Greenbackers CleanTech EIS and SEIS Fund
The Greenbackers CleanTech Fund is an evergreen hybrid EIS/SEIS offer. It seeks to raise between £50,000 and £5 million, with a minimum investment of £5,000.
The fund will invest in start-up and early stage companies that are focused on developing viable solutions within the low carbon, clean technology, sustainability and climate change industries. Investors will hold a minimum of four portfolio companies.
The Fund is managed by Innvotec Limited, a London-based independent venture capital firm established in 1987 specialising in EIS, SEIS and SITR funds, in conjunction with Greenbackers Investment Capital Limited which specialises in identifying and raising finance for low-carbon, cleantech and climate-change-related businesses.
Investors can choose to have their portfolio entirely in SEIS or EIS companies, or alternatively choose a hybrid option where the allocation depends on the amount invested. The SEIS allocation depends on capacity.
The fund invests in small, unquoted companies that may be pre-revenue, so the usual risks with EIS and SEIS investments are amplified by the early-stage nature of this portfolio. In particular, investors’ capital is at risk and the investments have low liquidity. Further details of risks are outlined in the Investment Memorandum.
Capital is at risk. You should not invest money you cannot afford to lose. Returns are not guaranteed. The value of tax benefits depends on circumstances and tax rules can change.
Fees and deadlines
There is a 1.5% Annual Management Charge (deferred until exits provide sufficient cash for payment) and 30% Performance Fee (subject to a 120% gross return hurdle). There is no initial charge. There are fees paid by the investee companies, which will indirectly affect investors’ returns. Please see the Key Information Document for more details on charges.
The fund is evergreen so while there is no hard deadline, there is a ‘close’ at the end of each quarter.
Investors wishing to have funds deployed in 2017/18 for carry-back purposes will need to apply by 3 April 2018 at the latest (29 March if paying by cheque).
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