# Calculus Capital Limited / Stargrove Pictures Limited UK Creative Content EIS Fund

- Link: https://www.directorstalkinterviews.com/calculus-capital-limited-stargrove-pictures-limited-uk-creative-content-eis-fund/412801140
- Published: 2019-12-17T12:27:38+00:00
- Author: Amilia Stone

**Why invest**

**Positives**

 * **Strategy:** To invest in a portfolio of unquoted media companies that will 
   generate meaningful IP.

**Issues**

 * **Time to invest:** The target time to invest of 15 months is longer than for
   some other EIS funds.

**The Investment Manager**

**Positives**

 * **Team:** One of the longest standing managers in the VCT/EIS area, Calculus 
   has a highly experienced and stable team.

**Issues**

 * **Past performance:** While Calculus has a substantial and credible record from
   investing in other sectors, this is a new area for the team. However, the addition
   of Stargrove brings sector experience.

**Nuts & bolts**

 * **Offer period:** Closing dates are quarterly on last Fridays of October, January,
   April and June.
 * **Diversification:** The aim is to invest in at least six companies.
 * **Valuation:** Investors will receive valuations twice a year. Industry guidelines
   will be used, with two auditors examining the figures.

**Specific issues**

 * **Fees:** Mixture of direct fees and charged via the investee companies.
 * **Performance fee:** 20% on gains over a hurdle rate of 1.2x total capital invested.

**Risks**

 * **Risk mitigation:** Although a new sector for the Manager, Calculus will use
   its established investment processes and has brought in a specialist advisor 
   in Stargrove.
 * **Target return:** Overall, the strategy is medium-risk relative to other EIS/
   VCT products, with the target capital return of 2.0x towards the top end of what
   we’d expect for that risk category.

[DOWNLOAD THE FULL REPORT](https://www.hardmanandco.com/wp-content/uploads/2019/12/Calculus-Creative-EIS-December-2019-3.pdf)

Share on: