Mainspring appointed as Custodian for Draper Esprit EIS

Mainspring is delighted to announce its appointment in April 2019 as custodian for the Draper Esprit EIS funds and the completion of service migration in August 2019.

Draper Esprit EIS focuses on late stage co-investments in companies with significant revenues and growth momentum, with attractive upside and exit opportunities via strategic M&A or IPO. Draper Esprit EIS funds have been the top rated EIS by the Tax Efficient Review for the past 5 years running and also hold MJ Hudson Allenbridge’s top rating for EIS.

Mainspring will be fund custodian for all Draper Esprit EIS funds, providing the full fund administration service from investor AML and on-boarding to the distribution of investor reports, in addition to which Mainspring will be providing aspects of the fund manager’s middle-office service including MiFID reporting

Richard Marsh, Managing Partner at Encore Ventures LLP the fund manager for Draper Esprit EIS commented:

“The decision to migrate to Mainspring was taken to enhance the service we provide to our investors and advisors.  Mainspring has a strong reputation in the industry as a specialist EIS Fund Administrator with market leading IT systems and services.  As a result of this migration our investors and advisors now have access to an online portal with information on investments, valuations and EIS certificates and can access this, on-demand, at any time. We designed the portal with input from large wealth management firms and individual IFAs and the feedback we have had since launch has been extremely positive. We want advisers to be able to access valuations and data easily ahead of client meetings, and to ensure that EIS3s are all in one place and accessible when investors are completing their tax returns. The migration to Mainspring was undertaken in-line with strong project management principles, being well planned, communicated and tested and has completed in the timescales agreed at the outset. We look forward to working with Mainspring as we continue to grow the fund.”

Matthew Brown, Partner at RAM Capital who manage distribution of the Draper Esprit EIS funds added:

“We are delighted that Draper Esprit EIS has migrated its receiving agent and reporting functions to Mainspring – we have been very impressed with the functionality and ease of drilling down to establish key data – which in turn helps RAM to provide essential information to our key intermediary supporters.”

Stephen Geddes, CEO of Mainspring also commented:

“We are very pleased to announce this new relationship with the highly rated Draper Esprit EIS funds.  We look forward to supporting the team as they continue to develop the fund and strengthening our offering alongside them.”

Mainspring Fund Services is an independent fund administrator for private equity, venture capital and EIS fund managers in the UK. Mainspring’s custody and nominee service is primarily targeted at EIS, SEIS and IHT fund managers. Mainspring has several notable EIS fund manager clients that have seen substantial growth in the last 3 years, and supports emerging managers to start and build their funds.