Caledonia Investments (CLDN) has announced that Tom Leader will retire as head of Caledonia Private Capital in December with Theo Tizard appointed as his successor. Leader has run the global investment trust’s team investing in private companies such as AIR-serv Europe, Direct Tyre Management, Blue Diamond Garden Centres and Conquip Engineering Group since 2021, having joined Caledonia in 2017. Under him, Caledonia Private Capital invested over £400m and realised nearly £1.1bn with the portfolio reaching a net asset value of £760m at 30 September. Tizard also joined Caledonia in 2017 after six years in corporate finance roles at Houlihan Lokey and PwC. Caledonia said he had been “instrumental in the origination, due-diligence, value creation and realisation process for a number of investments” including Deep Sea Electronics, Bloom Engineering and Conquip Engineering Group