minimum of six companies, with a spread across each of healthcare and technology-enabled companies.
  • Valuation: Investors will receive valuations twice a year. Industry guidelines will be used, with VCT auditor examining the figures.


Specific issues

  • Fees: A mixture of direct fees, and charged via the investee companies.
  • Performance fee: 10% on gains over a return of total capital invested.



  • 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 would expect for that risk category.
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