|Set-up fee||1%** (was 2%)||2.3%|
|Annual management fee||1.5%||1.9%|
|Annual admin fee||None||0.4%|
|Total management fees |
(7 year holding period)
|11.5%** (was 12.5%)||24.3%|
|Performance fee (carry)||10%||20%|
* SR commissioned XPM Investment Consulting to review all open EIS offers (totalling 49 EIS funds). The data in the comparison table above includes flagship EIS funds (reporting over £100m in assets under management): Calculus Capital EIS, Deepbridge Technology Growth EIS, Downing Ventures, Draper Esprit EIS, Eden Rock Ventures, Foresight Williams Technology, Fuel Ventures, Guinness EIS, Invicta Growth EIS, MMC Ventures EIS Fund, Mariana EIS, Mercia EIS, Nexus Investments Scale-Up Fund, Palkwalk Opportunities EIS, Puma EIS, Startup Funding Club Growth EIS and Triple Point Impact EIS). Figures in the Typical EIS fund column are averages across all of the funds named above. The research was conducted in July 2019.
** Limited time offer, until £6.5m is raised. New investments only. Standard pricing applied 18/03/20 to 02/06/20.
Throughout our research, there was no clear evidence for how long funds keep charging investors for.
Performance fee – which is often referred to as “carry” or “carried interest” – is the percentage of fund profits taken by the fund manager as an incentive to build high-performing portfolios for investors.
All fees and figures listed in this table are before VAT.
For example, if Access EIS were to return £20,000 on a £10,000 investment, there would be a profit of £10,000. With a performance hurdle of 110%, SR would return £11,000 to investors without charging the exit fee. The 10% exit fee would only be charged on the remaining £9,000 of profit.
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