Now the successful Basics series is past, we return to normal programming with our usual year-end panel. An all-star group of experts get together to discuss what happened in 2025 and the prospects for 2026. This year, Philip Hare, Partner at Philip Hare & Associates; Kealan Doyle, CEO & Director of Symvan Capital and Ewoud Karelse, Specialist-Product at Evelyn Partners bring their knowledge and insight.

In a wide ranging discussion we talk about:

1. how investments and valuations are looking
2. whether investors are keeping their hand in their pockets
3. how K-shaped the market is really
4. whether we are really in an AI bubble
5. the return of exits
6. timescales to achieve exits
7. the state of fundraising for EIS and VCTs
8. how the budget changes affect the market
9. why the budget could help AIM
10. where ESG has gone
11. what will happen in 2026

As usual, the panel bring a lot of knowledge and insights. A lot happened in 2025, so listen and find out what it all means for investors and advisers.

00:50 Introductions

01:45 The investing side of the market

06:00 Are we in a K-shaped market?

08:00 Comparing the current market with the tech bubble

10:50 AI first companies and managers with experience

13:20 Are we in an AI bubble?

20:15 The return of exits

25:00 Time to exit and fund lifespans

28:15 How is fundraising?

31:00 VCT fundraising and budget changes

38:50 Effect of raising company investment limits in budget

46:00 Effect on AIM companies

49:00 Where has ESG gone?

54:00 looking forward to 2026 - consultation

60:00 The panel makes predictions!

EIS Assocation - https://eisa.org.uk/

Symvan Capital - https://www.symvancapital.com/

Evelyn Partners - https://www.evelyn.com/

Philip Hare & Associates - https://philiphareassociates.tax/

Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen

Kealan Doyle

Kealan is CEO and co-founder of Symvan Capital. He has worked with venture capital companies for 15 years, both in a corporate finance advisory capacity as well as a fund manager. He prefers to invest in a wide range of technology companies, but is also very interested in finding synergies within the Symvan portfolio of companies. Company interests include big data analytics, fintech, SaaS, 3D printing and network security. Before his involvement in venture capital investing, Kealan previously lead a structured equity products team at HSBC, and has worked at Deutsche Bank, Merrill Lynch and UBS. Together...

In the last in the EIS & VC basics series for the EIS Navigator podcast we discuss exits and why they matter to investors. Symvan Capital are building a track record of successful exits. Co-founder Kealan Doyle also has prior experience in capital markets so has lots of knowledge of the different kind of exits, as well as some of the wrinkles that investors need to watch out for.

Kealan covers all the different kinds of exits that an investor might come across. These include:

• why exits matter to EIS and VCT investors
• failures are still exits
• why failures come before successes
• how trade sales work
• getting shares versus cash
• what is a secondary sale
• why IPOs are less popular than before
• how timing matters

Kealan has had some unusual exit experiences in the past couple of years, so has some interesting examples to throw into the mix. Enjoy!

Symvan Capital - https://www.symvancapital.com/

HMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investors

Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen

You can see this episode on video too here. https://youtu.be/gRXiZ8pTkwQ

The playlist for all the videos of the Basics series will be found here.

Kealan Doyle

Co-founder and CEO, Symvan Capital

Before co-founding Symvan Capital and moving into venture capital investing, Kealan led a structured equity products team at HSBC, where he was responsible for developing and managing innovative investment solutions.

Kealan holds degrees from the London School of Economics and the University of Toronto and his earlier career included roles at Deutsche Bank, Merrill Lynch, and UBS - where he gained extensive experience in capital markets and complex financial products.

For over 20 years, he has worked closely with venture capital-backed businesses, initially in a corporate finance advisory capacity and more recently as a fund manager. This dual perspective has given him a deep insight into the challenges early-stage companies face and how best to support their growth and long-term success.

Please note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein.

For more information, please read our full disclaimers:

www.hardmanandco.com/research-disclosures

www.hardmanandco.com/disclaimer

In the latest in the EIS & VC basics series for the EIS Navigator podcast we discuss how investors and advisers can pick the right EIS fund or VCT. SyndicateRoom have moved into third-party management, so have good insight into how to pick a fund. Co-founder Tom Britton joins us to give his views on what investors need to look at and how.

Tom covers lots of areas that investors and advisors need to consider. These include:

• the high level filters
• strategies and sectors
• what is the deployment time
• how does it affect your venture portfolio diversification
• where past performance and exits fit
• the more detailed diligence after filtering
• the existing portfolio and how it fits into current trends
• looking at the fund manager and its stability
• differences in fees and fee structures
• extra factors for VCTs - dividends and buyback policies, cash levels

We cover a lot of ground so get your notebooks ready! Tom definitely has distinctive views, but also great knowledge so it's well worth a listen. Enjoy!

Syndicate Room - https://www.syndicateroom.com/

Tom Britton - tom@syndicateroom.com

HMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investors

Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen

You can see this episode on video too here. https://youtu.be/27sHsBQRY70

The playlist for all the videos of the Basics series will be found here.

Tom Britton

Co-founder, SyndicateRoom

After completing his MBA in Cambridge, Tom co-founded SyndicateRoom to give a wider audience access to venture capital investment. As co-founder, Tom works across all aspects of the business, with an emphasis on product development and marketing strategy, and as much direct contact with our super angels and investors as possible. He enjoys being plugged into the wider industry and sits on the board of the UK Business Angel Association. He also hosts SyndicateRoom’s Angel Insights podcast, interviewing key industry figures. Prior to founding SyndicateRoom, Tom was Product Manager at TheTrainline, where he headed up the launch of its mobile applications.

Please note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein.

For more information, please read our full disclaimers:

www.hardmanandco.com/research-disclosures

www.hardmanandco.com/disclaimer

In the latest in the EIS & VC basics series for the EIS Navigator podcast we discuss how companies can find the right EIS or VCT manager for investment. Symvan Capital has been investing through EIS for over a decade so has seen what happens when companies handle it well and badly. Investment manager, Michael Theodosiou talks us through the angles.

Michael covers lots of important issues for founders and management. These include:

• how do companies approach the idea of raising money
• the benefits and expectations of getting venture capital
• the different types of managers
• sector and stage differences
• how targeting can make fundraising more efficient
• when companies should think about starting a fundraising
• how to approach fund managers
• how to choose between different offers
• how terms and value add can vary

It can seem daunting to a founder who is new to fundraising, but with a little guidance they can manage an effective process without making it too complicated. Enjoy!

Symvan Capital - https://www.symvancapital.com/

HMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investors

Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen

You can see this episode on video too here. https://youtu.be/ImJJuHxGbm0

The playlist for all the videos of the Basics series will be found here.

Michael Theodosiou

Investment Manager, Symvan Capital

Please note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein.

For more information, please read our full disclaimers:

www.hardmanandco.com/research-disclosures

www.hardmanandco.com/disclaimer

In the latest in the EIS & VC basics series for the EIS Navigator podcast we discuss how investors should choose between EIS and VCTs. Calculus Capital manage products under both schemes, so their Head of Investor Relations, Francesca Rayneu, is ideally placed to discuss the arguments for both.

Francesca covers lots of different areas that may need to be considered. These include:

• how both have the same aim and company rules
• why the different wrappers lead to different portfolios for investors
• what affects different investor profiles, such as risk profile, tax and liquidity or income needs
• how each gives different portfolio visibility and investee company contact
• the different stage of investment
• how CGT or IHT reliefs figure into factors
• how to look at fees

While we cover a lot of areas, investors may wish to take financial advice to see how each applies to their own situation. They may wish to listen to or watch episodes 113 to 116 before this if they are less familiar with the schemes. Francesca gives a good explanation of what investors should think about. Enjoy!

Calculus Capital - https://calculuscapital.com/

HMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investors

Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen

You can see this episode on video too here. https://youtu.be/zJxAr_Ofhnk

The playlist for all the videos of the Basics series will be found here.

Francesca Rayneau

Head of Investor Relations, Calculus Capital

Francesca joined Calculus in 2015 and leads the Sales and Marketing team, overseeing all aspects of fundraising, marketing, and investor communications. She began her career in financial services in Geneva, Switzerland.

She holds a degree in International Management from the University of Manchester, during which she also studied at Bocconi University in Milan. Francesca has also earned the CISI Certificate in Wealth Management and the Client Assets and Money qualification.

Please note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein.

For more information, please read our full disclaimers:

www.hardmanandco.com/research-disclosures

www.hardmanandco.com/disclaimer

In the latest in the EIS & VC basics series for the EIS Navigator podcast we discuss Knowledge Intensive EIS funds, sometimes called KI funds. These are still relatively new in the market, so it's good to get a full explanation. Committed Capital have launched a few KI funds now, so we asked their Head of Business Development, Glen Stewart, on to explain them.

Glen covers all you need to know about KI funds and some things to be careful about when selecting one.. We cover:

• what is a knowledge intensive company?
• restrictions on what the company can be/do
• the increased investment limits that KI companies have
• what is an approved knowledge intensive fund?
• how does the timing for income tax relief work?
• what is the EIS5 tax certificate?
• how does this structure affect the other tax reliefs?
• what are the attractions of KI funds for advisers and investors?
• what are the disadvantages?

Glen gives a full picture, but those new to EIS may wish to watch episodes 115 and 116 for the basic structure and tax reliefs too. Enjoy!

Committed Capital - https://committedcapital.co.uk/

email - info@committedcapital.co.uk

Telephone - 0207 529 1350

HMRC page on KI EIS funds: https://www.gov.uk/hmrc-internal-manuals/venture-capital-schemes-manual/vcm16050

HMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investors

Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen

You can see this episode on video too here. https://youtu.be/ZYz4ZZmMJX0

The playlist for all the videos of the Basics series will be found here.

Glen Stewart

Head of Business Development, Committed Capital

Glen has been raising capital for the best part of the last 20 years for businesses; utilising tax efficient investment wrappers such as Enterprise Investment Schemes and Venture Capital Trusts. During this time, he has raised capital for a number of diverse businesses and asset classes including multi-media, property, renewable energy and AIM listed companies ranging from startups to well established and profitable companies. Prior to this Glen spent the previous ten years at Coopers & Lybrand qualifying as a tax adviser, PwC and Deloitte specialising in High Net Worth, Expatriate tax, and cross border advice.

Please note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information,...

In our latest in the EIS & VC basics series for the EIS Navigator podcast we discuss the tax reliefs for the Seed Enterprise Investment Scheme (SEIS). Despite only launching its first SEIS fund a few years ago, Haatch Ventures has been successful in attracting funds and, now, getting exits. Director Olivia Drinnan joins the podcast to explain everything.

Olivia covers all the tax reliefs for SEIS, how they work and how they link together. The topics we cover in the discussion include:

• what is SEIS income tax relief?
• the limits on the tax relief
• how carry-back works
• what is capital gains tax relief for SEIS?
• is CGT payable on exit?
• how loss relief works
• how the reliefs add up
• dividends in SEIS companies
• how IHT relief works for SEIS companies

As well as explaining the reliefs, Olivia gives lots of examples to make things really clear. Enjoy!

Haatch Ventures - https://haatch.com/

HMRC page on SEIS: https://www.gov.uk/guidance/venture-capital-schemes-apply-to-use-the-seed-enterprise-investment-scheme

HMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investors

Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen

You can see this episode on video too here.

The playlist for all the videos of the Basics series will be found here.

Olivia Drinnan

Director, Advisor Fundraising, Haatch Ventures

**

Please note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein.

For more information, please read our full disclaimers:

www.hardmanandco.com/research-disclosures

www.hardmanandco.com/disclaimer

In the fifth of the basics mini-series for the EIS Navigator we discuss the Seed Enterprise Investment Scheme (SEIS). Jenson Ventures is one of the longest standing SEIS managers, and Jeffrey Faustin has been with them for over a decade so has lots of knowledge to share about the scheme.

Jeffrey gives a good introduction to SEIS, covering what an investor needs to get started. The topics we cover in the discussion include:

• what is the aim of SEIS?
• how does the government ensure companies get new money?
• what sort of companies can investors buys shares in?
• what sectors are normal
• how investors can access SEIS investments
• how do investors get their return?

Watch out for the next episode which covers SEIS tax reliefs. Enjoy!

Jenson Ventures - https://jensonventures.com

HMRC page on SEIS: https://www.gov.uk/guidance/venture-capital-schemes-apply-to-use-the-seed-enterprise-investment-scheme

HMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investors

Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen

You can see this episode on video too here. https://youtu.be/**

The playlist for all the videos of the Basics series will be found here.

Jeffrey Faustin

Managing Partner, Jenson Ventures

Jeffrey Faustin is Managing Partner and Chief Investment Officer at Jenson Ventures with overall responsibility for the investment strategy and portfolio management of the Fund’s investments. With over 10 years of experience in venture capital, he has worked with over 150 early-stage high-growth technology companies across all sectors working with management teams to deliver growth through business strategy and board advisory support.

Please note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein.

For more information, please read our full disclaimers:

www.hardmanandco.com/research-disclosures

www.hardmanandco.com/disclaimer