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EIS: increased investor limits for knowledge

Knowledge-intensive companies have received a boost in the Autumn Budget – annual investor limits have increased up to £2 million provided that £1 million is directed into these companies. This is in addition to the existing extended limits for investee businesses that are knowledge-intensive, that include being able to raise a total qualifying investment of £20 million rather than the normal limit of £12 million and the employee workforce being up to 500 rather than 250. In light of these enhancements

EIS & SEIS Under The Bonnet

We are very pleased to have worked with the EISA as one of the sponsors and contributors for their most recent guide ‘EIS: under the bonnet’. This is the second in a series of EIS guides designed to enlighten investors and companies seeking investment on how the structure of EIS works. The first issue was aimed at companies, explaining how EIS could be used to grow a business. This second issue looks at the mechanics of an EIS fund and

5m to 200m AUM Buy-Out & Growth Stage fund manager in 3 years

True Founders, Matt Truman and Paul Cocker, have built a retail and consumer focused buy-out and growth investing fund manager. True is Europe’s only retail and consumer sector specialist that operates across the entire investment vertical, investing out of its private equity buyout fund alongside running a sector specific innovation Hub. True has total funds under management of £200m and invests in retail and consumer sector business models which represent the future of the industry. The working relationship between Mainspring and

Mainspring hires Natasha Head as Sales Director, Custody and Nominee

Mainspring Fund Services is pleased to announce its first business development appointment, with Natasha Head joining its growing team as ‘Sales Director – Custody and Nominee’. Natasha has more than five years’ experience in tax-efficient investments. Mainspring’s Custody and Nominee division provides a managed account infrastructure and administration services for managers making tax-efficient investments. These include investments captured by the Enterprise Investment Scheme (“EIS”) and Seed Enterprise Investment Scheme (“SEIS”), as well as other investments affording Inheritance Tax (“IHT”) and related

When am I ready to launch my EIS fund? Raising Capital

PART 4: RAISING CAPITAL With the legals in place for your new “fund”; the relevant permissions (directly or through an umbrella); and the right service providers, it’s time to raise capital. That’s the topic for this article. If you are already experienced at fundraising you may have all of the skills and contacts you need to successfully raise capital for your fund. If not, you may want to buy in some expertise and resources. You will find that most introducers (often termed “promoters”

Mainspring client Syncona makes impressive gains

Mainspring is pleased to report that Syncona, a leading healthcare company focused on investing in and building global leaders in life science, released its full-year results on 6th July 2017, confirming a 12.5% total return and enlarged net assets of £895.2m. Its largest life sciences holding, Blue Earth, had gained approval for Axumin, its PET imaging diagnostic agent for prostate cancer in May 2017. Mainspring provides Syncona with a broad and customised middle office solution with the core objectives of reducing

Some practical advice on steps to take before engaging advisers

PART 3: WHO TO CALL? Last time, we looked at some of the technical details that require thorough investigation prior to launching a fund and also touched on the crucial area of agreeing a suitable cost base, setting the fees and the amount to raise to supply the required working capital for the team. You have confirmed where you will invest, how you will source deals and who might invest in the fund, as well as identified the fund size and fee

Some practical advice on steps to take before engaging advisers

PART 2: THE DEVIL IN THE DETAILS Last time we looked at a few aspects that someone looking to launch a fund should have in place with a high degree of conviction, prior to launch: 1. You have a clear understanding of the focus sector and focus geographies 2. You can pinpoint companies that qualify for EIS 3. You can source a pipeline of relevant, attractive companies 4. You have a viable target list of potential investors for the fund. So, you know you want to

Some practical advice on steps to take before engaging advisers

PART 1: FIRST STEPS Firstly it’s important to note that an EIS fund is not actually a “fund” in the sense that there is no separate legal entity which constitutes the “Fund”. Instead it’s a collection of individual managed accounts – one for each investor. From an FCA regulatory perspective, it can indeed be regarded as a fund (an AIF), but we will look at this in more detail in a later article. For this first article in the series it

Mainspring Stephen Geddes presents Award

Calculus Capital won the highly coveted Best EIS Investment Manager prize at the 2016 Growth Investor Awards. The award, sponsored by Mainspring Fund Services, was open to any investment manager specialising in Enterprise Investment Schemes, and was judged on investment volume, impact on the investee company, product development and adviser outreach. The Award was presented to Calculus Capital by Stephen Geddes of Mainspring Fund Services. Calculus Capital fought off strong competition from MMC Ventures, Parkwalk Advisors, PUMA Investments, Seneca Partners and