Milamber Education Technology EIS and SEIS Fund

The Milamber Education Technology Fund is an evergreen hybrid EIS/SEIS offer. It seeks to raise between £500,000 and £5 million. The fund will invest in a portfolio of ten to 20 companies in the Education Technology sector.

The Fund is managed by Innvotec Limited, a London-based venture capital firm established in 1987 specialising in EIS, SEIS and SITR funds, in conjunction with Milamber Ventures, a team of EdTech specialist entrepreneurs.

Companies will be selected using Milamber's extensive network and will include opportunities from university spin-outs, InnovateUK, BEIS and several others. Milamber hopes to identify a range of start-up businesses that have the potential to improve the delivery of learning and disrupt established teaching models. The global education market is expected to increase to a value of $586 billion by 2021. 

Investors can choose to have their portfolio entirely in SEIS or EIS companies, or choose a hybrid option where the allocation depends on the amount invested. The SEIS allocation depends on capacity.

Risks

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.

Investors should not invest money they cannot afford to lose. Tax rules can change and the value of tax benefits will depend on individual circumstances.

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).

Wealth Club aims to highlight investments we believe have merit, but you should form your own view. You should decide based on the provider's documents and ensure you have read and fully understand them before investing. This short 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. 15.03.2018

The details

Type
Fund
Sector
Technology
Target return
Unspecified
Funds raised / sought
£5 million sought
Minimum investment
£5,000
Deadline
Discretionary

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