The performance of Caledonia Investments' private equity arm has turned negative despite "robust trading" in the first 11 months of its financial year, due to the coronavirus pandemic.

Caledonia Private Capital, which invests in UK mid-market in companies with equity values of between £25m and £125m, returned -18% over the year to 31 March. The division, which accounts for 34% of Caledonia's portfolio, is exposed to the highly-disrupted consumer and leisure sectors and had a “significant” markdown in valuations, the firm said.