David Butler

David Butler is a Partner at Chiltern Capital, a London-based private investment firm focused on profitable lower mid-market businesses. Chiltern’s team page lists him as Partner, and the firm’s April 2024 announcement says he joined Chiltern in 2019 and was promoted to Partner that month.

Before Chiltern, Butler worked at Downing LLP, where Chiltern said he focused on early-stage growth capital investing across education, technology, business services and engineering. In his 2019 joining announcement, Butler described having spent “three incredibly valuable years at Downing.” Prior to Downing, he worked in PwC’s Corporate Finance team and qualified as a Chartered Accountant.

At Chiltern, Butler leads transactions across multiple sectors and is described by Equilar, citing Chiltern, as managing the firm’s day-to-day operations and strategic focus while serving on the Investment Committee. Chiltern’s April 2024 promotion announcement says he had led several investments, including the carve-out of Strata Products from Berry Global, and had sat on the boards of Trueman Group, Inciner8 and Emtez.

• Invests in profitable lower mid-market B2B companies, usually with UK or Ireland headquarters and £2m-£10m+ profit.
• Chiltern’s stated focus is to work with founders, corporate vendors and incumbent management teams to “drive transformational growth” organically and through targeted acquisitions.
• Comfortable with minority or majority stakes and with additional follow-on capital to support expansion and acquisitions.
• Typical deal situations include founder or family shareholder succession, shareholder groups with differing objectives, and corporate carve-outs of non-core divisions.
• Chiltern says every member of the firm personally invests in each deal, aligning the team with management from completion through exit.
• Butler’s own deal comments emphasize backing management teams with growth plans, expanding product ranges and service offerings, geographic growth, and targeted M&A.
• In February 2026, Butler wrote that Chiltern’s flexible, entrepreneurial approach and use of its own funds helped it support vendors and management teams through succession challenges while continuing to invest in growth.