Calculus has launched a VCT top up, offering access to a diversified portfolio of UK companies across the fast growing sectors of technology, healthcare, and entertainment.
Calculus is aiming to raise an initial £10 million, with an over-allotment facility of a further £10 million. The offer follows a strong financial year 2021/22 in which the Calculus VCT achieved seven exits with an average return of 2x, the company said.
The Calculus VCT, which is aiming to leverage off its 22-year track record of investing in small unquoted UK companies across its range of EIS and VCT funds, to deliver an annual tax-free dividend of 4.5% of NAV, as well as capital growth, offers investors access to a diversified portfolio of 35 companies. Investors also benefit from 30% income tax relief upfront.
By focussing on technology, healthcare, and entertainment companies – the UK’s fastest growing sectors – Calculus believes it is presenting investors with an exciting investment case.
John Glencross, CEO and co-founder of Calculus Capital, said: “The case for venture capital investment in the UK has gone from strength to strength. VCTs have become an essential part of an investor’s portfolio as they reach pension limits but also as they search for diversification, tax efficiency, growth, and strong returns. The UK presents an innovative and entrepreneurial landscape for investment, particularly within the fastest growing sectors of the UK economy.
“We’re delighted to launch this new VCT share offer and provide investors with access to the innovators and gamechangers who can grow and scale the UK’s businesses of the future.”
Calculus’ current portfolio includes high-growth and innovative companies such as Wonderhood Studios, the hybrid TV programme maker and advertising business founded by former Channel 4 CEO, David Abraham; eConsult, the online check-in service that uses algorithm-based questions about symptoms and medical history to help triage NHS patients more efficiently; and Arecor Therapeutics, a globally focused biopharmaceutical company advancing today’s therapies to enable healthier lives.
VCT investments attract 30% income tax relief if held for five years. Dividends are tax free, and there is no capital gains tax on the sale of shares. VCTs are listed on the London Stock Exchange, and investors are shareholders in a listed company overseen by an independent board and run by an investment manager.
