Herald - Funds | Herald Ventures

Welcome to the website for Herald Investment Management Limited (HIML). These pages provide a brief introduction to HIML and details of the funds it manages, currently Herald Investment Trust (HIT), the Herald Worldwide Fund (HWF) and Herald Ventures LP (HVLP).

These pages are regularly updated to include up-to-date financial and performance data, but please feel free to contact us with comments, or to request further information. It is important that you read the notice below before proceeding, as it explains certain legal and regulatory restrictions which apply to the information contained in this website.

The information provided in this website is solely for use by individuals who are resident in the United Kingdom and are subject to UK tax and is not intended for, and should not be regarded as an offer or solicitation to sell investments in any jurisdiction other than the UK.

Individuals who are not resident in the UK should not continue as it may be contrary to local laws or regulations to receive information in connection with, or to apply for, a UK investment. In particular, Herald Investment Trust (HIT) shares are not registered under United States securities law and, subject to limited exceptions, may not be offered, sold, transferred or delivered in the United States or to US persons. By proceeding, you are representing and warranting that you are not resident in, or a citizen of, a jurisdiction outside the UK.

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Home > Funds > Herald Ventures > Overview

Herald Investment Management Limited manages two venture capital funds investing in unquoted companies in the technology, communications and media sectors (specifically excluding biotechnology and pharmaceuticals):

* Herald Ventures I - raised in September 1999, this £20.25m fund is fully invested in 20 companies across the TMT sectors. Initial investments were between £250,000 and £1.5m. The fund made its last investment in 2004. As of 31 August 2011 (date of the last audited accounts) the fund has generated an IRR of 3.6%; a return that exceeds the BVCA Venture Fund Vintage and the FTSE All Share return for the period. The fund has been extended until 2022.

* Herald Ventures II - a final close was held in June 2005 for £30.5m. The fund makes investments of between £250,000 and £3m, with the potential for further follow-on funding, in companies in the TMT sectors.

Both funds, collectively referred to as 'Herald Ventures', invest only in the UK, and normally only for new capital rather than to buy out existing shareholders. They are prepared to lead or follow in an investment syndicate, or act as sole investor. Herald Ventures will generally take a minority stake in its investee companies, and will normally seek board representation and other terms typical of a venture capital investment.

Herald Ventures intends to use a pro-active approach to the exit strategy, using both trade sales and the public markets to realise its investments. In particular, it is expected that industry contacts made by the existing team at HIML, the Manager of Herald Ventures, will be utilised to aid in the exit. This will ensure that realisation opportunities are not limited to the UK, but can be effected on a global basis.