Co-Investment Programme

Video header

Co-Investment Programme

Macaulay Capital seeks to provide investment opportunities to high net worth individuals and sophisticated investors via our Co-Investment Programme.

Members of the programme are offered two ways of co-investing:

Number 1 circle

Opportunities to invest private capital into individual companies alongside Macaulay

The opportunity to invest in a diversified portfolio of private capital deals carefully selected by Macaulay.

On occasion these opportunities may qualify for favourable tax treatment (EIS or Business Relief) or may be eligible within tax wrappers such as a SIPP or an IFISA

Private capital – why invest in this asset class?

Private Capital (PC), as an asset class, is a proven tool in portfolio diversification and has produced impressive and consistent returns for over 20 years.


Private Capital in a balanced portfolio, alongside traditional asset classes such
as equities, bonds and property, can introduce diversification.

Consistent returns

Private Capital, invested in our target transaction range, has been proven to generate consistent returns in various market conditions.

High returns

The team now at Macaulay Capital has a previous track record of achieving average attractive multiples on invested capital in excess of 2x. The BVCA cites an appealing 1.8x total return on invested capital as the industry standard for the UK private equity deals from 1986 – 2020.*

* data taken from The British Venture Capital and Private Equity Association (BVCA) report titled “Performance and Public Market Equivalent Report 2020”, November 2021.

Our approach

Our main focus is to invest in well established, robust and profitable UK businesses valued at between £2m and £10m, an area of the market under-represented by established funding providers. We believe significant opportunities can be found in these companies which have the potential to produce significant cash generation and capital repayment and a robust and steadily growing dividend stream.

Investment philosophy

We target companies that can be found in the ‘stem’ of the glass.

Portfolio companies

Macaulay Capital provides an attractive offering for our portfolio companies. We invest our own capital in deals and take a seat on the board. With significant board experience under our belt we try to add value as an investor and align interests with both investors and management teams. Our strategy varies from traditional private equity houses in that we do not fund acquisitions through excessive debt and our portfolio will not be primed for short term exit strategies.

Case studies

Hickton Group

” When Hickton’s founder looked to sell the company, the team now at Macaulay identified our leading position in a niche market, and a deal was negotiated by them with the vendor’s advisors. As partners, they’ve been very supportive and added significant value; helping strengthen the Board and identifying a number of acquisitions. The largest of these saw the founders of that company join the Hickton leadership team, ensuring succession for the next phase of the Group’s growth. Investors saw their holdings increase in value more than 3 times during this period and we’re delighted so many of them remain shareholders. ”
Tony Mobbs

Read more

Qualification Check

” Having got Qualification Check up and running, we identified the team now at Macaulay as equity partners for the next stage of the company’s development. As a ‘first-time’ founder within a small business, I’ve found their input and experience invaluable. As well as identifying a Finance Director, to complement an earlier non-executive Board appointment, the Chelverton Investor Club shareholders backed us in a follow-on funding round and we’re now really well placed to capitalise on the exciting developments in our market place. ”
Ed Hall

Read more
Scroll to Top