The EIS Navigator 126 All star panel discuss EIS & VCTs in 2025 and look forward to 2026
Now the successful Basics series is past, we return to normal programming with our usual year-end panel. An all-star group of experts get together to discuss what happened in 2025 and the prospects for 2026. This year, Philip Hare, Partner at Philip Hare & Associates; Kealan Doyle, CEO & Director of Symvan Capital and Ewoud Karelse, Specialist-Product at Evelyn Partners bring their knowledge and insight.
In a wide ranging discussion we talk about:
- how investments and valuations are looking
- whether investors are keeping their hand in their pockets
- how K-shaped the market is really
- whether we are really in an AI bubble
- the return of exits
- timescales to achieve exits
- the state of fundraising for EIS and VCTs
- how the budget changes affect the market
- why the budget could help AIM
- where ESG has gone
- what will happen in 2026
As usual, the panel bring a lot of knowledge and insights. A lot happened in 2025, so listen and find out what it all means for investors and advisers.
00:50 Introductions
01:45 The investing side of the market
06:00 Are we in a K-shaped market?
08:00 Comparing the current market with the tech bubble
10:50 AI first companies and managers with experience
13:20 Are we in an AI bubble?
20:15 The return of exits
25:00 Time to exit and fund lifespans
28:15 How is fundraising?
31:00 VCT fundraising and budget changes
38:50 Effect of raising company investment limits in budget
46:00 Effect on AIM companies
49:00 Where has ESG gone?
54:00 looking forward to 2026 - consultation
60:00 The panel makes predictions!
Links
EIS Assocation - https://eisa.org.uk/
Symvan Capital - https://www.symvancapital.com/
Evelyn Partners - https://www.evelyn.com/
Philip Hare & Associates - https://philiphareassociates.tax/
Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen
Bio
Kealan Doyle
Kealan is CEO and co-founder of Symvan Capital. He has worked with venture capital companies for 15 years, both in a corporate finance advisory capacity as well as a fund manager. He prefers to invest in a wide range of technology companies, but is also very interested in finding synergies within the Symvan portfolio of companies. Company interests include big data analytics, fintech, SaaS, 3D printing and network security. Before his involvement in venture capital investing, Kealan previously lead a structured equity products team at HSBC, and has worked at Deutsche Bank, Merrill Lynch and UBS. Together with Nicholas, he has since founded his own entrepreneurial businesses to focus on VC investing. Kealan holds degrees from the London School of Economics and the University of Toronto.
Philip Hare
Philip Hare is a Chartered Accountant and Chartered Tax Adviser. He spent 25 years with PwC, fifteen as a senior tax manager. From 2006 to 2014, he led PwC’s team providing services to Venture Capital Trusts, Enterprise Investment Scheme and Seed Enterprise Investment Scheme companies, investment fund managers and investors. Philip is a board member of the EIS Association (EISA) and chairs the EISA Tax Committee. He is a member of the VCT Forum of the Association of Investment Companies (AIC) and our firm advises the VCT Association.
Ewoud Karelse
Ewoud started his career in financial services with Allenbridge in 2000 and joined Towry Law in 2008 before joining Tilney in 2016, and Evelyn Partners in 2022. Ewoud is responsible for the research and selection of Venture Capital Trusts; (Seed) Enterprise Investment Schemes; Business Relief for Inheritance Tax Planning (AIM and non-AIM), and Social Investment Tax Relief products. He is also well versed in the use of Business Investment Relief for International clients.
Disclaimer
Please note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation.