We launched our fifth fund in March 2021. The Shackleton Ruffena Return #5 Limited Partnership,  “Return Fund #5” continues our proven strategy of investing in secondaries-led transactions that has resulted in each of our first four funds achieving top quartile performance.

The fund is a collaboration between Shackleton and Ruffena Capital – a tie-up that substantially strengthens the Fund’s market reach and its ability to support portfolio companies through to successful exits.


Return Fund #5 focuses on three B2B technology sectors:  Advanced Engineering/CleanTech, Healthcare, and Digital Transformation. The majority of investments are in established and scale-up companies with proven business models.   The Fund invests both in individual companies and portfolios of investments. It combines secondary purchases from existing investors with the deployment of fresh capital directly into companies.

Return Fund #5 is being raised on a rolling basis, allowing it to make investments immediately.  The first transaction for the new Fund was a £2m initial investment in Mentor Group Limited, a leading supplier of sales transformation services and technology that enable customers to achieve big improvements in the performance of their sales operations.

Return Fund #5 is for sophisticated individual investors, family offices, and institutions.  It targets a 2.5 times return – consistent with the performance achieved by Shackleton’s four existing funds.  It is managed by Shackleton’s authorised fund management subsidiary Shackleton Finance Limited and is advised by joint venture partner Ruffena Capital Limited.


Shackleton Ruffena Return #5 Limited Partnership (the “Fund” or “Return Fund #5”) is a collective investment scheme for the purposes of, and as such term is defined under, Section 235 of the Financial Services and Markets Act 2000 (the “Act”).  The Fund has not been authorised or recognised by the United Kingdom Financial Conduct Authority (the “FCA”) and is therefore an unregulated collective investment scheme (an “Unregulated Scheme”).  As an Unregulated Scheme, promotion of the Fund is restricted by Section 238 of the Act (the “Scheme Promotion Restriction”) and pursuant thereto the Fund may not be promoted to the general public in the United Kingdom.  The Fund may however be promoted to certain categories of recipients specified in the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 (the “PCIS Order”) or as otherwise permitted by law.