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

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

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 £170 million funds under management as at 30 November 2018. The VCT has assets of around £11.8 million. 

Watch an exclusive video interview with Calculus CEO John Glencross:

Recorded November 2018


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.

Risks: important

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

VCTs 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.

VCTs can now only invest new money in growth capital deals. Management buyouts, replacement capital deals and investments in mature companies are no longer permitted. This results in considerably higher risks.

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 2.35%
Net initial charge through Wealth Club (new investors) 2.65%
Net initial charge through Wealth Club (existing shareholders) 2.15%
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.

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 dividend
4.5% of NAV
Initial charge
Initial saving via Wealth Club
Net initial charge
2.65% (2.15% for existing shareholders)
Annual rebate
Funds raised / sought
£5.8 million / £10.0 million
30 Aug 2019
Last updated: 29 May 2019

News about Venture Capital Trusts. Read all