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About

Our History

Calculus is a pioneer of EIS, having created the first UK approved EIS fund in 1999. Since then, we have gone on to launch a generalist EIS Fund every year and multiple VCT share issues, and in October 2022 we launched our first Knowledge Intensive EIS Fund.

We have built a strong reputation as an investor in EIS and VCT Qualifying Companies through our multi-award-winning Calculus EIS Funds and the Calculus VCT. Our focus on capital appreciation, a diligent investment and monitoring process and our record of profitable exits distinguishes us from other EIS and VCT fund managers.

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What people say

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

Hardman and Co, Calculus EIS Fund Review, December 2021

The Manager is further consolidating its position as a leading generalist EIS manager by using its strong fund raising to augment its ability to attract good opportunities.

Allenbridge, Tax Shelter Report, Issue 243

Team

Photo of Aitian Li, Investment Associate at Calculus, London

Aitian Li

Investment Associate
Photo of Alexander Crawford, Co-Head of Investments at Calculus, London

Alexander Crawford

Co-Head of Investments
Photo of Arvind Shandilya, Investment Associate at Calculus, London

Arvind Shandilya

Investment Associate
Photo of Brad Noel, Associate, Media and Entertainment Financing at Calculus, London

Brad Noel

Associate, Media and Entertainment Financing
Photo of Christopher Gould, Financial Planning and Analysis Manager at Calculus, London

Christopher Gould

Financial Planning and Analysis Manager
Photo of Dominic Harris, Head of Portfolio Management at Calculus, London

Dominic Harris

Head of Portfolio Management
Photo of Elizabeth Klein, Investment Director at Calculus, London

Elizabeth Klein

Investment Director
Photo of Francesca Rayneau, Director, Co-Head, Sales & Marketing at Calculus, London

Francesca Rayneau

Director, Co-Head, Sales & Marketing
Photo of Frank Spurway, Associate, Sales & Marketing at Calculus, London

Frank Spurway

Associate, Sales & Marketing
Photo of John Glencross, CEO and Co-Founder at Calculus, London

John Glencross

CEO and Co-Founder
Photo of Julie Ngo, Chief Operating Officer at Calculus, London

Julie Ngo

Chief Operating Officer
Photo of Natalie Evans, Finance Director at Calculus, London

Natalie Evans

Finance Director
Photo of Madeleine Ingram, Director, Co-Head, Sales & Marketing at Calculus, London

Madeleine Ingram

Director, Co-Head, Sales & Marketing
Photo of Mariyah Dosani, Director - Media and Entertainment Financing at Calculus, London

Mariyah Dosani

Director - Media and Entertainment Financing
Photo of Matthew Moynes, Director, Sales & Marketing at Calculus, London

Matthew Moynes

Director, Sales & Marketing
Photo of Oliver Warren, Assistant Director, Sales & Marketing at Calculus, London

Oliver Warren

Assistant Director, Sales & Marketing
Photo of Richard Banks, Fund Administration Analyst at Calculus, London

Richard Banks

Fund Administration Analyst
Photo of Richard Moore, Co-Head of Investments at Calculus, London

Richard Moore

Co-Head of Investments
Photo of Sanskriti Singh, Investment Analyst at Calculus, London

Sanskriti Singh

Investment Analyst
Photo of Smit Mehta, Investment Associate at Calculus, London

Smit Mehta

Investment Associate
Photo of Susan McDonald, Chairman and Co-Founder at Calculus, London

Susan McDonald

Chairman and Co-Founder
Photo of Tim Robinson, Senior Adviser, Media and Entertainment at Calculus, London

Tim Robinson

Senior Adviser, Media and Entertainment
Photo of William Prince, Financial Controller at Calculus, London

William Prince

Financial Controller

Corporate Governance

Calculus Capital Limited which is authorised and regulated by the Financial Conduct Authority (FCA registration number 190854) is committed to maintaining high standards of corporate governance.

Calculus Capital has a board with a diverse range of experience and backgrounds:

John Glencross – Chief Executive Officer & Co-founder

Susan McDonald – Chairman & Co-founder

Julie Ngo – Chief Operating Officer

The Directors meet quarterly and on an ad hoc basis as required.

The Board has established an Audit Risk and Compliance Committee which plays an important role in the appraisal and supervision of key aspects of the Company’s business including financial reporting and internal controls.

The Directors have also established an Investment Committee whose responsibilities include determining and agreeing with the board the Company’s framework or broad policy for fund investment and considering all investment and divestment proposals.

The Company takes into account the requirements of the Stewardship Code and also has in place internal policies and guidelines on a variety of matters including financial reporting, anti-money laundering, anti-bribery and corruption, conflicts of interest, and promoting sustainable practices within the firm.

Calculus Capital Limited is a member of the EISA and the BVCA.

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Important Information

The investments referred to in this website are not suitable for all investors. Calculus Capital Limited is not able to give advice to prospective investors about the suitability of the investments. Prospective investors are recommended to seek specialist tax and financial advice before investing in the Calculus EIS Fund or Calculus VCT.

An investment into the Calculus EIS Fund of Calculus VCT may only be made on the basis of reading in full the information set out in the relevant Information Memorandum or prospectus.

When investing, your capital is at risk. The value of shares and income from them may go down as well as up and despite the tax relief you may not recover the amount originally invested. An investment in smaller and unquoted companies carries a higher risk than many other forms of investment. Shares in unquoted companies are not readily marketable. You should not invest in an EIS or VCT unless you can afford to lose some or all of your capital.

An EIS or VCT investment is only appropriate for investors with a medium to long term investment horizon; the timing and extent of realisation cannot be predicted and may extend beyond five years. It is not possible to allow a partial withdrawal of your investment. You may request a total withdrawal, but since many investments made will be in unquoted companies, this may not be possible. Withdrawal within three years for the EIS and five years for the VCT would lead to repayment of any tax reliefs received.

The tax benefits available depend upon your individual circumstances and these benefits may change dependent upon future legislation.

I have read and understood this important information

Important Information

The investments referred to in this website are not suitable for all investors. Calculus Capital Limited is not able to give advice to prospective investors about the suitability of the investments. Prospective investors are recommended to seek specialist tax and financial advice before investing in the Calculus EIS Fund or Calculus VCT.

An investment into the Calculus EIS Fund of Calculus VCT may only be made on the basis of reading in full the information set out in the relevant Information Memorandum or prospectus.

When investing, your capital is at risk. The value of shares and income from them may go down as well as up and despite the tax relief you may not recover the amount originally invested. An investment in smaller and unquoted companies carries a higher risk than many other forms of investment. Shares in unquoted companies are not readily marketable. You should not invest in an EIS or VCT unless you can afford to lose some or all of your capital.

An EIS or VCT investment is only appropriate for investors with a medium to long term investment horizon; the timing and extent of realisation cannot be predicted and may extend beyond five years. It is not possible to allow a partial withdrawal of your investment. You may request a total withdrawal, but since many investments made will be in unquoted companies, this may not be possible. Withdrawal within three years for the EIS and five years for the VCT would lead to repayment of any tax reliefs received.

The tax benefits available depend upon your individual circumstances and these benefits may change dependent upon future legislation.

I have read and understood this important information