About us

How we create value

Our business model

We create capital value by investing in mid-market companies to create a diverse portfolio with strong growth potential. We cover our operating costs with income from our portfolio and from fund management fees generated by our Infrastructure business, thereby minimising the dilution of our capital returns. 

  • What we offer
  • Value creation
  • Who benefits

Permanent Capital
We create value by investing our proprietary capital in a portfolio of mid-market companies. Our proprietary capital affords us a long-term investment horizon. 

A long-standing office network
We have had teams on the ground across the UK, continental Europe and the US for many decades, which have built strong networks within their local business communities.

An expert and diverse team
Our international teams have great experience in our sectors. We view diversity as a strength and a plurality of perspectives enhances our organisation, value creation and decision making. 

Careful portfolio construction
We approach portfolio construction with great care, originating opportunities thematically and investing selectively in the businesses that benefit from long-term structural growth trends


Rigorous portfolio management
We engage with portfolio companies' management teams to manage risks and invest in initiatives that support long-term sustainable growth.

Strong values and institutional culture
We promote a strong culture of integrity among our employees and embed that culture in our policies and processes. 

A strong brand and reputation
As an investment company with a history of over 75 years, our brand strength and long-term approach underpin our reputation as a responsible investor and business.


We manage our balance sheet conservatively. We maintain a tight grip on operating costs
and cover these with fund management fees and portfolio income

Value creation model

Our model is capable of delivering mid-teen returns to shareholders through the investment cycle

Portfolio companies
We work in close partnership with our portfolio companies to provide expertise and support, enabling them to grow sustainably and to contribute positively to the communities in which they operate

Our People
Our people are our most important resource. We foster the professional development and well-being of our employees

Total return on opening
shareholders’ funds
Dividend per share

Operating costs as a percentage
of our FY2023 AUM
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