What are you looking for?
Where patience drives progress. We invest directly, either on a majority or minority basis, in a small number of private companies predominantly in the UK mid-market.
The qualities we look for:
High quality, established businesses with strong market positions & sustainable competitive advantage
Strong & experienced management teams
Profitable and cash generative with multiple levers for growth
Prudent capital structures
Portfolio value
£954.7m
NAV
32%
Strategic asset allocation
25-35%
As at 31 March 2026.
Performance data
Annualised Return as at 31 March 2026
13.1%
Over 1 year
9.6%
Over 3 years
17.2%
Over 5 years
12.2%
Over 10 years
Significant portfolio investments
Stonehage Fleming
First Invested 2019
Value£279.3m
AIR-serv Europe
First Invested 2023
Value£215.0m
Cobepa
First Invested 2004
Value£206.5m
Butcombe Group
First Invested 2016
Value£142.4m
Direct Tyre Management
First Invested 2024
Value£57.7m
Value£53.8m
Value£954.7m
Geography by
revenue generation
As at 31 March 2026
- UK & Channel islands 62%
- Europe 31%
- North America 3%
- Asia 1%
- Other countries 3%
Sector
distribution
As at 31 March 2026
- Industrials* 41%
- Financials 31%
- Consumer discretionary 20%
- Materials 3%
- Consumer staples 2%
- Information technology 2%
- Healthcare 1%
* Includes AIR-serv Europe, DTM and Cooke Optics.
