Hay Wain

Hay Wain

Jamie Constable established Hay Wain in 2007 as his single-family office. Constable had already founded Rcapital in 2004, a turnaround investor that has completed over 80 transactions. The office sits in London and concentrates on opportunities where the principals can supply both capital and operating input. Hay Wain directs the majority of its activity to lower mid-market buyouts, growth capital and private credit within the UK. It also holds commercial real estate assets and makes selective public securities investments. Confirmed holdings include Bspoke Insurance Group, Dynamic Networks and The Lettings Hub. The firm has backed or co-invested alongside Rcapital portfolio companies and maintains platforms such as Blazehill Capital and Quilam Capital. Activity remains focused on the United Kingdom with limited European exposure through select mandates. The office employs a compact investment team that includes Alex John as CEO, Charlie Martindale as Investment Director and several analysts. No additional offices are maintained outside London. In 2026 Hay Wain sold Bspoke Insurance Group to NFP, an Aon company, after completing three acquisitions and one disposal during its ownership period. Adjacent vehicles include the Flight & Partners Recovery Fund, where Constable serves as adviser. Hay Wain's structure is defined by its ownership of multiple specialist investment platforms that operate with independent teams yet receive funding and strategic oversight from the family office. This hybrid model allows the firm to maintain direct control positions while accessing sector-specific origination through Rcapital, Modella Capital and Quilam Capital without relying on external fund commitments.