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The VCT aims to generate sufficient returns to maximise tax-free dividends while giving capital growth over the medium to long term. The current fundraising is for Ordinary shares, which will have an income target of 4.5% of NAV. Returns will be generated by investing in a portfolio of mainly unquoted companies across different industries. The investment criteria include a target IRR of at least 20% p.a. for each investment. The intention is for individual investments to exit in three to seven years, with the VCT itself being a continuing entity. The current offer is to raise £10m, with a £10m over-allotment facility.

Why invest


  • Strategy: To invest in a portfolio of more established unquoted companies in order to preserve capital value while generating an income stream.


Fund manager


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


  • Past performance: Recent VCT performance is good, but longer- term record affected by cash drag and small scale.

Nuts & bolts

  • Offer: To raise £10m, with a £10m over-allotment facility in the 2022/23 and 2023/24 tax years.
  • Dividend: Target of 4.5% of NAV.
  • Buybacks: At no more than a 5% discount to NAV, with 1.9% of shares repurchased in 1H’23.


  • Fees: A mixture of direct fees and those charged to the investee companies.
  • Performance fee: 20% on investor share of proceeds over 105p for every 100p invested. Unlikely to be paid in the near future.


  • Target returns: The aim is to diversify by sector, and the focus on relatively more established companies should also help mitigate some of the risk.
  • Companies: 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. The VCT targets an annual dividend of 4.5% of NAV, while also providing capital growth


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