Based on parameters agreed with its investment committee, Kuber will identify a shortlist of potential Managers and Schemes from a market wide analysis. These parameters have been established following a selection criteria which are based on a set of criteria widely used by other independent bodies from across the wealth advisory industry. The following are examples of the key areas typically considered
A record of investment in EIS, SEIS or BPR
A commitment to future EIS/SEIS/BPR launches
In-house investment protocol, key personnel of high standing
Quality levels of service, and fair costs
Kuber will, through their internal investment committee proceed to make the final selection and negotiate terms with the selected Managers.
You will find more information on the managers and their portfolios on this page, within our Investment Guide and the managers websites. If you require more detailed analysis on the managers or their portfolios this can be obtained from us or our partners.
Also, there are a range of Kuber portfolios for professional advisers only, and you will find a summary of these on the documents page.
|Amersham Growth Fund EIS||Private Equity||6.66% p.a. as the hurdle rate of the Fund||3-5 year||Generalist||AIF|
|Atlantic Screen Media EIS||Private Equity||ASML are targeting an IRR of 15% (excluding tax relief) for shareholders.||The Fund Manager will likely look for an exit in years 4 to 5. |
Music scores: For music content, this will entail the sale of the catalogue or the companies themselves to a major music publisher or to Atlantic Screen Group.
Comics: For the comics, the IPs will be sold to a major comic book company or to the likes of Netflix, Amazon or Facebook for future exploitation of the IP.
TV development: For the TV series developments, these will either have been converted into productions and the investments repaid with a premium or, what has not been converted will be bundled and sold to a production company. Any residual values attributed to the EIS Company from conversions into production (i.e. profit participations) will be sold to a catalogue acquisition company.
|Media & Entertainment||MIFID|
|Blackfinch Ventures EIS Portfolios||Equity EIS||Base return £3 for every £1 invested |
Base return £5 for every £1 invested
|Most exits take the form of trade sales, with the possibility of flotations and secondary sales to other investors.||Generalist||MIFID|
|Committed Capital Growth EIS||Private Equity EIS||£2.50 for every £1.00 invested||The intention is to exit within 3 to 5 years of monies being invested via trade sale, IPO, or where appropriate, a sale to a strategic co-investor. Typically exit is through a trade sale or strategic sale.|
Since 2001 the team has achieved annual returns of 41% with an average ROI of 2x (excluding tax reliefs), with an average investment holding period of 4 years.
|Growth Stage UK Technology||AIF|
|Deepbridge Technology||Private Equity||target return of 22.9% p.a.||minimum of 3 years||Technology||MIFID|
|Deepbridge Life Sciences EIS||Private Equity||170p for every 100p invested, over a minimum 4-year period, an equivalent return of c.22.4% per annum||The Deepbridge team believes that most exits in the technology sector will take place in the M&A space, and so aim to execute business models suitable for this exit route. The Deepbridge team will assess any opportunity to capitalise on exit opportunities, notwithstanding the 3 year EIS period, if an early exit is in Investors’ best interests. Deepbridge believes that either a sale of the Investee Companies, or a sale or refinancing of the assets owned by the Investee Companies, will enable funds to be returned to Investors.||Life Sciences||MIFID|
|EMVC Evergreen EIS Fund||Venture capital EIS||£3 per £1 invested||The expected holding period of most investments will be between the minimum three years for tax conditions and up to at least six years. However, it is noted that Investee Companies may be held for longer periods dependent on market conditions. It is noted that following the realisation of the Qualifying Shares in each Investee Company, the realisation proceeds will be paid to the Investors. Consequently, it is possible that Investors will receive distributions from the Fund over a period of time.|
The exit strategy will, of course, vary depending on each investment. Due to the Fund’s focus, it is anticipated that for most investments, trade sales to corporates or secondary sales to financial investors will be the most likely exit routes.
|Great Point Ventures EIS||Venture capital EIS||£2 for every £1 invested||The Manager is targeting an investment horizon of between four to six years (no guarantee implied). The main routes to exit are likely to be a trade sale, a sale to a financial buyer or strategic investor, or a sale to management.||Media & intellectual property (creative industries)||AIF|
|Guinness EIS||Generalist growth||£1.25 per £1.00 invested, net of all fees||Exit each investment in 4-5 years. Exits are varied – e.g. Trade sale, MBO, leveraged purchase, IPO, liquidation.||Generalist|
|Jenson EIS Fund||Private Equity||£1.85 for every £1 invested (invested gross of tax reliefs within four years to seven years)||There is and can be no guarantee of any exit but Jenson will seek to realise Investments over a period of four years to seven years from the date on which they were made. Jenson will look to employ a variety of appropriate exit strategies on behalf of the Fund including trade sales to other companies in the same sector or industry as the investee company, listing on a stock exchange or by selling its share of the investee company to larger private equity firm.||Generalist||AIF|
|Newable EIS Scale Up 3||Private Equity||20% IRR / 3x capital||The fund will endeavour to realise investments whenever it is commercially prudent to do so. The fund targets realising investments in a 5-8 year time-frame. Exits are anticipated to come from either i) a secondary share sale to a next stage investor i) a trade sale to a corporate investor or iii) a main market listing||Technology||AIF|
|Par EIS Fund||Venture Capital EIS||IRR of 15% per annum||Exits are generally expected to come 1n the form of trade sales, although return of capital and IPOs can't be ruled out Absent an exit event, liquidity 1s likely to be extremely limited Should the Investment Agreement between Par Equity and an Investor come to an end, through termination or expiry, the Investor can have shares transferred to them from the nominee||Technology||AIF|
|SideBySide Later Stage EIS Fund||Venture Capital EIS||£3.70 for each £1 share after 8 years||The expected holding period of most investments will be between the minimum three years (for tax conditions) and up to eight-years. Investors should expect to hold their Investments for up to eight years, but attractive realisation opportunities may occur sooner, and some Investments may be held longer. Following the realisation of the Qualifying Shares in each Investee Company, the realisation proceeds will be paid to the Investors net of any accrued but unpaid fees (including performance fees). |
We aim to sell our stake in our companies (or part of it) into private capital through our network of HNWI and Family Offices to ensure we get as little dilution as possible. We may also seek to IPO our companies or sell after year four if our founders request it.
|Start-Up Series Fund||EIS and SEIS||190% after 5 years (i.e. original investment plus 0.9 x investment), plus tax reliefs.||The Fund will take a long-term view on the Portfolio Companies and will aim to only look at the possibility of facilitating an exit from an investment after it has been held for at least a three-year period, thereby ensuring, wherever possible, that the investment has met one of the key qualifying conditions necessary for Investors to obtain the relevant tax reliefs. However, there may be occasions where an earlier sale is a commercially sensible decision|
The Fund anticipates that the options for Investors to exit a Portfolio Company may include the following:
|Station 12 Sports, Entertainment and Knowledge Fund||Growth EIS/ |
Venture Capital SEIS
|250p (before performance fees) for every 100p invested.||Station 12 make it one of their investment criteria to assess whether there is a reasonable probability to exit the companies they are investing in. |
They will generally look at the investee companies after 4 years of making the initial investment to consider their financial performance and the prevailing market conditions with respect to assessing a potential exit. They will weigh up if it makes sense to pursue an exit or continue growing the business.
In their experience the main route to exit will be through a trade sale. Other potential avenues for exit will be a sale to a financial buyer or an IPO.
They expect the timeframe for exits to be 4-6 years from initial investment into the investee companies.
|Media, Entertainment and Knowledge||AIF|
|Symvan Technology EIS||Private Equity||£2.85 for each £1 invested||Symvan seeks to exit portfolio companies in a 5-to-7 year time period, although the sale of Buying Butler in 2018 achieved an exit in 4.5 years, and was written about by the Intelligent Partnership as one of the three ‘exits’ of 2018.The recent Allenbridge Report gives Symvan an Investment Score of 85 which is one of the highest in the market. As the report notes:|
Symvan’s first two positive exits gives weight to the portfolio’s valuation uplifts over the last couple of years … Symvan’s development over the last few years as a Manager, underlined by its first few exits from its tax-advantaged investments, should put it on investors’ radar as a Manager who might be worth considering if looking to diversify across funds which invest in the tech-enabled sector and away from the more traditional names that have tended to dominate in this area.
|Vala EIS Portfolio||Generalist Growth EIS||£2 for every £1 invested.||The target exit range is 3-5 years after investment (though investors should expect that some companies might take longer to exit). Exits will be realised by sale of the shares, typically through a trade sale or a sale through Private Equity or an IPO.||General Enterprise||AIF|
|Velocity Technology EIS Fund||Private Equity||£1.75p per £1 invested||Exits likely to be achieved via a sale, disposal or listing of an investee company. A partial exit approach to one or more of its investee companies is the approach so that risk can be mitigated as soon as possible. NB the first fund which started in April 2016, has already achieved a 6.6x cash return in respect of one of its holdings in May 2017 within 13 months of investment. This means its investors are already cash positive.||Technology||MIFID|
|Amersham Growth Fund SEIS||Private Equity SEIS||£1.30 for £1 invested||3-5 years||Generalist||AIF|
|British Robotics Sidecar Fund||Private Equity SEIS||£3 for every £1 invested||The exit strategy of the Fund will be to realise individual investments following the SEIS and / or EIS Three Year Period either via a secondary share sale (to another fund), or trade sale, or IPO. In practice this period could be longer, and since the Fund has an anticipated life of six years Investors may be unable to achieve a return on investments made for their account before that time.|
The Investment Manager may consider exiting an investment before the expiration of the SEIS and / or EIS Three Year Period if the growth of an investment has outperformed the market and covers any loss of tax benefit. The Investment Manager may also exit an investment if an Investee Company is the subject of a trade sale.
|Deepbridge Innovation SEIS||Private Equity||Mid-case capital growth of 200p for every 100p invested targeted, over a minimum 5-year period.||The Deepbridge team believes that most exits in the technology sector will take place in the M&A space, and so aim to execute business models suitable for this exit route. To appear on potential acquirers’ radars, Deepbridge seeks to invest in opportunities that have the potential of becoming either a threat or a complement to existing products on the market. Exits will be sought at the earliest opportunity after the third anniversary of the investment made, however, exit strategies will likely be implemented within 4-5 years from investment date.||Technology||AIF|
|Deepbridge Life Sciences SEIS||Private Equity||35%% pa over a minimum of 5 years 250p for every 100p invested||We believe that most exits in the Life Science sector will take place in the M&A space, and so we aim to execute business models suitable for this exit route. To appear on potential acquirers’ radars, we seek to invest in opportunities that have the potential of becoming either a threat or a complement to existing products on the market.||Life Sciences||MIFID|
|Start-Up Series Fund (SEIS)||SEIS||240% after 5 years (i.e. original investment plus 1.4 x investment), plus tax reliefs.||The Fund will take a long-term view on the Portfolio Companies and will aim to only look at the possibility of facilitating an exit from an investment after it has been held for at least a three-year period, thereby ensuring, wherever possible, that the investment has met one of the key qualifying conditions necessary for Investors to obtain the relevant tax reliefs. However, there may be occasions where an earlier sale is a commercially sensible decision.|
The Fund anticipates that the options for Investors to exit a Portfolio Company may include the following:
|Velocity SEIS Technology Fund 4||Generalist Growth||£2.50 for every £1 invested||Each investment will be monitored by Velocity to ensure optimum cross-fertilisation across all the Investee Companies.|
Velocity actively works with each founding team to evaluate and
orchestrate a variety of appropriate exit strategies on behalf of the Fund including trade sales, listing on a stock exchange, or by selling its share of the Investee Company or a portfolio of its investments to a larger private equity firm or industrial interest.
The Fund will take a long-term view on the Investments and aims to only look at the possibility of exiting an investment after it has been held for at least three years, thereby ensuring that the Investment has met the key qualifying conditions necessary for Investors to obtain the tax reliefs. However, there may be occasions where an earlier sale is
a commercially sensible decision. It is anticipated that most exits from Investments will take place after they have been held for between four years to seven years though some could take significantly longer depending on market conditions and the nature of the Investee Companies.
|Technology Enabled Businesses||MIFID|
|Blackfinch Adapt IHT Portfolios||BPR||Blackfinch Capital Preservation Portfolios||tbc||Generalist||MIFID|
|Deepbridge IHT Service||BPR||6% dividend per annum after year 2|
Or, a growth option
|Great Point Estate Planning||BPR||3% per annum||Match Bargain and Capital Reduction||Media & entertainment||MIFID|
|Guinness Sustainable Inheritance Planning||BPR||Aim to deliver returns in excess of 5% per annum||The offering facilitates quarterly redemptions for investors once they have been invested for a minimum of 12 months.||Infrastructure||MIFID|
|Fund Manager||Fund Name||Allenbridge|
|MICAP||Hardman & Co||Fund type|
|AMIM||Amersham Growth Fund EIS||-||-||pending||-||EIS|
|Amersham Growth Fund SEIS||-||-||-||-||SEIS|
|Start-Up Series Fund (EIS)||-||-||✓||✓||EIS|
|Start-Up Series Fund (SEIS)||-||-||✓||✓||SEIS|
|Atlantic Screen Media Limited||Atlantic Screen Media EIS||-||-||✓||-||EIS|
|Blackfinch||Blackfinch Ventures EIS Portfolios||✓||-||✓||-||EIS|
|Blackfinch Adapt IHT||✓||-||✓||-||IHT|
|Committed Capital Limited||Committed Capital Growth EIS||-||-||-||-||EIS|
|Deepbridge Life Sciences EIS||-||-||✓||✓||EIS|
|Deepbridge Innovation SEIS||-||-||✓||✓||SEIS|
|Deepbridge Life Sciences SEIS||✓||-||pending||✓||SEIS|
|Deepbridge IHT Service||✓||-||✓||-||IHT|
|Great Point Investments||Great Point Ventures EIS||-||-||-||-||EIS|
|Great Point Estate Planning||-||-||-||-||IHT|
|Guinness Asset Management||Guinness EIS||✓||✓||✓||-||EIS|
|Guinness Sustainable Infrastructure Service||✓||✓||-||-||IHT|
|Jenson Funding Partners LLP||Jenson EIS Fund||-||-||✓||-||EIS|
|Newable Ventures Limited||Newable EIS Scale Up 3||-||-||-||-||EIS|
|Par Fund Management Limited||Par EIS Fund||-||-||-||✓||EIS|
|Sapphire Capital Partners LLP||British Robotics Sidecar Fund||-||-||-||-||SEIS|
|EMVC Evergreen EIS Fund||-||-||-||-||EIS|
|SideBySide Later Stage EIS Fund||-||-||-||-||EIS|
|Vala EIS Portfolio||-||-||-||-||EIS|
|Station 12 Asset Management||Station 12 Sports, Entertainment and Knowledge Fund||-||-||-||-||combined|
|Symvan Capital||Symvan Technology EIS||✓||-||✓||✓||EIS|
|Velocity Capital Advisors Ltd||Velocity Technology EIS Fund||-||-||✓||-||EIS|
|Velocity SEIS Technology Fund 4||-||-||-||-||SEIS|