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Funds

We invest in funds managed by leading managers in North America and Asia. We seek to partner with some of the world’s most talented managers in long and profitable relationships. We focus on regions that are the engines of well-proven global growth, namely North America and Asia. Our relationships tend to span multiple fund vintages and we often take advisory board positions to influence fund development.

The qualities we focus on are:

  • Successful track record
  • Stable team
  • Expertise in driving value through cycles
  • Alignment of interest

12.5% p.a. total return target

We seek diversified fund holdings in private companies that provide long-term and consistent returns in geographic markets that counterbalance our quoted equity and UK-centric private capital investments.

North American fund investments – 59% of pool NAV as at 31 March 2024

  • Buy-out, lower mid market. Focus on small to medium sized, often owner managed, established businesses.
  • Usually first institutional investment and will support their professionalisation and growth, both organically and through M&A activity.

Asian fund investments – 41% of pool NAV as at 31 March 2024

  • Focus on buy-out, venture and growth investments in non-cyclical, new economy sectors such as healthcare and technology which are well placed to benefit from wider demographic trends.
  • Investing into businesses in the early years of significant growth, having successfully developed their business model. Whilst focused on local markets, a number, particularly those with a healthcare focus, also invest into the US.

“We have developed relationships with talented fund managers and, through careful fund selection, have generated strong long-term investment returns."

Jamie Cayzer-Colvin

Head of Caledonia Funds

Meet the Funds team
Performance Data

Over 1 Yr

Over 3 Yrs

Over 5 Yrs

Over 10 Yrs

Annualised Return

-4.6%

8.0%

13.1%

14.1%

as at 30 September 2024
Significant manager exposure

Name

First invested

Value (£m)

2012

72.7

2015

57.3

2012

37.6

2016

34.0

2017

31.6

2015

29.7

Other investments

444.1

Total

874.6

as at 30 September 2024

Geographic distribution

63%
N. America
37%
Asia

Strategy distribution

48%
N. America buyout
15%
N. America funds of funds
17%
Asia funds of funds
20%
Asia venture and growth
as at 30 September 2024

Our geographical analysis reflects listing location.