Caledonia Investments’ (CLDN’s) recent Private Capital Spotlight provided an opportunity to deep dive into the company’s private capital pool investments. In this part of the portfolio, it has a target of up to 10 companies and currently it accounts for 29% of CLDN’s NAV. This note explores the private capital pool in more detail. Over the past decade, this part of CLDN’s portfolio has generated an impressive NAV total return of 12.4% per annum, highlighting the value of the company’s patient and consistent investment strategy.