Calculus VCT

Calculus Capital has invested in small unquoted companies since 1999, primarily through its EIS fund. Calculus VCT launched in 2009 and co-invests in many of the same companies. Until 2015 it was known as Investec Structured Products Calculus VCT plc. In 2017 it consolidated its three share classes and merged with Neptune Calculus VCT.

A top-up offer is currently open. Calculus VCT aims to raise £10 million with a £5 million over-allotment facility. 


  • Aims to invest in growth-focused, mature unlisted businesses, in many cases co-investing alongside the long-standing Calculus EIS fund
  • Current portfolio of 26 portfolio companies in a diverse range of sectors (July 2018)
  • Strong and experienced management team
  • Option to invest by monthly direct debit
  • Targeting a regular annual dividend of 4.5% of NAV from summer 2019 – not guaranteed
  • Minimum investment £5,000

Make a no-obligation reservation in Calculus VCT

The manager

Calculus Capital was founded by John Glencross and Susan McDonald in 1996; both are still actively involved.  Calculus Capital is an experienced EIS and VCT fund manager and a pioneer in the tax efficient arena, having launched its first approved EIS fund in 1999/2000. Calculus Capital had £164 million funds under management as at 31 July 2018. The VCT has assets of around £8.5 million. 

Watch an exclusive video interview with Calculus CEO John Glencross:


Calculus’s focus has always been on mature unlisted businesses. Calculus targets companies seeking development or scale-up capital that have:

  • A robust business model
  • A strong management team
  • Evidence of market opportunity
  • Capability, in the manager’s view, of achieving a target IRR of 20%

Most of the deals come to Calculus via corporate advisers or as the management of underlying companies come back for a second or third time.

Calculus aims to find and back capable management teams in established companies which are already successfully selling products and services. Sectors of interest include agri-tech, leisure, telecoms, transportation, healthcare and business services.

Three of the top four holdings of the enlarged portfolio are money market funds. As at July 2018, 31.1% was held in Aberdeen Sterling Liquidity Fund, Goldman Sachs Sterling Liquidity Fund and Fidelity Sterling Liquidity Fund. 

Target dividend

The VCT targets a regular annual dividend of 4.5% of NAV, from Summer 2019.  Dividends are variable and not guaranteed.


The usual risks with unquoted companies exist with this offer.

Please remember capital is at risk. VCTs are high-risk investments and are not suitable for everyone. Investors should not invest money they cannot afford to lose. 

The value of tax relief depends on circumstances. Calculus Capital has an exclusive focus on EIS and VCT investments, both of which are subject to HMRC rules which can change frequently. This could leave the firm and its investee companies vulnerable if rules change unfavourably in future. 

Fees and charges

A summary of the fees and charges is shown below. The net initial charge shown includes the Wealth Club discount and early bird saving.

Full initial charge 5%
Wealth Club initial saving 2.5%
Net initial charge through Wealth Club (new investors) 2.5%
Net initial charge through Wealth Club (existing shareholders) 2%
Annual charge 1.75%
Performance fee 20%

More detail on the charges

Share buybacks

The board intends to buy back shares at a discount of no greater than 5% (or 10% in respect of buybacks made on or before 28 February 2020) to the most recently published net asset value per share. This is subject to availability and board and shareholder approval. Please see the offer documents for details.

Dividend reinvestment scheme

There is no facility to reinvest dividends. 

Our view

This is one of the smallest VCTs currently fundraising. It gives access to many of the investments also featured in the Calculus EIS fund, but with a much lower entry point – the minimum investment is for this VCT is £5,000.

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 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. 19 September 2018

The details

Target dividend
4.5% of NAV
Initial charge
Initial saving via Wealth Club
2.5% (3% for existing shareholders)
Net initial charge
2.5% (2% for existing shareholders)
Annual rebate
Funds raised / sought
£10 million sought
1 Feb 2019 for early bird saving

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