Causeway Capital

What Causeway Capital does

Causeway Capital is a Dublin-headquartered, London-supported private equity fund manager founded in 2015 by David Raethorne and Matt Scaife, focused on growth capital and buyout investments in established SMEs across Ireland and the United Kingdom. The firm deploys capital through two limited partnerships — Causeway Capital Partners I LP (launched 2016) and Causeway Capital Partners II LP (closed 2025) — targeting businesses with at least €2m in sales, €500k+ EBITDA, and seeking €2.5m or more in investment, with use cases spanning organic growth, management buyouts, shareholder exits, and recapitalisations.

The firm operates a relationship-driven origination model intermediated by advisors, lawyers, and personal networks rather than competitive auctions, with a small core investment team of five professionals plus operating partners enabling rapid decision-making and hands-on portfolio support. Investment criteria emphasise sustainable business models, and the firm is registered with the Central Bank of Ireland as an Alternative Investment Fund Manager (AIFM), is a UN PRI signatory since 2018, operates as an SFDR Article 8 fund, and was the first Irish PE manager to achieve carbon-neutral status at the firm level in 2021.

Revenue is generated through traditional PE fund manager economics: annual management fees charged on committed or invested fund capital, supplemented by transaction-based carried interest on successful portfolio exits. Cornerstone LPs in Fund I included the Ireland Strategic Investment Fund (ISIF), AIB, and the European Investment Fund, alongside pension funds, financial institutions, and private individuals. The portfolio spans seven disclosed companies across laundry services (Celtic Linen), fashion e-commerce (In The Style), patisserie (Patisserie Valerie), fresh bakery/coffee (Bakers + Baristas), recycling engineering (Turmec), EdTech (Group GTI), workforce management SaaS (Bizimply), and cycling (Whyte Bikes), with two major realised exits to date — In The Style IPO on London Stock Exchange AIM at £105m market capitalisation (March 2021) and the Celtic Linen sale to Johnson Service Group for €31.5m yielding a 3x return (September 2023).

Name

Causeway Capital

Legal name

Causeway CGP Limited

Website

https://causeway.capital

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

1–10 employees

Short description

Causeway Capital is a Dublin and London-based private equity fund manager founded in 2015, investing growth capital and buyout funding in established SMEs across Ireland and the UK with €2m+ sales and €500k+ EBITDA.

Ownership category

akta.pro rank

Product category

Private Equity Fund Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Capital Raising Advisory (Equity & Equity-Linked) (FSAEAGAC)

akta.pro secondary industry

Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG)

Keywords

• Private equity fund
• Growth capital investment
• Mid-market buyouts
• Portfolio management
• Responsible investment

Headquarters

HQ city

Dublin

HQ country

Ireland

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Management Fees: Annual management fees charged on funds under management
2. Carried Interest: Performance-based carried interest from successful portfolio exits
3. Investment Returns: Returns from equity investments in portfolio companies

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Causeway Capital is a growth-focused private equity fund manager that invests equity capital into established SMEs across Ireland and the UK with sales of €2m+ and EBITDA of at least €500k, typically investing €2.5m or more per deal. The firm provides growth capital, management buyout support, shareholder exits, recapitalisation, and hands-on board-level support to portfolio companies, and operates as a UN PRI signatory and SFDR Article 8 fund. Revenue is generated through management fees on funds under management, carried interest from exits, and underlying investment returns.

Product overview

Causeway Capital is a growth-focused private equity firm offering two investment funds: Causeway Capital Partners I LP (launched 2016) and Causeway Capital Partners II LP (recently closed). The firm provides growth capital investment, management buyout support, and hands-on portfolio company management for established businesses in Ireland and the UK with sales of €2m+ and EBITDA of at least €500k. The investment approach incorporates ESG considerations throughout the investment lifecycle and operates as an SFDR Article 8 fund promoting environmental and social characteristics.

Differentiator

Problem solved

Functional benefit

Products and services

• Causeway Capital Partners I LP Causeway Capital's first private equity fund, investing equity capital into small to medium-sized businesses in Ireland and the UK with strong growth potential, sales of €2m+, and EBITDA of at least €500k. Targeted at institutional and individual LPs.
• Causeway Capital Partners II LP Causeway Capital's second private equity fund, focused on innovative SMEs with sustainable growth plans in Ireland and the UK, continuing the firm's mid-market growth-investment strategy with an ESG orientation.
• Private Equity Investment Management Services Growth-focused private equity investment management services including growth capital investment, management buyouts, shareholder exits, and recapitalisation support for established businesses with sales of €2m+ and EBITDA of at least €500k, typically investing €2.5m or more.
• Portfolio Company Support Services Hands-on management support including board-level advice, acquisition assistance, and strategic guidance for portfolio companies to deliver sustainable growth, provided to investee businesses alongside equity capital.
• ESG Integration Services Responsible investment services incorporating environmental, social, and governance considerations across all stages of the investment cycle, including pre-investment diligence and portfolio management. Includes carbon offset partnership with Make It Wild to maintain carbon neutral status at fund manager level.
• SFDR Article 8 Fund Management Article 8 fund management under the EU Sustainable Finance Disclosure Regulation (SFDR), promoting environmental and social characteristics while excluding investments that conflict with the firm's exclusion policies.

Quantifiable outcome

• 3x return on Celtic Linen investment
• +5 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core and minor.

• Make It WildcoreStrategic or Co-development Partner · 12 March 2021Carbon offset partnership supporting Make It Wild's tree planting projects to achieve and maintain carbon neutral status at fund manager level since 2021.
• United Nations Principles for Responsible Investment (UNPRI)coreStrategic or Co-development Partner · 1 August 2018Causeway Capital became a signatory in August 2018. PRI is the world's leading proponent of responsible investment, working to achieve sustainable global financial system through six principles for responsible investment.
• Institutional Limited Partners Association (ILPA)minorStrategic or Co-development PartnerCauseway Capital endorses ILPA Principles (version 3.0) and its objectives of fostering transparency, governance and alignment of interests for General and Limited Partners.

Scale indicators8 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• BGF (Business Growth Fund): BGF is the UK's most active growth capital investor in SMEs, providing equity tickets typically between £1m-£20m. Highly comparable to Causeway in target customer (UK SMEs) and ticket size, though significantly larger in scale and capital base.
• LDC (Lloyds Development Capital): LDC is one of the UK's most active mid-market PE investors, part of Lloyds Banking Group, investing equity tickets of £2m-£100m+ across the UK. Directly comparable in lower-mid-market SME focus, with substantially larger scale and permanent capital backing.
• Foresight Group: Foresight is a UK-listed investment manager with PE and infrastructure funds investing across the UK lower-mid-market. Comparable in lower-mid-market PE and ESG/sustainability mandate alignment with Causeway's responsible investment focus.

Direct peers

• Cairngorm Capital Partners: Cairngorm Capital is a UK-focused lower-mid-market PE firm investing in SMEs, very comparable in geography, deal size, and sector breadth. Notably, Causeway acquired Whyte Bikes from Cairngorm Capital in October 2025, demonstrating they trade in the same deal universe.
• Palatine Private Equity: Palatine is a UK mid-market PE firm investing in management buyouts and growth capital transactions, with a focus on SMEs typically in the £5m-£75m EV range. Comparable in geography and ticket size with similar relationship-led origination.
• Mobeus Equity Partners: Mobeus is a UK lower-mid-market PE firm investing £5m-£25m of equity in established SMEs. Directly comparable in deal size and UK SME focus, with a similar relationship-driven investment approach and growth/buyout orientation.
• YFM Equity Partners: YFM is one of the UK's most active SME-focused PE investors, providing £2m-£10m growth and buyout capital. Closely comparable in target customer profile (UK SMEs) and ticket size to Causeway's stated investment criteria.
• MML Capital Partners: MML is a UK and Ireland-focused mid-market PE firm, providing growth and buyout capital to SMEs. Particularly comparable given its Ireland presence, providing direct geographic overlap with Causeway's stated investment mandate.
• Development Capital (Ireland): Development Capital is an Irish lower-mid-market PE firm providing growth and buyout capital to Irish SMEs. Directly comparable in geography (Ireland-focused) and target company profile (established SMEs seeking growth equity).

Regional players

• Elkstone Partners: Elkstone is an Irish private capital platform providing growth capital to SMEs and founders in Ireland. Comparable in Ireland-based SME focus and lower-mid-market orientation, though it operates with a broader capital toolkit (debt and equity).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/CausewayCap
• LinkedInlinkedin.com/company/causeway-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments6 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Causeway Capital