Human Race





Calculus Capital has invested £2.35 million in Participate Sport Limited, which owns and operates mass participation sports (“MPS”) events including running, cycling, swimming and triathlon.


The company has created and launched two new event series, Cycletta,  a series of cycle events for women, and the Festival of Sport, an end-of-season MPS festival in Cornwall. Over the past 12 months, the company has acquired several series including 35% of the British 10K London Run, the UK’s biggest 10 km run with 25,000 entrants held in central London.


The majority of the funds raised were used to acquire Human Race Partnership Limited. Human Race is amongst the UK’s largest operators of MPS events, principally triathlons, owning and managing 40 events annually. Human Race is a highly respected brand in the world of MPS and Participate Sport will adopt “Human Race” as its umbrella brand and company name. Human Race’s flagship event is the Toshiba Windsor Triathlon - launched in 1992, it remains today the UK’s premier event for club triathletes.



Participate’s objective is to be the UK’s leading MPS event business. The strategy is to acquire existing events in the highly fragmented market and develop new event formats while running the portfolio on a single commercial platform. MPS is a high growth sector of the sports and leisure industry. Its rapid growth has been relatively unaffected by the recent economic recession.


Participate’s core management team has had previous success in the sector, building up sports events business Quintus from 2001 to 2008 through organic growth and acquisition. EIS and VCT investors in Quintus (which included Calculus) achieved IRRs on the exit of between 44% and 63%.