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Highgate Associates launches second investor fee free EIS fund


Highgate Associates and Enterprise Corporate Finance have launched a second EIS Fund, Highgate Tech Fund 2.

The fund is open to sophisticated investors who have a minimum of GBP5,000 to invest and who are looking to enhance their investment portfolio with exposure to high growth UK high tech businesses with EIS tax breaks.

Highgate Tech Fund 2 is investor fee free. Unlike most EIS funds, the fund ensures that the full value of investor funds receives 100 per cent EIS relief, compared to the standard industry procedure to net off initial charges plus a further 17.5 per cent or soon to be 20 per cent VAT which could add up to 15 per cent or so of investors’ funds.

Highgate and its principals do not take fund management salaries. The fund managers have more than 25 years each of high tech company experience.

Ffund managers offer investee companies a helping hand with financial management, marketing and, where needed, senior level management.

Before Highgate Tech Fund 2 takes any profits, it will have had to deliver a minimum of six per cent annualised return to investors.

Susan Phillips, director general, EIS Association, says: "I am delighted to continue working with the Highgate team in launching the HG Tech Fund 2. To my mind, the ethos of this fund represents the intended sentiment behind the Enterprise Investment Scheme, one of fostering and encouraging private sector investment into growing British companies. It is not just about successfully spotting a winning technology but understanding its market and working alongside the management to get ahead of the competition and drive the companies forward."

Andrew Muir, chief executive of Highgate Associates and chair of the fund, says: "Highgate Tech Fund1 got us off to a good start and we have been delighted by the response to it from the investment community. Highgate Tech Fund 2 builds on the successes of the first fund and investors will benefit from even greater tax efficiency and the commitment we make to investing 100 per cent of their funds into the best tech businesses."

The fund is open now for investment and has its initial close on the 31 January 2011. The portfolio will aim for a spread across a number of investee companies and to be fully invested as quickly as possible so that investors can claim their EIS tax relief promptly. The fund is looking to deliver a return to investors within a three to five year investment window, with a roll-over opportunity to maximise the IHT and CGT potential.

The fund is advised by Enterprise Corporate Finance, established in 1992 to advise EIS companies.

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