Fees, Buybacks and Dividends


We do not charge arrangement fees, exit fees or directorship fees; to either the fund or to the portfolio companies.
We charge the portfolio companies a support fee on investments of £1m or more. This is capped at £30,000/year for three years.
A 20% performance fee is based on realised gains from exits and not on our valuations during the investment hold period. This means a performance fee can only be paid if there is a profitable exit. This directly aligns the investment manager with the shareholders’ interests.


Our buyback policy is at a 5% discount to NAV.
The Board reviews buybacks on a half-yearly basis.


Tax-free dividends
We target an annual 5p per share dividend (increased in 2022 from 3p per share)
Special dividends are paid on exits
7.0p per share paid in FY22 & 5.0p per share paid in FY23
2.5p per share paid in May 2023 and a further 2.5p annouced in August 2023
The flexible dividend reinvestment scheme allows shareholders to choose cash or to re-invest; for each dividend.

Get in touch

We strive to provide the best possible support. If you have any questions, concerns, or feedback, please don't hesitate to reach out to us.

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