Deals Of The Day: The Latest In Wealth Management M&A – Capnor, Calista Direct Investors

Editorial Staff

10 November 2025

Capnor
, a family-backed private equity investment firm, has acquired Calista Direct Investors, a Luxembourg-based private equity/venture capital-focused advisory and co-investment firm.

The deal – the terms of which were not disclosed – builds on Capnor’s earlier investment in Calista in February 2025. At the time, Capnor took a majority stake in Calista.

Formed in early 2021, Calista's services, which include sourcing deals, structuring, monitoring and advice on direct investments, are aimed at single-family offices and entrepreneurs. After launching a dedicated London office, it welcomed former Grosvenor Estate chief investment officer Ian Prideaux as UK director.

Following the acquisition, announced last Friday, a platform dedicated to direct investment and elected private equity funds has been created.

Capnor’s founder and CEO Louis De Clercq will continue to lead the business, and its founder, Rajaa Mekouar, is remaining as part of the leadership team alongside the CEO.

Capnor retains all current Calista employees and will incorporate the firm’s existing offices into Luxembourg and London, in addition to its headquarters in Brussels.