Title: https://doc.morningstar.com/document/42b94d26829a143f7b61db00eebca106.msdoc/ URL Source: https://doc.morningstar.com/document/42b94d26829a143f7b61db00eebca106.msdoc/?clientid=equiniti&key=118e3421984822cc Number of Pages: 3 Markdown Content: Key Information Document # Triple Point VCT 2011 plc (“TP11”) – Venture Shares ## Purpose This document provides you with key information about this investment product. It is not marketing material. This information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products. # You are about to purchase a product that is not simple and may be difficult to understand. ## Product Triple Point VCT 2011 plc Venture Fund (the “product” or the “Venture Fund”). ISIN: GB00BDTYGZ09 Triple Point Investment Management LLP (“Triple Point”) is the investment adviser to the VCT (www.triplepoint.co.uk). Call 020 7201 8989 for more information. Triple Point is registered in England & Wales no. OC321250 and authorised and regulated by the Financial Conduct Authority (the “FCA”) no. 456597. This KID was produced on 15th September 2021. ## What is this product? Type The Venture Fund is a share class within Triple Point VCT 2011 plc, an established Venture Capital Trust (“VCT”) alongside two other existing share classes; TP11 A Ordinary Shares (ISIN: GB00BNCBFM82) and TP11 B Ordinary Shares (ISIN: GB00BYSQV489). The Venture Fund, launched on 18 September 2018 is currently open to new investment. The other two share classes are limited life and have closed to new investment at the time of writing this document. The Venture Fund, along with the other share classes, is listed on the London Stock Exchange. Objectives The Venture Fund aims to invest in businesses which qualify for VCT investment and have the potential to generate long term capital growth. The Venture Fund invests in early stage companies often at seed and series A funding rounds - looking to maximise financial returns by investing in innovative companies solving real-world corporate challenges. The key objectives of the Venture Fund are to: • Achieve significant capital growth for investors by investing in young, innovative companies with the potential to deliver ground-breaking technology or products at scale and transform markets. • Pay regular tax-free dividends to investors; and • Maintain VCT status to enable investors to benefit from the associated tax reliefs. Who is this product suitable for? A typical investor for whom the Offer is designed is a UK taxpayer over 18 years of age with an investment range of between £3,000 and £200,000 who consider the investment policy to be attractive. Investors must have one, or more, of the following characteristics: • Understand the risk of investing in illiquid assets, and/or • An understanding that investing in small, young businesses comes with a higher risk profile that traditional investments; • The ability to bear losses of up to 100% of the capital invested; and • An investment horizon of at least 5 years. Insurance benefits The Venture Fund does not have any insurance benefits. ## What are the risks and what could I get in return? Risk indicator LOWER RISK HIGHER RISK 1 2 3 4 5 6 7 The risk indicator assumes you will hold the investment for 5 years. The actual risk can vary significantly if you cash in at an early stage and you may get back less. You may not be able to cash in early. You may not be able to sell your product easily or you may have to sell at a price that significantly impacts on how much you get back. Risk summary The summary risk indicator is a guide to the level of risk of these investments compared to other products. It shows how like ly it is that these investments will lose money because of movements in the markets or bec ause we are not able to pay you. We have classified these investments as 3 out of 7, which is a medium -low risk class. This rates potential losses from future performance at a medium level, and poor market conditions are unlikely to impact the capacity of the Venture fund to pay you . The Venture Fund shares are infrequently traded. Therefore you may have difficulty finding a buyer if you wish to sell your s hares. These investments do not include any protection from future market performance so you could lose some or all of your investment. I f w e wer e no t a bl e to pay w ha t i s owed, yo u c oul d lo se yo ur ent i r e i nv estm ent . However, you may benefit from a consumer protection scheme (see the section “what happens if we are unable to pay you”). The indicator above does not consider this protection. Performance Scenarios Investment of £10,000 1 year 3 years 5 years [recommended holding period] Stress Scenario What you might get back after costs £4,962 £5,132 £4,003 Average return each year -50.4% -19.9% -16.7% Unfavourable scenario What you might get back after costs £8,512 £7,758 £7,126 Average return each year -14.9% -8.1% -6.6% Moderate What you might get back after costs £9,703 £9,598 £9,474 Average return each year -3.0% -1.4% -1.1% Favourable What you might get back after costs £10,824 £12,019 £12,754 Average return each year 8.2% 6.3% 5.0% This table shows the money you could get back over the next 5 years, under different scenarios, assuming you invest £10,000. The scenarios shown illustrate how your investment could perform. You can compare them with the scenarios of other products. The above performance figures are calculated as required by the current legislation and estimate values based on share price volatility. Being a relatively new share class, the Fund’s shares have not experienced an active market to date and we don’t therefore consider that the movements reflect true volatility. As such it is our view that the scenarios shown are not reflective of the expected outcomes of investing in the Fund. The scenarios presented are an estimate of future performance based on past data and specific formulas prescribed by the regulation and are theoretical and so not an exact indicator. What you will get will vary depending on how the market performs and how long you keep the investment. The stress scenario shows what you might get back in extreme market circumstances, and it does not take into account the situation where we are not able to pay you. Your maximum loss would be that you will lose all of your investment. This product may not be easy to sell. This means it is difficult to estimate how much you would get back if you cash in before the end of the recommended holding period. You will either be unable to sell early or you will have to pay high costs or make a large loss if you do so. As well as the risks above, VCT tax rules can change and if this happens you may lose the tax benefits of investing in a VCT. The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, including VCT tax reliefs, which may also affect how much you get back. What happens if Triple Point is unable to pay out? An investment in the Venture Fund is not covered by the Financial Services Compensation Scheme (the “FSCS”).As such FSCS protection does not apply to investments held in the Venture Fund once shares have been allotted. However, deposit protection applies to when money belonging to investors is held in the Client Account, prior to shares being allotted. While money is held in the Client Account it is protected by the FSCS deposit protection which is currently £85,000 per eligible person per bank. To find out more go to www.fscs.org.uk. What are the costs? The Reduction in Yield (RIY) shows what impact the total costs you pay will have on the investment return you might get. The total costs take into account one-off, ongoing and incidental costs. The amounts shown here are the cumulative costs of the product itself, for three different holding periods. There are no potential early exit penalties. The figures assume you invest £10,000. The figures are estimates and may change in the future. The person selling you or advising you about this investment may charge you other costs. If so, this person will provide you with information about these costs and show you the impact that all costs will have on your investment over time. Investment of £10,000 If you cash in after 1 year If you cash in after 3 years If you cash in after 5 years Total costs £507 £1,118 £1,768 Impact on return (RIY) per year % 5.1% 3.7% 3.4% The table below shows : - The impact each year of the different types of costs on the investment return you might get at the end of the recommended holding period; and - the meaning of the different cost categories. Composition of Costs This table shows the impact on return per year based on the recommended five year holding period > One -off > costs > Entry Costs 0.5% The impact of the costs you pay when entering your investment. > Exit costs 0.0% The impact of the costs of exiting your investment when it matures. There are not any applicable exit costs. > Ongoing > costs > Portfolio transaction costs 0.0%The impact of the costs of us buying and selling underlying investments for the Fund. > Other ongoing costs 2. 9% The impact of the costs that we take each year for managing investments for the Fund. This figure includes > 2% management fees. Total ongoing costs are capped at 3.5% > Incidental > costs > Performance fees 0. 0% > The impact of the performance fee. Triple Point is entitled to aperformance fee of 20% on the NAV’s total > return in excess of an annual threshold of 3.0% calculated on a compound basis. Example based on Moderate returns scenario over 5 years. > Carried interests 0.0% The impact of carried interests. There are no carried interests applicable to this product. ## How long should I hold it and can I take money out early? Recommended holding period: 5 years The recommended holding period of this investment is 5 years but investments may be held for longer. Shares in the Venture Fund may be illiquid and must be held for at least five years in order to benefit from the tax reliefs available. Therefore, you should recognise an investment in the Venture Fund is long term in nature. The Venture Fund offers investors a share buyback facility, provided there are funds available and will purchase them at a discount to the NAV price which is currently 5%. The buybacks are conducted at the Board’s discretion, therefore there are no guarantees that shares will always be sold on request. Full details of this facility can be found in the Prospectus available at https://www.triplepoint.co.uk. Should investors dispose of shares before the end of the five year holding period they will be required to repay any income tax relief received. There is no tax claw-back on a disposal following the death of the investor within the five year holding period. ## How can I complain? Triple Point has a complaints procedure in place which requires the firm to deal fairly with any complaint received. If an investor has a complaint, they sho uld write to Complaints, Triple Point Investment Management, 1 King William Street, London, EC4N 7AF, who will acknowledge receipt of your letter, investigate the circumstances and report back to you. If the investor remains unsatisfied with Triple Point’s handling of the complaint, they may be eligible to refer the complaint to the Financial Ombudsman Service. ## Other relevant information? For a detailed overview of risks and the terms and conditions associated with an investment in the Venture Fund, please refer to the Brochure and Prospectus available on the Triple Point website or on request at contact@triplepoint.co.uk.