Caledonia Investments plc

Caledonia’s legal history begins with its incorporation in 1928 as Foreign Railways Investment Trust. The Cayzer family acquired it in 1949, renamed it Caledonia Investments in 1951, and converted it into an investment trust in February 2003. The family remains a major shareholder, with over 50% ownership reported by Caledonia.

The company invests its permanent balance sheet through three pools: Public Companies, Private Capital and Funds. At 31 March 2026, each pool represented approximately 32% of net asset value, with the remainder in cash and other assets. Investments span listed and private businesses across sectors and geographies.

Caledonia is especially differentiated by its long holding period and direct ownership model. Its Private Capital team targets UK mid-market companies, while the Public Companies team invests in selected listed businesses and the Funds team provides access to private companies through specialist managers. The firm describes its approach as investing from a permanent balance sheet rather than managing conventional finite-life private-equity funds.