UK Creative Content EIS Fund

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The UK Creative Content EIS fund is a new fund managed by Calculus Capital in association with the British Film Institute (BFI). 

The UK’s content sector is growing at twice the rate of the UK economy fuelled in part by the demand for premium content from streaming services such as Netflix, Amazon, Apple and others. Traditional broadcasters are increasing budgets to keep pace in this competitive environment. This fund aims to benefit from the significant growth of the sector. It will invest in EIS-qualifying companies in the UK media sector with a focus on film, TV and game content.


  • Expected exit timeline of 4-6 years (not guaranteed)
  • Aims to hold a minimum of six portfolio companies with advance assurance
  • Funds likely to be deployed within 15 months (not guaranteed)
  • Evergreen fund with quarterly closes in October, January, April and June
  • Minimum investment £10,000

Important: The information on this website is for experienced investors. It is not advice nor a research or personal recommendation to invest. If you’re unsure, please seek advice. Investments are for the long term. They are high risk and illiquid and can fall as well as rise in value, so you could get back less than you invest.

Read important documents and apply

The manager

In 2018, the BFI recommended an EIS fund should be established to boost private equity investment in UK screen industries.

The BFI set about inviting fund managers to pitch for the role. Calculus Capital was appointed from a shortlist of six in December 2018, with Stargrove Pictures as a strategic adviser. 

Calculus Capital

Calculus is one of the most experienced EIS investors and the longest-standing EIS fund manager. Its managing partners, John Glencross and Susan McDonald, made their first EIS investment in 1996 and launched the UK’s first approved EIS fund in 1999. They have a 20-year track record of growth EIS investing.

Calculus has won the EIS Association Awards ‘Best EIS Fund Manager’ five times, and also won ‘Best EIS Fund Manager’ at the 2018 Growth Investor Awards.

Stargrove Pictures

Whilst Calculus brings growth investing expertise, Stargrove Pictures contributes sector knowledge and industry connections. Stargrove has managed and advised on over £750 million of creative content EIS and VCT investments. The team behind Stargrove has been involved in providing funding for films such as Carol, The Maze Runner and Suffragette, and for TV productions such as Call the Midwife, Doc Martin, Teletubbies and The Fall.

As a strategic advisor to the fund, Stargrove will help identify and secure investment opportunities in partnership with Calculus.

The British Film Institute (BFI)

The BFI was founded in 1933 and is supported by the Department for Digital, Culture, Media and Sport. It is the UK’s lead organisation for film and television and uses Lottery funding to support film production, distribution, education and audience development.

The BFI is associated with the EIS fund and was responsible for selecting Calculus and Stargrove to manage it, but the BFI will not be involved in managing it nor have any financial interest in the fund. 

Watch a video interview with manager John Glencross of Calculus Capital:

The offer

The fund will look to take advantage of the recent surge in global demand for creative content – a sector that is growing at twice the rate of the economy overall. John Glencross believes ‘there has never been a better time to create, own and invest in UK content’.

Much of this growth is attributed to the emergence and expansion of subscription streaming services such as Netflix and Amazon who constantly need to provide new content. This trend is expected to continue and the likes of Apple, Disney and Warner Media are all anticipated to offer their own streaming services in 2019.

Importantly, the fund aims to invest in the creative content businesses themselves, rather than to finance specific film projects, as was typically the case with media EIS offers under old rules that are seeking to develop a range of projects on a variety of different platforms, rather than investing in single film or TV projects.

Target companies will have a proven track record of producing commercially appealing content, commissioned by top-tier distributors or broadcasters (such as the BBC or Netflix), an existing development slate and meaningful talent connections. They must have a multi-platform strategy, which might range from theatrical film to TV, to subscription video-on-demand (SVOD) services and gaming.

Risks – important

This, like all investments available through Wealth Club, is only for experienced investors happy to make their own investment decisions without advice.

EIS investments are high-risk so should only form part of a balanced portfolio and you should not invest money you cannot afford to lose. They also tend to be illiquid and hard to sell and value. Before you invest, please carefully read the Risks and Commitments and the offer documents to ensure you fully understand the risks. 

Tax rules can change and benefits depend on circumstances.

This fund invests in early-stage businesses which are more likely to fail than larger ones, so you should expect a number of failures in the portfolio.


A summary of the main charges and savings is shown below. Some of these will be payable by the investor, whilst others by the investee companies. The investment may have additional charges and expenses: please see the provider documents, including the Key Information Document, for more details.

Investor charges
Full initial charge 4%
Wealth Club initial saving
Loyalty discount for existing Calculus investors 1%
Net initial charge through Wealth Club (new investors) 4%
Net initial charge through Wealth Club (existing investors) 3%
Annual management charge 0%
Administration charge
Performance fee 20%
Investee company charges
Initial charge 2%
Annual charges 2.15%
All fees and charges are stated exclusive of VAT, which may be applicable in some cases. Any fees and charges payable by the investee companies or the underlying businesses do not directly come out of your investment. However, they will effectively reduce the returns generated by investee companies and therefore impact your investment.

More detail on the charges

Timing of the offer

The fund anticipates taking up to 15 months to fully deploy investor capital following the closing dates. However, it may take longer.

The next allotment deadline for the fund is: 30 October 2020. 

Read important documents and apply

Wealth Club aims to make it easier for experienced investors to find information on – and apply for – tax-efficient investments. You should base your investment decision on the provider's documents and ensure you have read and fully understand them before investing. This review is a marketing communication. It is not advice or a personal or research recommendation to buy the investment mentioned. It does not satisfy legal requirements promoting investment research independence and is thus not subject to prohibitions on dealing ahead of its dissemination.

The details

Target return
Funds raised / sought
Minimum investment
30 Oct 2020 for next tranche
Last updated: 20 September 2019

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