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Walker Guidelines

Walker Report

In 2007 the British Venture Capital Association (“BVCA”) and a group of major Private Equity firms commissioned Sir David Walker to undertake an independent review of the adequacy of disclosure and transparency in the private equity industry with a view to recommending a set of guidelines for conformity by the industry on a voluntary basis. The Guidelines for Disclosure and Transparency in Private Equity (the “Guidelines”) were published in November 2007 and adopted by the BVCA with expectations that the implementation of these guidelines and recommendations will mitigate many of the concerns surrounding buyout activity and provide for a better understanding of how private equity operates and its contribution to UK economic performance in terms of employment, productivity, investment and growth.

Dunedin also believes that the Private Equity industry should provide a better understanding of how it works and contributes to the wider economy and although Dunedin’s investments do not fall under the guidelines and therefore disclosure requirements on us as a firm do not apply, we are voluntarily seeking to comply with the Guidelines wherever possible.

History and Investment Focus

Dunedin was first incorporated in 1983 as British Linen Fund Managers Limited, a subsidiary of the Bank of Scotland. The company was renamed in 1996 when the directors of the company carried out their own management buyout and Dunedin LLP was established.

Dunedin is an independent company majority owned by its directors and staff. It employs a highly experienced team including 16 investment professionals with experience through several economic cycles. The team operates from offices in Edinburgh and London.

Consistent with successful past practice, Dunedin invests in UK lower mid-market buyouts with a transaction size of £20m – £100m and an equity cheque of up to £60m in a range of sectors. Dunedin invests throughout the UK, focusing on companies with a number of the following characteristics:

Case studies and further details on our approach can be found in the investments section of our website.


The Management Company which has responsibility for the management of Dunedin funds is Dunedin LLP. Its Chairman is Simon Miller and its Managing Partner is Shaun Middleton. Further details of the partners of the business can be found on the Team page of our website.

Dunedin is regulated by the Financial Conduct Authority (“FCA”) and does not have any offices outside the UK.


Dunedin has more than £400m committed and under management. This is managed on behalf of four limited partnership funds and a publicly-quoted investment trust. The last fund, Dunedin Buyout Fund III (“DBF III”) was raised in 2013. The investors (limited partners) in the fund are made up of a range of institutional investors who are experienced in investing in private equity products. Partners and members of staff of Dunedin are also investors in the funds.

A breakdown of investors in the fund by geography is shown below:


A breakdown of investors in the fund by type is shown below:


Conflicts of Interest

Dunedin has structured itself to avoid potential conflicts of interest. Dunedin’s primary activities undertaken on behalf of its clients are; management buyouts, management buyins, public to private transactions and investment in quoted private equity. Dunedin does not have any separate corporate advisory or other related areas of business.

To the extent that any conflicts of interest do arise, Dunedin has established procedures to identify and manage these conflicts. There are risk management procedures in place to cover, amongst others, the following potential conflicts of interest;

Corporate Social Responsibility

Dunedin has set up a Charities Committee which meets quarterly to consider supporting a wide range of causes and to discuss fund raising initiatives.

Your Expertise 2

What people say about us

"Dunedin recognised the potential of our business and was quick to support us in our management buyout. They showed great confidence in us by backing a transforming acquisition within a year of the buyout and continued that support all the way through to exit."

Gordon Presly

Group Managing Director, Letts Filofax

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