Seneca Partners has opened its second managed storage EIS after its first, the Seneca Managed Storage EIS Fund, closed having been fully subscribed, raising £10 million.
Fund No 2 plans to raise another £10 million to invest in four more storage sites. It provides investors with the opportunity to invest in the managed storage sector, whilst also benefiting from EIS tax relief. And it follows the same investment strategy, and has the same structure as the original fund, which was rated 85 by Allenbridge.
Seneca Partners is a SME specialist and focuses on helping companies grow. It manages around £40m in the Seneca EIS Portfolio Service.
Seneca Partners first began investing in the storage sector in 2014 and works alongside the management team responsible for operating its current portfolio of storage assets. The team identified the opportunity to acquire a number of freehold/long leasehold storage facilities to further expand the estate of storage assets that it manages.
Business Development Director at Seneca Partners Ian Battersby (pictured above) said: “The first Seneca Managed Storage EIS Fund is now fully subscribed having successfully raised £10 million. With ‘renewables’ no longer a qualifying home for tax advantaged investments, the market expects a surge in demand which may not be fully satisfied this tax year.
“With the majority of new VCT offers also filling quickly in recent weeks, advisers and investors are moving quickly to ensure their requirements are fulfilled in the face of potential supply issues before 5th April. The month of March is set to be a very interesting time in the EIS market place.”