Updated documents for the Seneca EIS Portfolio Service

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Updated documents for the Seneca EIS Portfolio Service

Seneca Partners have published updated versions of the Information Memorandum and Application Form for their EIS Portfolio Service in time for the implementation of MiFID II and PRIIPS. These can be downloaded from these links:

Information Memorandum

Application Form

At the same time, a few changes have been made to the charging structure to bring it in line with their Evolution EIS Approved Fund. These changes will only apply to investments received after 31st December 2017; existing subscriptions will be unaffected.

The revised fees are as follows:

Initial Fee
2.5% + VAT for advised sales; or 5.0% + VAT for non-advised sales

Custodian’s Dealing Fees (Upon investment and exit)
0% (these will be paid by the Portfolio Manager)

Custodian’s Administration Fee
£275 + VAT to cover the first five years fee. £55 + VAT p.a. thereafter

Annual Management Fee
2% + VAT p.a. This is deferred and only charged once the investor has received back their Investment Amount

Performance Fee
20% + VAT. This is only payable on the net proceeds received by an Investor that exceed their original Investment Amount after payment of the annual management charge. Where the Portfolio Manager is able to exit from an investee company before the fourth anniversary, a 30% + VAT Performance Fee will apply.

For a Subscription of £100,000 where no adviser fee is being facilitated, the Investment Amount (i.e. the figure after deduction of upfront fees) is £96,670.00.

Whilst Seneca have not changed their investment process nor their intentions to exit in the 4th to 5th year following investment, the potential impact of recent changes to EIS qualification rules may inherently result in slightly earlier stage investment. It would not be unexpected for younger companies to require a longer growth journey to the point of realisation of the investment. Seneca have therefore lengthened the exit timeframe indicated in the Information Memorandum as they believe this should help in managing investor expectations.

Please note that the new documents should be used for any investments received by Seneca after 31st December 2017. Regretably, Seneca will not be able to accept applications on any previous versions of these documents. 

If you have any queries, please call the Client Relationship Team on 01942 271746 or email them at clientteam@senecapartners.co.uk

Important information

This information is of a general nature and does not constitute an offer to provide services.

The opinions and conclusions given here are those of Seneca Partners and are subject to change without notice.

The value of investments and/or any income arising from them may fluctuate.

Past performance is not necessarily a guide to future performance.

Important notice

The products and services shown on this website place capital at risk. Investors may receive less in returns than they have invested. Investments may not allow for capital to be withdrawn on demand. If an investment provides tax relief then this relief is subject to change and is dependant on personal circumstances. Any reference to past performance or forecasted performance is not a reliable indicator of future performance.

Seneca Partners recommends that any investor seeks specialised financial and/or tax advice before investing. Seneca Partners does not provide advice and the information on this website, including but not limited to news, should not be construed as such.

Please confirm that you understand this warning and wish to proceed.