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
£906.7m
NAV
30%
Strategic asset allocation
25-35%
Performance data
Annualised Return as at 30 September 2025
14.9%
Over 1 year
8.5%
Over 3 years
20.7%
Over 5 years
12.5%
Over 10 years
Significant portfolio investments
Stonehage Fleming
First Invested 2019
Value£259.7m
Cobepa
First Invested 2004
Value£194.9m
AIR-serv Europe
First Invested 2023
Value£193.0m
Butcombe Group
First Invested 2016
Value£145.2m
Direct Tyre Management
First Invested 2024
Value£57.2m
Cooke Optics
First Invested 2018
Value£31.1m
Value£25.6m
Value£906.7m
Geography by
revenue generation
As at 30 September 2025
- UK & Channel islands 62%
- Europe 30%
- North America 3%
- Asia 2%
- Other countries 3%
Sector
distribution
As at 30 September 2025
- Industrials* 40%
- Financials 30%
- Consumer discretionary 22%
- Materials 4%
- Consumer staples 2%
- Healthcare 1%
- Information technology 1%
* Includes AIR-serv Europe, DTM and Cooke Optics.
