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Last update: June 2023

Oxford Capital is an Alternative Investment Fund Manager (AIFM) as defined by the Alternative Investment Fund Managers Directive (AIFMD), providing access to Alternative Investment Funds (AIF) and Co-Investor Circle (a MiFID service). Oxford Capital invest in unquoted securities, which are classified by the FCA as a Non-Readily Realisable Security (NRRS). As such, these products may only be marketed to limited categories of investors, relating to knowledge, experience or financial situation. Oxford Capital do not provide an advised service. You are required to make your own independent assessment, or seek professional advice, in respect of the suitability of any investment you may make with Oxford Capital. Sole responsibility for suitability of the investment for an investor, including the legal, regulatory, tax and investment consequences and risks of doing so, lies with the investment adviser or with you should you choose not to seek advice.

There are significant risks associated with investing in NRRS. These are detailed in both general and specific terms within individual product Information Packs, which you are urged to read before making any investment decision. However, we provide here detail of many (though the list is not exhaustive) of the key risks of the types of investment products Oxford Capital offer.

Capital at Risk
Oxford Capital invest in unquoted securities. Such investments can be considerably more risky than investments in quoted securities or shares. Investing in unquoted shares may expose you to a significant risk of losing all the money you invest. You should ensure that you are able to bear any such losses before making a decision to invest. Before investing, you are strongly recommended to consult an authorised person specialising in advising on investments of the kind described on this website.

Liquidity Risk
Unquoted securities are illiquid investments, meaning it may in practice not be possible to deal in them, and exit from a shareholding investment is often only possible by sale of the entire company. Unquoted securities are often subject to transfer restrictions and difficult to sell. An investment in unquoted securities should be considered a long-term investment. That is to say, although you may qualify for EIS tax advantages in relation to a qualifying security after three years, it may in practice require you to hold your interest in that security for significantly longer than this.

Valuation and Dealing Risk
Unquoted securities are difficult to value and it is hard to assess the risk of investment at any given time. Even where a valuation is provided, there is no certainty that third parties will be willing to deal at that valuation.

Tax Risk
Tax reliefs are dependent on individual circumstances and references to tax laws or tax levels on this website are subject to change. Oxford Capital does not offer tax advice.

Early-Stage Investment Risk
Oxford Capital invests predominantly in early-stage companies. Early-stage companies are exposed to significantly more risk than more established counterparts, increasing the chances that they might fail. They can experience significant and sudden increases or decreases in value. They often serve small, niche markets or face the challenge of gaining a foothold in a larger, well-established market. Smaller companies can be less resilient to economic shocks and have higher dependency on key personnel. They can also be vulnerable to sudden changes in the nature of their industry sectors, or competition from bigger companies and new market entrants.

Dilution Risk
When investing in early-stage companies, it is possible that the value of your shares could be reduced through dilution, where companies raise further equity capital in fundraising rounds in which you do not participate. This can result in a company delivering a ‘successful’ exit, but early investments returning little or no capital.

Performance Risk
Past performance is not a guide to future performance and may not be repeated.


Best Investor Return Winner 2022

Best Investment Platform Finalist 2022

Best Journalist or Advocate Finalist 2022

EISA Impact Award Finalist 2022

Best Investment Platform Finalist 2021

Exit of the Year Finalist 2021

eisa21 best eis funds

Spirit of EIS Finalist 2021

BVCA Excellence in ESG Category – Commended 2020

Exit of the Year One to Watch Finalist 2020

VC Investor of the Year Winner 2020

Best Angel Syndicate Winner 2018

Venture Capital House of the Year Winner 2013 and 2005

Best EIS Fund Manager 2013, 2012, 2010 & 2016

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Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.

What are the key risks?

  1. You could lose all the money you invest
    1. If the business you invest in fails, you are likely to lose 100% of the money you invested. Most start-up businesses fail.
  2. You are unlikely to be protected if something goes wrong
    1. Protection from the Financial Services Compensation Scheme (FSCS), in relation to claims against failed regulated firms, does not cover poor investment performance. Try the FSCS investment protection checker here.
    2. Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection here.
  3. You won’t get your money back quickly
    1. Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early.
    2. The most likely way to get your money back is if the business is bought by another business or lists its shares on an exchange such as the London Stock Exchange. These events are not common.
    3. If you are investing in a start-up business, you should not expect to get your money back through dividends. Start-up businesses rarely pay these.
  4. Don’t put all your eggs in one basket
    1. Putting all your money into a single business or type of investment for example, is risky. Spreading your money across different investments makes you less dependent on any one to do well.
    2. A good rule of thumb is not to invest more than 10% of your money in high-risk investments. https://www.fca.org.uk/investsmart/5-questions-ask-you-invest
  5. The value of your investment can be reduced
    1. The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares.
    2. These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment.


If you are interested in learning more about how to protect yourself, visit the FCA’s website here.