Vala Capital, the UK venture capital firm, is looking to shake-up fees in the EIS industry with the launch of its ground-breaking EIS fund.

The fund’s unique fee structure means investors will not pay any initial fees, annual management charges (AMC) or administrative, audit or custodian costs. The only expense charged directly to them will be a 20% performance fee on profitable exits.

The investee companies themselves will cover ongoing administration costs through a one-off 6% fee on cash invested.

Jasper Smith, Chairman of Vala Capital, said: “All three of the investment team, Arthur Hughes, Paddy Willis and me, have been involved on both sides of venture capital – as entrepreneurs and as investors, with a combined track-record of 34 exits with an aggregate 3x return.

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