Caledonia Investments
Caledonia Investments plc is a London-based, self-managed FTSE 250 investment trust (LSE: CLDN) incorporated in 1928 and controlled by the Cayzer family, investing permanent capital across public companies, third-party funds and a direct Private Capital pool of mid-market private companies; as a self-managed listed investment company under Companies House number 00235481 it holds no FCA AIFM authorisation, and reported net assets of GBP 2,980m at 31 March 2026.
Key facts
Recent exits
Coverage notes
1 fund tracked, 11 portfolio companies (6 active · 5 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund Caledonia Investments has raised, with its portfolio companies. Hand-checked from public filings.
Caledonia Private CapitalEvergreen2003 · 23yr€1.1B6 active · 5 realized
Unrealized
6 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| AIR-serv Europe | Industrials | UK | 2023 |
| Blue Diamond | Consumer | UK | 2026 |
| Butcombe Group | Consumer | UK | 2016 |
| Cobepa | Financials | Belgium | 2004 |
| Cooke Optics | Industrials | UK | 2018 |
| Direct Tyre Management | Business Services | UK | 2024 |
Realized
5 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| BioAgilytix | Healthcare | United States | 2019 | 2021 | Trade Sale | – | |
| Bloom Engineering | Industrials | United States | 1989 | 2024 | Trade Sale | – | |
| Deep Sea Electronics | Industrials | UK | 2018 | 2021 | Trade Sale | ||
| Seven Investment Management (7IM) | Financials | UK | 2015 | 2024 | Trade Sale | ||
| Stonehage Fleming | Financials | Channel Islands | 2019 | 2025 | Trade Sale |
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About Caledonia Investments
Caledonia Investments is one of the UK's longest-running listed family investment trusts with £2.96 billion of net assets as of March 2024 (£3.0 billion at September 2025), headquartered in London. The firm traces its origins to 1928 as the Cayzer family holding company, before listing on the London Stock Exchange in 1960. Caledonia operates as a self-managed FTSE 250 investment trust with the Cayzer family retaining approximately 48% controlling holding. The platform has delivered 58 consecutive years of dividend growth backed by permanent capital structure and family alignment.
Investment thesis
Caledonia Investments deploys capital across three investment pools: Public Companies (long-term listed positions), Private Capital (direct UK mid-market) and Funds (North America and Asia third-party PE fund commitments). The strategy emphasises long-term capital stewardship with the permanent capital model enabling true long-hold investing. Sector focus spans industrials, financials, consumer discretionary, information technology, healthcare and materials. Geographic deployment is UK core for Private Capital with global reach for Public Companies and Funds across North America and Asia. The portfolio tracks 6 named Private Capital direct holdings plus 30 plus third-party fund commitments.
Recent activity
Recent realised exits include engineering (Bloom Engineering, December 2024) and wealth management (Stonehage Fleming minority stake, agreed for completion H1 2026). Recent acquisitions include fleet services (Direct Tyre Management, £55 million, August 2024) plus wealth management top-ups across Cobepa and AIR-serv Europe. The platform continues active deployment of the multi-pool permanent capital model. Detailed buyer names and multiple data available on Pro at €29/month.
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