Based on its experience, Ascension believes that the investment case for the UK’s digital and tech industries is compelling, even without the attractive tax incentives offered by the UK Government through the SEIS initiative. Ascension believes that certain subsectors and investment themes within the UK’s digital media and tech sectors represent excellent opportunities for value creation and commercial growth; the Fund has a key focus on the following areas where it believes above average returns are achievable:
The Ascension Team’s deep knowledge of the digital media and tech sectors across the UK and beyond (with many of them having worked at a senior level in these industries) has enabled them to ingrain the Ascension brand into London’s early stage market, including building strong relationships with tech hubs such as Wayra, Entrepreneur First, L Marks, Techstars, MassChallenge, 500 Startups and more.
The Team will aim to target investee companies with mainly Business-to-Business (B2B) and Business to Business to Consumer (B2B2C) revenue models. It is the intention that the majority of the portfolio companies in the Fund will have strong mobile and leveraged marketing/distribution strategies built into the proposition. The Fund will embrace a co-investment philosophy, collaborating with the angel community and seed stage VCs.
The Manager will work with Ascension to develop a portfolio of Investments with the aim of creating an exit for each of the Investments within three to eight years (being mindful that SEIS-qualifying investments need to be held for at least three years). Potential forms of exit may include: Trade sale, IPO, or MBO.
Larpent Newton & Co Limited
Ascension backs exceptional entrepreneurs with big visions by providing capital, access to its network, and expert mentors to help grow scalable businesses.
Since 2013 it has invested, across 7 distinct funds, in over 60 early stage companies. Ascension’s experience in SEIS and EIS investing creates compelling annual products for investors seeking to gain exposure to a high-growth sector, whilst also taking advantage of the generous tax reliefs available.
Ascension’s network and co-investment approach provides visibility and access to a very deep and diverse source of deal-flow. It has a rigorous investment evaluation process and is highly selective when presenting opportunities for investment from its funds.
For further information please visit ascensionventures.com
An initial charge is payable to the Investment Advisor equal to 5% of the Fund’s Subscription in the Investee Company. This Initial Charge will be charged to the Investee Company and cover:
There is an Annual Management Fee of 1% of any Subscription payable to the Investment Advisor, which covers access to the AV Syndicate Club, reporting to investors and administration and accounting. This Annual Management Fee will cover:
As 100% of an Investor’s Subscription is invested in the underlying portfolio, the Annual Management Fee is deferred until cash is received into the Investor’s Account through one or more realisations. There will be no liability for the Investor if there are no realisations from the Fund.
Ascension will be entitled to a Performance Fee equal to an aggregate of:
Kuber receives a fundraising fee of 1.0% from the manager. Kuber will return this fee to Investors by applying it to their Subscription amount thereby increasing their investment.
Kuber’s Custodian and Nominee (Woodside) will be making and holding investments on behalf of Kuber investors.
The Scheme is structured as an AIF
The Manager will work with Ascension to develop a portfolio of Investments with the aim of creating an exit for each of the Investments within three to eight years (being mindful that EIS-qualifying investments need to be held for at least three years). Potential forms of exit may include: Trade sale, IPO, or MBO.
Target fund IRR of 20% or more per annum (not taking into account any tax reliefs), within 5-8 years.
Private Equity SEIS
Digital and Technology industries
The Fund will aim to develop a portfolio of approx. 12 early stage SEIS-qualifying companies. It is intended that each Investor will receive a position in each of these 12 companies.
Reyker Securities plc is the Fund Custodian & Nominee
An investor qualifies as an High Net Worth investor if they have
(a) An annual income to the value of £100,000 or more;
(b) Net assets to the value of £250,000 or more. Net assets for these purposes do not include:
(i) the property which is their primary residence or any loan secured on that residence;
(ii) any rights under a qualifying contract of insurance within the meaning of the Financial
Services and Markets Act 2000 (Regulated Activities) Order 2001; or
(iii) any benefits (in the form of pensions or otherwise) which are payable on the termination of their service or death or retirement and to which they are or (or their dependants are), or may be, entitled.
An investor qualifies as ar Self-Certified Sophisticated Investor if at least one of the following applies:
a) they are a member of a network or syndicate of business angels and have been so for at least the last six months prior to the date below
b) they have made more than one investment in an unlisted company in the two years prior to the date below
c) they are working, or have worked in the two years prior to the date below, in a professional capacity in the private equity sector, or in the provision of finance for small and medium sized enterprises
d) they are currently, or have been in the two years prior to the date, below a director of a company with an annual turnover of at least £1 million