Fund Overview

The AngelPlus EIS Fund is an early-stage EIS technology fund (there is also a separate mirror SEIS fund). The Fund’s objective is to lead selective, early stage investments into UK based, technology and life science businesses using a unique “Venturer” approach which ensures all investments are nurtured actively: The fund only invests alongside Venturers who are experienced entrepreneurs and executives. These Venturers invest their own money and take an active board seat alongside Boundary Capital and its investment director in the investee company. This helps to promote success to de-risk them whilst adding value to the founders too. Further, there are no fees to pay by investors so 100% of their funds are invested.

Background

Boundary Capital Partners LLP is a venture capital firm investing in early stage technology and life science companies. It was established in 2009 by successful technology entrepreneurs and investors.

The investment portfolios are co-managed by 5 Partners – Dan Somers, Dr Richard Leaver, Dr David Gee, Dr Adrian Parton and Grant Hawthorne. Ernie Richardson is strategic advisor working closely with the Partners. This experienced team have conceptualised, built, grown and realised technology businesses, as well as led over 14 Venture Capital funds with over £200m in management and achieved 60 exits. The fund multiples range from 1.4x to 3.0x.

In addition there are two Associate Partners – Damo Baliga and Stephen Barter alongside the 300+ Venturers who are signed up to support Boundary Capital’s unique ‘mammalian’ investment approach, i.e. to nurture their investments actively.

Key Features

1. Boundary Capital have launched the evergreen AngelPlus Fund which builds on the successes of the previous funds and is an evergreen fund. It also has the additional benefit of co-investment rights, i.e. for investors to co-invest at their own discretion in investee companies where the opportunities present themselves.
2. The unique ‘mammalian’ approach of using experienced entrepreneurs and executive aka Venturers has been widely demonstrated in terms of the portfolio of investments having a significant uplift in value. This validation is only based on external valuation in subsequent funding rounds and/or through independent valuations and accreditations by third parties.
3. Attractive net-of-tax free return – The Funds targets net-of-tax average annual returns of return of 25% IRR, enhanced up to 50% depending on the investor’s tax position, based on an average holding period of five years.

The key strategic considerations which underpin the Boundary Capital approach are:

• Industry leading team and experience
• Projects chosen for their commercial potential and nurtured using network of Venturers
• Strict criteria for investment in terms of sectors, stage and potential
• All investments enjoy EIS or SEIS benefits and receive HMRC Advanced Assurance

The AngelPlus SEIS/ EIS Fund looks to spread each investors risk across at least 4 qualifying investment opportunities in the Boundary Capital investment portfolio based on their preference of SEIS or EIS investments. Each underlying SEIS/EIS company must have passed Boundary Capital’s due diligence process and have a best suited Venturer committed and aligned to execute a clear route to market.