Equity Gap

Equity Gap is an Edinburgh-based angel investment syndicate founded in 2010 by Jock Millican, matching private investors with early-stage Scottish companies. It is directly authorised and regulated by the FCA under FRN 955933, with permissions to arrange and bring about deals in investments in UK-incorporated companies.

The syndicate operates as a member network rather than a pooled fund: members take direct equity stakes in portfolio companies. Press coverage cites c.£70m of facilitated investment since inception (not an audited AUM figure).

Equity Gap is a member-led syndicate. Members pay an annual subscription to access screened deal opportunities and collectively decide which companies to back. The syndicate provides administrative support, member events, and post-investment engagement, but does not operate a pooled fund.

Investments are held directly by individual members in the underlying companies. There is no secondary market, so positions are illiquid until a trade sale, secondary round, or IPO.

Minimum investment: £5,000 per investor per deal. Individual cheque sizes commonly cited in the £5k–£25k range.

Membership fees (effective 1 April 2023): Active member £500 + VAT (£600 gross); Inactive member £200 + VAT (£240 gross). Plus a 1% exit transaction charge on gains at exit to cover administration.

Why this matters: the membership fee and 1% exit charge affect net returns, and the £5,000 minimum cheque size constrains diversification across deals. Round-level minimums (commonly reported at c.£90,000) are not consistently disclosed.

Aimed at private investors who meet the relevant FCA client classification (e.g. high-net-worth, sophisticated, or elective professional) and can accept the high-risk, illiquid nature of early-stage equity. Best suited to investors seeking exposure to Scottish early-stage companies who value participation in a member network. Independent advice is recommended.

Equity Gap does not publish consolidated, audited performance statistics (no portfolio IRR, median exit multiple, or default rate). The website lists portfolio companies and news items, but no aggregated track record.

Why this matters: the absence of verifiable historical return data makes it difficult to quantify performance or compare against other venture or private equity channels. Prospective investors should request a current member pack and any track-record statements directly.