Welcoming Tom Burnet
Following the recent Annual General Meeting, Richard Gray retired as a director and the Chairman of CT Private Equity Trust (CTPE). Richard has served on the Board since 2017 and as Chairman since 2022 and we thank him for his significant contribution and thoughtful leadership throughout his tenure and wish him well for the future. Tom Burnet was appointed as our new Chairman and we are delighted to introduce him through a Q&A.
Here, Dominic sets out his thoughts on the trust’s objectives and his outlook for UK equities in 2026.
Having served on the Board of CT Private Equity Trust since 2020, what attracted you to the Trust originally, and why does it continue to resonate with you today?
When I was first approached about joining the board in 2020, what struck me was how different CTPE felt from other listed PE vehicles. Its focus on the UK and European lower mid-market — smaller, less competed-for businesses, accessed through long-standing relationships with specialist managers — aligned closely with my own experience of where value is genuinely created. I have spent much of my career working with founder-led and owner-managed businesses in technology and services, and that is exactly the kind of company CTPE backs. I am also a shareholder in the Trust, so I come to this role with a direct personal interest in seeing it perform. What continues to resonate is the consistency of the investment approach and the fact that the numbers back it up — over 10% annual NAV total return since inception in 1999, combined with a progressive dividend that has more than doubled over the past seven years1. That combination of capital growth and growing income is, I believe, genuinely rare in this sector.
You have chaired several listed companies and investment trusts, with a particular focus in technology and growth assets. What perspectives do you believe are most relevant to CTPE?
My career has largely been spent at the interface of technology, growth capital and governance — at a range of listed and private equity owned businesses – as a CEO, Executive Chairman and more recently as a Non-Executive Chairman. What threads through all of those experiences is an understanding of how value is actually built inside businesses — the role of management quality, capital allocation discipline, and the difference between a business that looks good on paper and one that is genuinely compounding. I bring that operational lens to the CTPE board. When the investment manager presents a portfolio company or a new commitment, I ask the questions a practitioner would ask. In a private equity context, where the ability to assess management teams and business models is central to everything, I think that perspective genuinely adds value.
Private equity has become more accessible to investors. What continues to differentiate CTPE from newer or more narrowly focused alternatives?
Private equity is a long‑term, illiquid asset class, as such it is best suited to investors who can take a patient approach. The investment trust structure is well suited to holding such illiquid assets and has stood the tests of time. Its closed ended structure provides individual investors with liquidity through the sale of their shares, while avoiding the risk to the Trust having to sell assets at the wrong point in the cycle.
The listed PE sector offers a range of entry points — from large global fund-of-funds to sector-concentrated vehicles to manager-affiliated trusts with proprietary deal flow. Each has merit. But CTPE’s differentiation is real and, I would argue, underappreciated by the market. Our focus on the UK and European lower mid-market means less competition for deals and deeper manager relationships built over decades. Our co-investment programme, now approaching 40% of the portfolio, meaningfully reduces the fee drag inherent in a pure fund-of-funds structure. Our progressive dividend policy — a formal ratchet designed to support consistent and predictable dividend growth, with 5-year dividend growth averaging nearly 13% per annum and a current yield of just under 6% — is a feature offered by very few listed private equity vehicles. Most peers are purely capital growth vehicles. CTPE offers growing income from a PE portfolio, backed by a track record, with its ten-year share price total return ranked 9th across the entire AIC universe2. Newer entrants simply do not have that combination.
Streamlining the mission and building with intent are pillars of your philosophy — what does that look like in practice when chairing an investment trust board?
It means ensuring the board is focused on what genuinely matters — strategy, risk, governance, and shareholder value — rather than drifting into process or noise. A good board is an active, constructive partner to management and the investment manager, while maintaining clear independence. In practice, that means prioritising forward-looking challenge rather than retrospective reporting, and a willingness to ask the uncomfortable question and hold a position under pressure.
What makes that easier at CTPE is the genuine quality of the board. Craig Armour brings direct private equity experience — from Penta Capital and LDC through to running listed European portfolios at Edinburgh Partners — meaning the investment manager faces rigorous, informed challenge. Audrey Baxter brings the perspective of someone who has built and run a very substantial private business. Jane Routledge brings deep investment management marketing expertise, which matters when engaging shareholders and intermediaries. And Manisha Shukla joins us shortly with specialist investment company legal and governance knowledge. It is a deliberately composed team and my plan is to use that collective capability to the full.
Investors are paying closer attention to valuations and transparency in private equity. What role does the Board play?
The persistent discount at which CTPE and much of the listed PE sector trades reflects, in part, investor uncertainty about whether NAVs are trustworthy and whether those values will be crystallised. The board must address both concerns directly. On valuations, Craig Armour as Audit Committee Chair brings the right combination of private equity practitioner knowledge and Chartered Accountant rigour to robustly lead our scrutiny of manager assumptions. On the discount, I believe boards need to be active — ensuring capital allocation discipline and clear communication about what is being done and why. Our progressive dividend policy plays a key role here: a growing quarterly income stream, underpinned by a formal policy with nearly 13% annual dividend growth over five years, is tangible evidence that NAV is real and that the portfolio generates genuine cash returns. That combination of valuation rigour and growing income is what I intend to hold the board and manager to account on.
What message would you like to share with existing and prospective shareholders as you take on the Chairmanship?
Shareholders are seeing two significant transitions simultaneously — a new Chairman and a new Lead Fund Manager, with Andrew Carnwath succeeding Hamish Mair. I understand that raises questions and think it right to address them directly. Hamish has built an outstanding portfolio and strong team, and Andrew’s appointment is the product of careful succession planning. I have full confidence in continuity of the investment approach and the skills of the wider group at Columbia Threadneedle.
What gives me additional confidence is the wider board. Craig Armour, Audrey Baxter, Jane Routledge and incoming director Manisha Shukla bring a genuinely complementary set of skills — private equity practice, operational business leadership, shareholder communications and investment company governance. These transitions are happening within a stable and capable team. The investment case is underpinned by a 27-year track record, differentiated focus on the UK and European lower mid-market, a growing co-investment programme, and a progressive dividend delivering nearly 13% annual dividend growth at a current yield of around 5.85%. My job is to make sure that story is heard and clearly understood by the market. I am genuinely excited to take on this responsibility.
Finally, what are your interests away from the corporate world?
I am based in Edinburgh, which provides a wonderful backdrop for life outside work. I am a keen golfer and the courses available in Scotland are a constant source of pleasure. I follow rugby closely, particularly during the Six Nations and enjoy skiing with family and friends. I also serve as Warden of the Incorporation of Goldsmiths of the City of Edinburgh, a role which connects me to the history and craft traditions of the city I am proud to call home.
Investment risks
1Continued dividend payments are not guaranteed.
2 Source: Association of Investment Companies. Share price total return over ten years, AIC universe, data as at 23 April 2026. Future rankings subject to change.
The value of your investments and any income from them can go down as well as up and you may not get back the original amount invested. Gearing is used for investment purposes to obtain, increase or reduce exposure to an asset, index or investment. The mention of any stocks and bonds is not a recommendation to deal. All information is sourced from Columbia Threadneedle Investments, unless otherwise stated.
Issued by Columbia Threadneedle Management Limited and approved for distribution 20/05/2026.
