Pi Capital, the small, private investment club, may only have a few hundred members and be described by CEO, David Giampaolo, as "a quirky little firm", but its membership list reads like a Who's Who of British business. Entrepreneurs, City high-flyers, retail legends and several heavyweights from industry and the media are members.
Giampaolo, who acquired Pi Capital in 2002, says he intended to join, but ended up buying it. "I wanted to invest my own money in private equity transactions," he says. "I came to Pi Capital in 2002 and was so impressed with the idea of aggregating money, wealth and contacts that, with some private backers, I acquired it."

A born entrepreneur, Giampaolo has been starting ventures since he was 15. This entrepreneurial nature is at the heart of Pi Capital. "Our members come from diverse backgrounds, but we are either entrepreneurs or people who believe in the spirit of entrepreneurialism. We understand and like private equity and because we've earned our money the old-fashioned way, we want control over it."

This desire to be active in investments means the firms Pi Capital backs gain from the knowledge and experience of some of the UK's top business brains. "We're looking to pool our financial and our intellectual capital. The secret of Pi is the aggregate knowledge, expertise, experience and entrepreneurial skills. Together that's an amazing resource. We can't get you an order from one of the major retailers, but we can get you an introduction. You live and die on the strength of your product and team. But a lot of people die because they can't get in the front door."

As financial markets get more jittery, Giampaolo is confident Pi Capital is well placed. "We are in for tougher times. As an investor this makes me happy. There has been too much money and liquidity that has created valuations disconnected from reality. A high tide lifts all boats. While smart people made money over the last five years, some not very smart people also made money. But only smart people will make money now."

That presumably includes the members of Pi Capital.