Unlocking Tomorrow’s Potential Today
Horizon Capital’s funds made three new investments during 2024, including its first investment in Fund III.

Turnmill (formerly GFC) is a fast-growing financial services events business serving a blue-chip base of corporates, investors and finance institutions. Operating in a highly fragmented market, we identified an opportunity to consolidate and to support a strong management team with a proven track record of achieving double-digit organic growth.

Our latest investment exemplifies Horizon Capital’s expertise in executing buy-and-build strategy, consolidating regional mid market law firms and building a national legal service group. The formation of Adeptio Law Group, with FBC as the first acquisition, reflects our commitment to supporting management teams as they execute on ambitions growth plans.

We believe that Alchemist is poised to become a major player in the global learning and development market. By delivering tailored learning experiences at scale, the company is well-positioned to tap into a substantial market in the UK and US, fuelled by increasing corporate demand for workforce upskilling and retention.

We believe that Alchemist is poised to become a major player in the global learning and development market. By delivering tailored learning experiences at scale, the company is well-positioned to tap into a substantial market in the UK and US, fuelled by increasing corporate demand for workforce upskilling and retention.
Creating Market Leading Businesses
Delivering On Our Promise
After just three years of ownership, Horizon Capital has successfully sold Dains Accountants to IK Partners delivering an 8x MOIC and an IRR of 107%. During our ownership, Dains experienced significant growth, quadrupling its top-line revenue and completed 10 add-on acquisitions. The company has firmly established itself as a key provider of critical accounting and business services, with over 17,000 SMEs and private clients, generating substantial recurring revenue.
This exit further underscores Horizon Capital’s track record of delivering exceptional returns for its investors.
107%
Gross IRR
8x
MOIC
Tailwinds For the Portfolio
Our portfolio has demonstrated strong development, with an impressive EBITDA growth across all funds. This growth has been achieved through close collaboration with portfolio companies, where we have worked hand-in-hand with management teams to optimise operations, improve efficiency, and accelerate value creation.
This growth is further supported by our strategic commitment to market mapping exercises, which have enabled us to identify and cultivate a strong pipeline of potential add-on acquisitions. The portfolio executed 18 add-ons during 2024, and we have a strong pipeline of potential targets for 2025.
Making Connections
Building a strong community among portfolio companies is essential for fostering collaboration and shared growth. In 2024, Horizon Capital organised five roundtables – focused on CFO, IT, sales, ESG, and M&A – enabling portfolio leaders to exchange insights and tackle challenges together. This approach strengthens networks, drives innovation, and creates synergies that enhance performance across the portfolio, ultimately delivering greater long-term value.