Glossary of terms

Below is a list of all the terms that are regularly used throughout this site and our corresponding definitions:

Term	Description
% of subscriptions available for tax relief (ex. VAT)	Here we show the % of the total amount invested which is potentially available for tax relief, after charges are deducted by the Investment Manager but ignoring any commission payable to advisers. The amount of initial tax relief available (for SEIS, EIS & VCT schemes) is related to the actual amount buying shares in the underlying company or companies. For some investment offers, manager fees are taken from the gross investment, meaning that less than 100% of the subscription is invested into qualifying shares, thereby reducing the amount qualifying for the relevant tax benefits. Please note that the figure represented here is excluding the effect of VAT, which may apply to some fees and reduce this figure further.
Added to MICAP Fund-Finder	The date when the offer was first added by MICAP to the Fund Finder
Adviser Fees	Adviser remuneration is paid to an investor’s financial adviser directly from the Manager (out of the investor’s subscription) or from the investee company (out of the funds it has raised). Some Managers only facilitate initial adviser charging whereas some Managers facilitate initial and ongoing adviser charging. The level of adviser fees payable will be agreed between the investor and their adviser, although some Managers may place a cap on the amount they will facilitate.
AIM Listed	A company listed on the Alternative Investment Market of the London Stock Exchange
Alternative Investment Fund	A collective investment undertaking which raises capital from a number of investors with a view to investing it in accordance with a defined investment policy for the benefit of those investors, but does not require authorisation pursuant to the UCITS directive. Whoever is responsible for arranging the investment must complete an appropriateness test on the investor.
AMC (excluding adviser fees)	Details of any annual management charge payable to the investment manager for managing the assets (not taking into account any advice fees which may be negotiated separately with the client)
Anaerobic Digestion	Production of fuel through a process of breaking down biodegradable material
Annual admin charge	Details of any annual administration charges payable to a custodian, administrator etc, for administering the investment.
Annual charges from investment	The total annual charges deducted from the investment (either upfront or on an ongoing basis). Flat rate charges are ignored.
Annual charges on NAV or initial subscription?	Whether annual charges are based upon Net Asset Value of the company/portfolio or on the investor's initial subscription
Annual charges to investee companies	The total annual charges levied on investee companies. Flat rate charges are ignored.
Annual performance fee	Details of any annual performance fees
Annual performance hurdle	Details of the hurdle that may trigger annual performance fees
Annual target return (BR funds only)	The annual target return to investors. As BR funds have no defined exit date their target return is measured in terms of annual growth.
Annualised returns since inception	The annualised returns achieved by the investment since it was launched.
Anticipated or actual trade commencement date	The anticipated or actual trade commencement date for the investee company or the latest trade commencement date for a portfolio of companies
Anticipated tax certificate date	The latest expected date by which tax certificates will be available to investors. For a fund or portfolio of companies this is the date of the latest expected tax certificate
Approved offer/prospectus	This states whether the offer documents have been issued or approved by an FCA authorised firm under s.21 FSMA, or issued under the Prospectus Rules made under s.74 of FSMA
Asset-backed	A company, typically set up by the FCA Authorised Manager or Investment Adviser, that is backed by assets (such as property, machinery, significant stock or contractual income) to provide downside mitigation. These companies will typically not qualify for EIS or VCT tax reliefs
Asset Leasing	Leasing assets to a business or other organisation (such as a Local Authority) for operational needs, which makes regular payments to cover the cost of the asset plus interest
Asset Sale	The sale of the underlying assets by the investee company and distribution to investors on winding up of the company
Available discounts	If there are any available discounts being offered they are shown here
Battery Storage	The storage of energy in battery storage facilities
BIR mechanism	Business Investment Relief (“BIR”) enables UK resident but non-UK domiciled individuals to bring money into the UK to invest in certain investments without making a taxable remittance. This field shows whether the Offer has specific mechanisms to deal with the provisions of this relief.
BR (Corporate)	Targeted at corporate investors, Business Relief (still commonly referred to as Business Property Relief, or BPR) provides relief from Inheritance Tax on the transfer of relevant business assets
BR (Individual)	Targeted at individual investors, Business Relief (still commonly referred to as Business Property Relief, or BPR) provides relief from Inheritance Tax on the transfer of relevant business assets
Capital Preservation & Growth	Investments into asset-backed trading companies or investments that are exploiting an asset, either a physical asset or the rights to an intangible asset
Capital Preservation & Income	Investments that are exploiting an asset typically with contractual income streams that will allow it to pay an income to investors
Cash	Investments into cash and other liquid instruments to provide liquidity
Close date	The intended date on which the offer will close to new subscriptions, This may be earlier if sufficient subscriptions are received to hit the target raise, or may be extended at the Promoter and/or Investment Manager's discretion if insufficient funds have been raised by that date.
Closed	An investment that has reached its target raise and/or close date, and so is currently not accepting new applications for investment (typically EIS, SEIS, VCT & SITR offers)
Combined Heat and Power	The use of a heat engine or power station to generate electricity and useful heat at the same time
Current raise	The current raise for the offer
Current Raise Updated	The date when the amount raised was last updated
Data Verified	The green tick shows that the manager/promoter has verified that the data shown on the MICAP Fund Finder is correct and is committed to regularly updating and confirming the accuracy of their data. For the latest offer update date, please refer to the ‘Key Data Updated’ field.
Dealing frequency	This is how often investors will be allocated shares in the target company/companies. For EIS funds and AIM BR portfolio services (where the Manager will source a portfolio of investee companies for investors) this will be how long the Manager anticipates it will take until investors are fully allocated.
Discretionary Portfolio Service	Investors contract with an investment manager who will invest their funds on their behalf. The FCA Authorised Manager must complete a suitability test on each holding and have permission to manage investments.
Early Stage	A company that, at the point of investment, has commercialised its product or service, is generating revenue and is looking to scale up quickly
EIS	The Enterprise Investment Scheme which provides investors a range of tax reliefs when investing in new shares of small and medium sized companies
Energy - Other	Other energy generation sectors that do not fall under any of the available categories
Energy Generation	Generating energy, typically from renewable sources (including wind, solar & hydro), clean sources (including anaerobic digestion) or other sources (including diesel powered generators)
Entity fees charged to	Broadly speaking, fees can be broken down into those charged to investors and taken from investors' subscriptions or exit proceeds (e.g. initial and annual management fees and any performance fee), and those charged to investee companies (i.e. arrangement and monitoring fees for helping them to meet their funding requirements)
Evergreen	An investment that is always accepting new applications for investment, all year round (typically BR offers plus some EIS & SEIS offers)
Exit	(Scored from 0 - 8) The exit strategy for an investment determines when that exit should take place, how long the process is expected to take and any factors that it is reliant on. SEIS funds will have a higher Exit Strategy score than EIS funds, because the investee companies will be younger (and so typically further from an exit event). A higher score can also denote that the Manager has less of a track record of facilitating exits for investors within that particular EIS or SEIS fund, outside of that fund or even more broadly outside of the tax-advantaged market (although this does not consider the personal track records of any of the Manager's principals or investment team). Please note that BR offers and VCTs are not scored for Exit Strategy because it is expected that investors will remain invested until they (or the administrators of their estate/beneficiaries) request a withdrawal, and so the Liquidity score should be considered instead.
Exit deal fee	Details of any deal fees payable on the disposal of any investee companies, if separate from exit performance fees
Exit performance fee	Details of any performance fees charged on exit
Exit strategy	The expected route to realisation of the investment by the Investment Manager. Where an investor will remain invested in the fund indefinitely (i.e. until they sell or redeem their investment, at their discretion) this is listed as n/a. This is typical for BR funds and VCTs (other than planned exit VCTs).
Expected tax year of share issuance	The expected tax year share of share issuance reflects the tax year in which the investment is considered to have been made for tax purposes. Investing before this date means that this date should apply for tax purposes (although this should be confirmed with the Manager prior to investment). It does not necessarily correspond to the trade commencement date.
FCA authorised manager	The investment manager responsible for selecting and managing the underlying investee companies and their assets. The FCA requires entities performing this role to be regulated with the relevant permissions.
Fees	(Scored from 0 - 8) To help advisers demonstrate that they have considered the price and value outcome of the Consumer Duty, this score considers the fees and charges of the investment based primarily on modelling the fees of each investment over a given investment period. A higher score indicates that the total fees received by the manager (and any third-party service providers) are relatively high compared to its peer group.
Financial	(Scored from 0 - 8) Investments can fail for many reasons, and this seeks to illustrate the level of downside mitigation in place, should things go wrong. A higher score could signify a lack of real assets to mitigate risk or significant gearing, or for loan-based investments it could signify that the loans are secured by subordinate charges and/or with higher loan to value ratios. Also considered is whether the companies are pre-revenue, post-revenue or profitable, and whether the Manager has board representation to safeguard investors' interests.
Financial security	(Scored from 0 - 8) Investments can fail for many reasons, and this seeks to illustrate the level of downside mitigation in place, should things go wrong. A higher score could signify a lack of real assets to mitigate risk or significant gearing, or for loan-based investments it could signify that the loans are secured by subordinate charges and/or with higher loan to value ratios. Also considered is whether the companies are pre-revenue, post-revenue or profitable, and whether the Manager has board representation to safeguard investors' interests.
Financial Services	Operating in the financial industry, such as banks, insurance companies, brokers and other investment companies
Food & Drink	Manufacturing and selling food and drink
Forestry	The use of land for planting, maintaining and growing trees for commercial production of timber or other forest products from plantation or native forests
Full deployment close date	If full deployment in the current tax year is available, this is the date by which applications must be accepted to be fully invested in the current tax year
Full deployment in current tax year (EIS/SEIS & VCT only)	Whether or not the manager can fully deploy investors in the current tax year, to allow for effective tax planning.  For EIS this also allows for the carry back of any income tax reliefs to the previous tax year (as required) and is subject to capacity on the manager's current pipeline. Advisers should note that EIS managers may deploy investors into fewer companies than the stated target minimum in order to accommodate full deployment. Advisers should check with the respective managers to confirm prior to submitting an application form.
General Enterprise	Providing general products and services, or an investment with no sector bias
Growth	Investment into trading companies for long term capital growth
Growth & Income	Investment into trading companies for long term capital growth and income
Has trade commenced for relevant company/ies?	Whether the trade for the investee company or companies has commenced, often a key event relevant to investors claiming their tax relief
HMRC	(Scored from 0 - 8) Tax reliefs are not guaranteed, and this section examines the relative risk of tax relief being granted. A lower score typically refers to an investment that has been pre-cleared by HMRC, a higher score refers to an investment where the tax clearance status has not or cannot be pre-cleared and where there is no external and ongoing support from a third party tax adviser.
HMRC advance assurance (EIS/SEIS only)	Companies may seek assurance from HMRC, in advance of a share issue, that they will meet the qualifying conditions of HMRC's Venture Capital Schemes (EIS, SEIS, VCT etc). This questions is asking whether the manager requires HMRC advance assurance to be in place in all instances. Some managers may instead be satisfied if the company has previously been issued a form SEIS2/EIS2 from HMRC (and so previously qualified for EIS/SEIS reliefs), and there have been no significant changes to the company since. Other managers may instead rely on the opinion of a tax-qualified firm. Please consult the investment documents for each offer to see the manager's specific processes/requirements in this regard:
HMRC approved fund (EIS funds only)	EIS funds can be approved by HMRC, or unapproved. The majority of funds are actually unapproved as this gives a perceived greater flexibility to the investment manager.
HMRC clearance	(Scored from 0 - 8) Tax reliefs are not guaranteed, and this section examines the relative risk of tax relief being granted. A lower score typically refers to an investment that has been pre-cleared by HMRC, a higher score refers to an investment where the tax clearance status has not or cannot be pre-cleared and where there is no external and ongoing support from a third party tax adviser.
Hotels	Managing and operating hotels and inns
Hydro Energy	Production of electrical energy obtained from harnessing the power of water in motion to generate electricity
Income	Investments that only produce an income and are not expected to experience capital growth
Income available	Whether the investment targets income for investors or provides a regular withdrawal facility
Insurance (BR funds only)	BR funds may include life assurance policies to mitigate certain risks on the death of the investor. Loss in value cover is designed to pay out if the investment has dropped in value, and life cover is designed to pay out 40% of the investment amount if the investor dies within two years of subscribing to that fund. Typically the fees associated with these insurance policies are added to the AMC for the fund.
Industry & Infrastructure	Operating in the diversified manufacturing, cars, heavy equipment, aerospace, roads and business services areas
Initial charge (excluding adviser fees)	Initial fees payable for the investment (not taking into account any advice fees which may be negotiated separately with the client)
Initial charges from subscriptions	The total initial charges deducted from an investor's subscriptions and not invested. Flat rate charges are ignored.
Initial charges to investee companies	The total initial charges levied on investee companies. Flat rate charges are ignored.
Initial deal fee	Details of any deal fees payable on the acquisition of any investee companies, if separate from initial charge. This would include fees such as a nominee, custodian or administrator fee charged at the point of investment.
Investee company type	Seed stage, Early stage, Later stage, AIM listed and Asset-backed.
Investment adviser	An entity retained by the FCA Authorised Manager to provide guidance on the selection and management of underlying investee companies and their assets. Typically this will be a sector specialist, but the entity may not be authorised by the FCA (and so cannot act as an FCA Authorised Manager)
Investment objective	Chiefly capital preservation and growth, with variants for investments that seek to provide an income
Investment company type	Single company, portfolio of companies, fund arrangement, fund of fund etc
IR	Investor's Relief provides a reduced rate of capital gains tax on disposals of qualifying unlisted shares.
ISA qualifying	Whether the investment is ISA (or NISA) qualifying
Key Data Confirmed	The date when the provider last confirmed the data fields and documents as being correct
Later Stage	A company that, at the point of investment, is generating significant revenues (e.g. £1 million plus per annum) from an established customer base and may also be profitable. Later stage companies will typically be raising larger amounts than seed/early stage companies (e.g. deal sizes of £10m +), with the potential for an exit in 3 - 5 years
Launch date	The date on which the investment offer was launched
Legal structure	A discretionary portfolio service, an alternative investment fund or a single company seeking to raise funds.
Liquidity	(Scored from 0 - 8) This considers how readily an investor can access their funds outside of any exit strategy organised by the Manager, ignoring any potential loss of tax relief. A higher score denotes limited liquidity for investors.
Liquidity provisions	This details any specific provisions for providing liquidity during the investment term
Manager	(Scored from 0 - 8) This considers the financial strength and relevant experience of the FCA Authorised Manager (and where relevant the Investment Adviser) based on numerous factors. A lower score refers to a longer established firm, with a larger balance sheet, a higher level of profits, a greater number of staff with more experience in the tax-advantaged and private equity sectors, and a comparatively large amount of assets under management. A higher score represents a weakness in one or more of these areas. For single company investments with no FCA Authorised Manager, this considers the management team of the single company open for investment plus any support it receives from the Promoter (if any).
Manager AUM	The value of Assets Under Management of the FCA authorised manager, prior to this raise
Maximum target exposure to one investee company	Assuming that all offers invest in their target number of investee companies and allocate investors' funds equally across all investee companies, this illustrates the maximum exposure the portfolio will have to any one investee company
Media	Making films, producing theatre productions, printers and disseminators of news etc
Media & Entertainment	Making films, producing theatre productions, printers and disseminators of news etc.
Min raise to proceed	If the minimum target raise is not met, the project may be cancelled, which could cause investors to have their subscriptions returned and potentially lose out on the associated tax benefits. Not applicable for 'Evergreen' offers.
Min subscription	The minimum stated amount which an investor can subscribe for shares in the offer
Minimum target exposure to one investee company	Assuming that all offers invest in their target number of investee companies and allocate investors' funds equally across all investee companies, this illustrates the minimum exposure the portfolio will have to any one investee company
NMPI	A Non-Mainstream Pooled Investment as defined by the Financial Conduct Authority
Offer type/tax wrapper	Enterprise Investment Scheme (EIS), Seed Enterprise Investment Scheme (SEIS), Venture Capital Trust (VCT), Business Relief (BR), Social Investment Tax Relief (SITR)
Open	An investment that has not reached its target raise and/or close date, and so is currently accepting new applications for investment (typically EIS, SEIS, VCT & SITR offers)
Open/Evergreen	Whether the investment offer is currently open/closed to new investment. It may also be classed as 'Evergreen' if is is open all year round for new investment.
Operations & experience	(Scored from 0 - 8) This considers the financial strength and relevant experience of the FCA Authorised Manager (and where relevant the Investment Adviser) based on numerous factors. A lower score refers to a longer established firm, with a larger balance sheet, a higher level of profits, a greater number of staff with more experience in the tax-advantaged and private equity sectors, and a comparatively large amount of assets under management. A higher score represents a weakness in one or more of these areas. For single company investments with no FCA Authorised Manager, this considers the management team of the single company open for investment plus any support it receives from the Promoter (if any).
Other	Other sectors that do not fall under any of the available categories
Other investor restrictions	The investments on the Fund Finder are only suitable for clients of authorised IFAs, certified HNW/Sophisticated Investors or Professional Investors etc. If there are any other restrictions they are referred to here.
Performance hurdle	Details of the hurdle that will trigger performance fees.
Pharmaceuticals & Biotechnology	Research into, and manufacture of, products designed to improve the standard of living and life expectancy
Planned exit VCT	A VCT with a limited life that will aim to realise all investments within a set number of years, often between 5 and 7 years of launch
Portfolio	(Scored from 0 - 8) This examines the diversification of the offer, particularly the number of investee companies and business sectors that investors will be exposed to. Where an investment is focused on a number of sub-sectors within one business sector this is also taken into consideration. Lower diversification can often mean higher risk, and so a higher score here denotes an investment with a narrower focus.
Portfolio Analysis	The analysis below is for illustrative purposes only and assumes that the target number of investee companies is invested in, and that investors' subscriptions are distributed equally among all investee companies in a particular offer. The target returns are as [provided by the respective managers - where a range is offered the mid-point is taken.
Portfolio Charge Analysis	The charges outlined below are for illustrative purposes only and include all initial and annual charges levied on investors and investee companies as a percentage of the amount invested (or as a percentage of the NAV). Flat rate charges and fees charged to investee companies are ignored. Please refer to the respective offers and their investment documents to get a fuller picture of all charges levied.
Portfolio initial adviser fees	This calculates the maximum initial adviser charge offered across the total portfolio pro rated to the amount invested in each offer.
Portfolio initial charges	This calculates the total initial charge (excluding adviser fees) across the portfolio, pro rated to the amount invested in each offer. Flat charges and fees charged to investee companies are ignored. Please refer to the respective Fund Views and the product literature to get a fuller picture of all charges levied.
Portfolio strategy	(Scored from 0 - 8) This examines the diversification of the offer, particularly the number of investee companies and business sectors that investors will be exposed to. Where an investment is focused on a number of sub-sectors within one business sector this is also taken into consideration. Lower diversification can often mean higher risk, and so a higher score here denotes an investment with a narrower focus.
Portfolio Target dividend	The Portfolio Target Dividend (net of fees and charges) is based on the Target Dividend of each component offer expressing a dividend and calculates the weighted dividend on the total portfolio as a % of gross money invested. This output is in addition to the Portfolio Target Net Return and the Portfolio Target Annual Return. Please be aware that this is an indication only as target dividends can not necessarily be relied upon.
Project-based	A company which is typically set up by an entrepreneur alongside an FCA Authorised Manager or Investment Adviser.
Promoter(s)	The Promoter or Promoters of this investment
Property	Providing finance or making equity investments in residential, commercial or mixed-use property.
Receivables Finance	Providing debt funding to small and medium-sized enterprises secured against its trade receivables
Refuse-Derived Fuel	Production of fuel from various types of waste such as municipal solid waste (MSW), industrial waste or commercial waste
Regulatory	(Scored from 0 - 8) Investments are subject to a number of different rules regarding how and to whom they can be marketed. A higher score signifies that this investment's marketing material has not been approved by an FCA regulated firm, or that there are no FCA regulated firms involved with the management of this investment.
Regulatory status	(Scored from 0 - 8) Investments are subject to a number of different rules regarding how and to whom they can be marketed. A higher score signifies that this investment's marketing material has not been approved by an FCA regulated firm, or that there are no FCA regulated firms involved with the management of this investment.
Reserve Power	The production of energy in a short period of time (typically using fossil fuels) in case of shortfalls
Sale/redemption of shares	The sale of the shares to another person or the redemption of the shares by the investee company
Sector	The headline sector classification of the investment: MICAP classifies each investment into one of ten sectors: Energy Generation, Financial Services, Food & Drink, Industry & Infrastructure, Media & Entertainment, Pharmaceuticals & Biotechnology, Sport & Leisure, Technology, Transport, and finally General Enterprise (for investments that have no sector bias). Business Relief investments are further broken down into: Cash, Fibre, Forestry, Healthcare, Hospitality, Lending & Leasing, Operational Real Estate, Property Development, Renewables (Other), Renewables (Solar, Wind & Hydro) and Shipping.
Seed Stage	A company that, at the point of investment, is at its setup stage with an idea for a product or service, perhaps engaging in R&D
SEIS	The Seed Enterprise Investment Scheme which provides investors a range of tax reliefs when investing in new shares of small early stage or start up companies
Single Company/Companies	A non-discretionary investment into one or more individual trading companies seeking investment through the issue of shares. Each investment will be a non-readily realisable security (NRRS), unless traded on the Alternative Investment Market.
Single company NAV	The Net Asset Value of the single company prior to investment
SITR	Social Investment Tax Relief which provides investors a range of tax reliefs when investing in new shares or debt issued by social enterprises, with a view to helping people and communities
SME Lending	Providing debt funding to small and medium-sized enterprises typically secured against its assets or a specific asset
Solar Energy	Production of electrical energy obtained from harnessing the radiant energy from the sun using solar panels
Sport & Leisure	Providing sport, hospitality and tourism services
Sub sector	The 'specific' sector classification of the investment
Target annual return	The target annual return (net of fees and charges) is based on the target annual return of each component offer expressing an annual return and calculates the weighted annual return on the total portfolio as a % of gross money invested. This output is in addition to the target net return and the target dividend. Please be aware that this is an indication only as target annual returns can not necessarily be relied upon.
Target dividend	The target annual gross dividend. VCTs would seek to pay dividends to investors as they are tax free. EIS/SEIS/BR/SITR funds will typically not pay a dividend as they are taxable.
Target net return	The target net return (net of fees and charges and ignoring any tax reliefs) is based on the target return of each component offer and calculates the weighted return on the portfolio as a % of gross money invested. This output is in addition to the target annual return and the target dividend and does not take into account the various minimum expected investment terms. Please be aware that this is an indication only as target returns and expected durations cannot necessarily be relied upon.
Target number of investee companies	Assuming that all offers invest in their target number of investee companies, this illustrates the total expected number of investee companies in this portfolio
Target minimum term (yrs)	The anticipated term until exit or realisation of the investment. The term commences at the later of the last share issue date or the trade commencement date (the 'relevant date'). For a portfolio, this is expressed as the average term from the relevant date. Where marked as 'n/a' the fund doesn't have a specified duration.
Target no. of investee companies	The target number of investee companies that investors will directly or indirectly purchase equity in
Target raise	The total target raise of the offer. Not applicable for 'Evergreen' offers.
Technology	Engaged in the research, development and sale of information technology hardware and software goods and services
Total annual charges	This calculates the total annual charges (excluding adviser fees) across the portfolio, pro rated to the amount invested in each offer. Flat charges and fees charged to investee companies are ignored. Please refer to the respective offer and their investment documents to get a fuller picture of all charges levied.
Total initial charges	This calculates the total initial charges (excluding adviser fees) across the portfolio, pro rated to the amount invested in each offer. Flat charges and fees charged to investee companies are ignored. Please refer to the respective offer and their investment documents to get a fuller picture of all charges levied.
Total target return (EIS/SEIS funds only)	The total target return to investors on the target exit date, net of all initial and annual fees and charges but excluding any performance fee, and ignoring any associated tax reliefs. For example, a total target return of 200% is equivalent to a return of the original £1 invested plus an additional £1 i.e. a total return of £2.
Total to Invest	The total of all funds allocated to this portfolio
Track record	(Scored from 0 - 8) This considers how well the investment has performed over time. For EIS this considers factors such as the number of companies invested in, the number of above-par exits achieved and the realised and unrealised ROI since inception. For VCTs this considers factors like the one- three- and five-year NAV total return and dividend history. For unlisted BR this looks at factors such as the length of time the service has been operating, the annualised returns achieved since inception compared to its target return and the relevant sector experience of the manager, and for AIM BR this considers factors such as the published performance of the model portfolio over up to 10 years relative to its peers.
Trade sale, IPO, MBO	The sale of either the underlying business and distribution to investors on winding up of the company or sale of shares to a third party, an Initial Public Offering (listing of the shares) or a management buy out
Transport	Engaged in freight forwarding, distribution and consumer travel
UCIS	An Unregulated Collective Investment Scheme as defined by the Financial Conduct Authority
VCT	Venture Capital Trusts are publicly listed, closed-end funds which invest in small and medium sized companies and provide investors a range of tax reliefs including tax free dividends
Verified by manager	The green tick provides reassurance to the user. It shows that the manager/promoter has verified that the data shown on the MICAP Fund Finder is correct and is committed to regularly updating and confirming the accuracy of their data. For the latest offer update date, please refer to the ‘Key Data Updated’ field.
Wind Energy	Production of electrical energy obtained from harnessing the wind with wind turbines
Yield Sale/Refinance	Sale of the investee company's income stream and distribution to investors on winding up of the company or a refinance of the company's capital from new shares, loan notes or borrowing