Summary
A leading independent global multi-family office
- Cost: £89m
- Date of initial investment: 2019
- Valuation at 30 September 2025: £260m
- Sector: Financial services
Investment thesis
- Attractive long-term growth dynamics and high barriers to entry
- Geographic and service-based acquisition strategy
- Significant investment in technology platform and people
- Co-investing alongside a strong and proven management team
Formed in 2015 through the merger of Stonehage Group and Fleming Family & Partners, Stonehage Fleming is a leading independent multi-family office and ultra-high net worth wealth manager. In 2018, Stonehage Fleming’s shareholders sought to identify a long term financial investor with a similar ethos and heritage to provide liquidity to certain shareholders and Caledonia invested in the business in July 2019.
Our investment thesis was centred on building scale, international reach and additional services to be able to service the fast-growing ultra-high net worth market with a comprehensive independent service offering from a global footprint. Since acquiring our stake in the business, we have worked in close partnership with the leadership team to deliver upon our original investment thesis. The business has delivered strong organic and inorganic growth, including the completion of a number of acquisitions, which have added AUM and geographic scale to the business.
In September 2025, we announced the agreed sale of our minority stake in Stonehage Fleming to Corient Private Wealth. We expect the sale to complete in mid 2026 subject to the required regulatory consents.