The Access EIS Fund is an Alternative Investment Fund, which will provide a portfolio of investments in high-growth British companies, investing alongside angel investors. The aim is for the fund to produce returns that match the market as a whole. Returns will be focused on capital gains, and investors are unlikely to receive any dividends. The fund is evergreen.

Why invest

Positives

• Strategy: A quantitatively driven investment process, where the fund co-invests with selected super angels from the whole UK market.

Issues

• Track record: The fund is three years-old and has few exits to date, although it has seen some promising early performance.

The investment manager

Positives

• Team:  Has a mixture of backgrounds different from most venture capital managers, bringing a differentiated perspective.

Issues

• Outsourcing: The selection is effectively outsourced to the super angels, with SyndicateRoom doing lighter touch due diligence.

Nuts & bolts

• Duration: The fund is evergreen, with no formal closings, and investors simply participate in the deal flow after investment.
• Diversification: The manager aims to provide at least 50 investments – a market- leading figure for EIS funds.
• Valuation: Updated six-monthly, following BVCA guidelines, and reviewed.

Fees

• Fees: Mostly direct fees, with very limited company charges.
• Performance fee: Charged at 10% on a per company basis over 110% of subscription, plus fees.

Risks

• Target returns: The target of 1.6x-1.8x invested capital suggests a medium- to high-risk investment strategy.
• Companies: Supplying risk capital to early-stage companies. There will be a spread of company returns as the successful ones will do very well, but those that fail may do so completely.