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Beyond the Capital with Northern Gritstone

Northern Gritstone
Image credit: Northern Gritstone / UKTN

After nearly 11 years running Caledonia Private Capital, Duncan Johnson wanted to do something that would leave a “legacy”. In 2021, he took the reins at Northern Gritstone, an investment company focusing on spinouts in the North of England.

“I wanted my children to be proud of me,” Johnson tells UKTN. “Just making rich people richer isn’t actually what this is about”.

Northern Gritstone, which is chaired by Lord Jim O’Neill, was established by the universities of Manchester, Sheffield and Leeds. It backs “IP-rich” businesses in the North of England to support them with commercialisation, and has invested in eight companies so far.

The investor announced its first close of £215m in May 2022 and has since bolstered its funds with £30m from British Patient Capital. More recently, it closed an extra £50m, with “another £50m-£100m in the hopper”....