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Why invest


  • Strategy: To invest in a portfolio of unquoted media companies that will generate meaningful IP.


  • Time to invest: The target time to invest of 15 months is longer than for some other EIS funds.

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: While Calculus has a substantial and credible record from investing in other sectors, this is a new area for the team. However, the addition of Stargrove brings sector experience.

Nuts & bolts

  • Offer period: Closing dates are quarterly on last Fridays of October, January, April and June.
  • Diversification: The aim is to invest in at least six companies.
  • 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 hurdle rate of 1.2x total capital invested.


  • Risk mitigation: Although a new sector for the Manager, Calculus will use its established investment processes and has brought in a specialist advisor in Stargrove.
  • Target return: Overall, the strategy is medium-risk relative to other EIS/VCT products, with the target capital return of 2.0x towards the top end of what we’d expect for that risk category.
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If you'd like to be introduced to the team at Calculus Capital Limited / Stargrove Pictures Limited, get in touch.

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Download the full report