Calculus Capital are pioneers of the tax efficient investment industry, having launched the UK’s first approved EIS Fund in 1999. Calculus Capitals focus has remained consistent: building diversified portfolios of smaller, UK growth businesses and creating value for our investors through their multi-award winning funds.

Calculus Capitals diligent process, record of profitable exits and focus on capital appreciation distinguishes us from other EIS and VCT fund managers. The Calculus investment strategy has remained consistent for the past 10+ years, together with their structured investment process, strong risk management and very close monitoring of portfolio companies. Calculus have been able to produce significant results for our clients via tax free dividends for our VCT investors, or tax free capital gains for our EIS investors.

John Glencross – CEO and Co-Founder

John co-founded Calculus Capital with Susan McDonald in 1999, creating one of the UK’s most successful, independent private equity firms focused on investing in smaller, proven companies.

John has over 30 years’ experience in private equity, corporate finance, and operational management. During that time, he has invested in, advised on or negotiated more than 100 transactions and served on publicly quoted and private corporate boards.

Before co-founding Calculus Capital, John served as an Executive Director of European Corporate Finance for UBS for nine years where he advised on M&A, IPOs, restructurings and recapitalisations, strategic alliances and private equity. Prior to this, John was headhunted to be Head of the Mergers & Acquisitions Group of Philips and Drew, a 100 year old London based financial institution. At the start of his career, John qualified as a Chartered Accountant with Peat Marwick (subsequently KPMG), where he then went on to be recruited as a founder member of Deloitte’s newly established consultancy practice in the Gulf Region and then Corporate Finance practice in London.

John graduated from Oxford University with an MA (Hons) in Philosophy, Politics and Economics.

He has an MA in Economics from Edinburgh University.

Susan McDonald – Chairman and Co-Founder

Susan is one of the UK’s leading experts on investing in smaller companies and the government’s Enterprise Investment Scheme.

A pioneer of the EIS industry, in 1999/2000, she structured and launched the UK’s first HM Revenue & Customs approved EIS fund with John Glencross. Susan has over 27 years of experience and has personally directed investment to over 80 companies in the last 16 years covering a diverse range of sectors. She has regularly served as board member of the firm’s private equity-backed companies.

Before co-founding Calculus Capital, Susan was Director and Head of Asian Equity Sales at Banco Santander. Prior to this, she gained over 12 years’ experience in company analysis, flotations and private placements with Jardine Fleming in Hong Kong, Robert Fleming (London) and Peregrine Securities (UK) Limited. Susan has an MBA from the University of Arizona, a BSc from the University of Florida. Before entering the financial services industry, Susan worked for Conoco National Gas Products Division and with Abbott Laboratories Diagnostics Division.