Caledonia's Duncan Johnson steps down, replaced by Tom Leader

Leader will succeed Duncan Johnson, who stepped down from his role after 10 years' service. Johnson will now be chief executive at Northern Gritstone, a venture investment company founded by the universities of Leeds, Manchester and Sheffield.

Prior to his promotion, Leader was a director and head of portfolio at Caledonia, having joined the company in 2017. He has more than 25 years' experience in PE, with previous employers including Nova Capital Management, Baring Private Equity Partners and Morgan Grenfell Private Equity.

"I depart in the knowledge that I am leaving the Private Capital business in excellent hands with Tom at the helm," Johnson said. "I wish Tom and all my colleagues every success for what I am certain will be an exciting and profitable future."

Caledonia stated that it generated a total return of 23.2% for the year ending on 31 March 2021. More recently, the firm sold an 84.2% stake in portfolio company Deep Sea Electronics (DSE) to listed US-based company Generac Holdings for £242.2m. The GP's exit came nearly three years after it acquired DSE in a deal that valued the company at £162m.

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