New Client - Sovereign Films EIS Funds
(Effie Gray written by Emma Thompson)
Launched in September 2016, the Sovereign EIS Film Fund is an EIS Alternative Investment Fund managed by Thompson Taraz Managers Ltd.
The Fund is seeking to raise a maximum of £25 million (£4m already invested) to deploy into up to five independent investee companies that will each produce separate film and/or television projects. The first close for the Fund was in October 2016 with rolling closes planned thereafter.
Sovereign aims to minimise initial production costs by ensuring that all actors and crew take reduced fees for their services in return for the majority of the upside potential of the projects.
The Fund is targeting a return of £1.20 for every £1 invested over a minimum period of three years. Tax benefits come in the form of EIS and Film Production Tax Credits in addition The Fund intends to acheive presales of each production equalling 50% of production costs.
For more detail, click here (you may need to register first).