Caledonia boosts unquoted investment team

The listed investment trust has hired Jayne Mould as an investment manager as it continues to build its unquoted portfolio.

Caledonia Investments has expanded its unquoted investments team, appointing Jayne Mould as an investment manager, according to a statement from the firm.

Mould joins from DC Thomson & Co, where she was an investment principal in DCT Ventures, the publishing firm’s corporate investment business.

The hire comes three months after Caledonia poached Caird Capital founding partner Andy Powell for a director role in its unquoted investment team.

The London-listed investment trust maintains a concentrated portfolio of international quoted, unquoted and fund investments, with net assets under management of around £1.6 billion (€2.2 billion; $2.4 billion). On the unquoted side, Caledonia looks to invest between £25 million and £100 million on either a majority or minority basis, making around three investments every two years.

In June, Caledonia acquired wealth manager Seven Investment Management (7IM) for £100 million, of which around £75 million was equity and £25 million was provided by senior debt put into the capital structure of the business, Caledonia’s head of unquoted pool Duncan Johnson told Private Equity International at the time.

Caledonia’s private equity business differentiates itself by occupying the middle ground between the hands-off approach of a family office and directing management like a typical PE firm, Johnson told PEI, adding that it tends to hold assets for seven to 10 years.

Caledonia’s current unquoted portfolio includes caravan park operator Park Holidays UK, residential care operator Choice Care Group, European unquoted investment house Cobehold, The Sloane Club in London and Germany-based marine gas-engineering business TGE Marine.

In early trading today, Caledonia shares were at £23.10 per share, giving the investment trust a market capitalisation of £1.27 billion.