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About us

Macaulay Capital is a private capital specialist; providing select investment opportunities for high net worth individuals through to professional investors, at the same time as delivering bespoke funding solutions for the companies concerned.

We focus on areas of the market under-represented by established funding providers; seeking out investments in well established, robust and consistently profitable businesses, as well as providing occasional opportunities to participate in funding development capital into younger, ambitious and fast-growing companies. Where possible, investment opportunities will be structured with a mind to optimising the tax advantages potentially available to our investors.

Macaulay is committed to a number of core values; most importantly, aligning interests with those of our investors as well as the company management teams we work with. With this in mind, Macaulay will typically look to co-invest directly into the opportunities we promote.

Our story

Chelverton Asset Management (CAM) established

In 1997 David Horner launched CAM. Primarily established as a fund manager, focusing on AIM listed companies but it also formed a secondary advisory business, helping larger clients with private company investments

Chelverton Equity Partners (CEPs) established

In 2004 CEPs was established after a gap in the market was identified, focusing on equity finance in the £2-5m range.

Portchester Equity Ltd is incorporated in partnership with a single family office

In 2008 Chelverton was approached by a wealthy private family who wished to replicate the CEPs model on a larger scale in order to grow long-term value of family wealth whilst reducing exposure to inheritance tax.

Chelverton Investor Club is born

In 2012 Chelverton received interest from other family investors and High Net Worth investors on a more ad-hoc basis leading to the launch of the Investor Club.

Launch of Macaulay Capital

By early 2022 Chelverton’s assets under management (AUM) reach in excess of £2.5bn, with the majority of assets in its core listed equity business. David Horner spins off CAM’s private capital business into Macaulay Capital.

Our values

Where possible, investment opportunities will be structured with a mind to optimising the tax advantages potentially available to our investors.
The success of investments relies on a number of moving parts working in harmony; we recognise that optimising outcomes comes from a partnership approach.
We are straightforward people and will always seek to let common sense prevail in our dealings with both companies and investors.
Being open, honest and transparent are core to our philosophy and help build enduring and trusting relationships.

Meet the team

Lindsay Mair (3)

Lindsay Mair, Chairman

Lindsay is an experienced investment banker with a 30-year career in the City. He qualified as a chartered accountant with Touche Ross (now Deloitte) in 1987. He then worked in the corporate finance departments of various City firms, advising small cap listed companies on fund raisings, mergers and acquisitions and IPOs. Since September 2020, he has been the Chief Financial Officer of Low 6 Limited, which operates a B2B gamification platform for sports franchises.


David Horner, Managing Director

David has more than 30 years’ experience in corporate finance assignments, identifying, structuring, and managing investments as well as purchasing and managing private equity, specialist listed and AIM portfolios. After qualifying as a chartered accountant, he founded Chelverton Asset Management Limited to provide the investment management for Chelverton Growth Trust PLC, to which he added the Chelverton UK Dividend Trust PLC in1999 and three further Open Ended Investment Companies between 2006 and 2018; as of early 2022, CAM manages assets > £2.5bn. David launched Macaulay Capital in 2022 aiming to create attractive, tax efficient and financially rewarding investments.


Richard Bucknell, Chief Investment Officer

Richard is an experienced equity investment professional who has led in excess of 30 investments into small, private companies since 1998. In most cases, Richard has gone on to represent investor interests on the Boards of these companies. He has helped shape the strategic direction of the businesses over time, through to managing the realisation process on behalf of investors. Prior to the launch of Macaulay Capital, Richard led the unquoted investment activity of Chelverton Asset Management for 8 years. Previous roles have included senior investment management positions at firms including Barclays Ventures, Livingbridge (previously ISIS Equity Partners) and Catapult Venture Managers.

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Rebecca Leigh, Investment Director

Rebecca joined the team in November 2021. She brings with her experience in investment banking, with 12 years at Credit Suisse and Morgan Stanley from 2004, where she was focused on equity, equity derivative and fund linked solutions to the UK institutional market. In recent years, Rebecca worked with early-stage companies assisting in strategy and in raising capital. She holds a BSc from Bristol in Mathematics and a Certificate in Financial Accounting from Harvard Business School. When not working in financial services she enjoys spending time with her 3 young boys and has a strong interest in residential property, having previously established a small residential property development company.

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Clive Milner, Operations Manager

Clive joined the team in November 2021. Clive originally studied Mechanical Engineering and worked in industry for 4 years before joining the Army where he spent the next 14 years in a variety of roles based in the UK, Northern Ireland, Germany and Cyprus. In more recent times he completed an MBA and has worked as a business advisor, run his own business and worked in small businesses in operational and general management roles. He brings to his role at Macaulay, first-hand experience of the issues currently facing SMEs. Outside of work Clive plays water polo, supports Bath Rugby and does far too much DIY.

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