Aliter Capital

What Aliter Capital does

Aliter Capital is a UK private equity firm founded in 2017 by four operating partners — Billy Allan, Greig Brown, Andy Galloway, and Andrew Busby — focused exclusively on UK support services SMEs. The firm pursues a buy-and-build strategy, acquiring platform businesses with EBITDA typically in the £1m–£5m range and consolidating fragmented sub-sectors through follow-on M&A. It operates two funds: Aliter Capital I (£92m, 2017–2022) which closed 21 transactions and delivered combined revenue growth of 570% and EBITDA growth of 590% across portfolio companies, and Aliter Capital II (£134m, launched 2022), giving total assets under management of £242m backed by US and European institutional investors including pension funds, funds of funds, university endowments, and charitable foundations.

The firm's current portfolio comprises four principal platform groups: TXP (Technology x People), a mid-market IT consultancy and resourcing group that absorbed Jumar, Concept, Metatech, and the Portugal/Brazil-based Vigil; Serbus, a unified critical network infrastructure provider for UK Critical National Infrastructure formed from ITM Communications, Bates IT, and the original Serbus; Orwins, a national legal services group combining BBS Law, Carter Bond, and Clarkslegal; and supporting holdings in Athera Healthcare and Sponge. Realised investments include Ipsum Utilities, North, and MARCH (formerly Edwin James Group). Aliter is authorised and regulated by the Financial Conduct Authority (No. 773712) and operates from London and Glasgow, with portfolio operations headquarters in Milton Keynes (Serbus), Manchester, London, and Reading.

Aliter generates revenue through two primary streams: recurring management fees on its £242m of funds under management, and performance-based carried interest from successful portfolio exits. Distribution is direct and relationship-driven — institutional LPs are engaged bilaterally for fund commitments, while deal flow is sourced through the founding partners' operating networks, advisor referrals, and the firm's track record. Pricing (fee rates, hurdle structures, carry splits) is not publicly disclosed.

Name

Aliter Capital

Legal name

Aliter Capital LLP

Website

https://alitercap.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Product category

Private Equity Fund Management

NAICS

Other Investment Pools and Funds (5259), Other Financial Investment Activities (5239)

SIC

Finance Services (6199)

akta.pro primary industry

Technology & Software Growth Equity (FSANACAA)

Keywords

• Private equity investment
• UK support services
• Buy and build strategy
• SME growth capital
• Fund management

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others, Technology or R&D

Revenue model

1. Fund Management Fees: Aliter charges management fees on their funds under management (currently £242m total funds). These fees provide recurring revenue to cover operations and generate baseline returns for the firm.
2. Carried Interest: Performance-based carried interest from successful portfolio company exits. Fund I delivered 'outstanding returns' to investors and owner-managers, indicating significant carry generation. This aligns interest between Aliter and investors.
3. Capital Deployment Returns: Returns from equity investments in portfolio companies. Aliter's partners have made 'significant financial commitment' alongside institutional investors, sharing directly in investment outcomes.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Aliter Capital is a UK private equity firm that raises capital from institutional investors and deploys it as growth equity into UK support services SMEs. It pursues a buy-and-build strategy, acquiring platform businesses and executing follow-on acquisitions to build national providers in fragmented markets. The firm partners with owner-managers, providing operational expertise and M&A execution capability alongside capital, with Fund I having executed 21 transactions and total funds under management of £242m.

Product overview

Aliter Capital is a private equity firm focused on UK support services SMEs, operating through a portfolio of platform investments in distinct sectors. The portfolio comprises: TXP (Technology x People) providing IT consultancy, development, and outsourcing for mid-market; Serbus delivering critical network infrastructure and secure communications for UK CNI; Orwins offering full-service commercial legal services; Sponge and Athera Healthcare in healthcare/services sectors. Realised investments include Ipsum Utilities, North, and MARCH. Fund I (2017-2022) achieved 570% revenue growth and 590% EBITDA growth across 21 transactions; Fund II (launched 2022) has £134m for equity investments, with total funds under management of £242m.

Differentiator

Problem solved

Functional benefit

Products and services

• Aliter Capital I (Fund I) Aliter Capital's maiden private equity fund of £92m, deployed 2017-2022 across 21 equity investments in UK support services SMEs. Investors (LPs) commit capital and receive returns through capital appreciation and distributions from successful portfolio company exits. The fund delivered outstanding returns and is now in realisation phase.
• Aliter Capital II (Fund II) Aliter Capital's current active private equity fund of £134m, launched in 2022 for equity investments in UK support services companies. Open for institutional investor commitments, the fund continues the buy-and-build strategy targeting platform businesses in fragmented markets with EBITDA of £1m-£5m.

Quantifiable outcome

• 570% combined revenue growth in Fund I portfolio companies
• +4 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• External ESG Advisory PartnerminorStrategic or Co-development PartnerAliter has retained an external third party expert to advise on regulatory frameworks, guiding policies and industry best practice, metric choice, enhancements to the due diligence process, and ongoing portfolio company ESG engagement.

Scale indicators12 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Synova Capital: UK mid-market growth equity firm focused on high-growth businesses. Comparable deal sizes and approach to ambitious UK SMEs with operational support.
• Tenzing Private Equity: UK mid-market PE firm backing ambitious UK SMEs, often with founder/owner-manager alignment. Similar deal size and sector overlap with Aliter's portfolio approach.
• LDC (Lloyds Development Capital): One of the most active UK mid-market PE investors, backing UK SMEs with similar buy-and-build strategies. Direct competitor for the same fragmented UK business services opportunities.
• Inflexion Private Equity: UK mid-market PE firm investing in UK and European businesses with a similar focus on ambitious management teams and operational value creation through buy-and-build strategies.
• Livingbridge: UK-focused growth equity investor backing ambitious SMEs, often in business services and technology-enabled services. Competes directly for the same UK support services deal flow.
• Lyceum Capital: UK mid-market PE investor focused on business services and tech-enabled service companies. Directly comparable in target sectors, including professional services.
• ECI Partners: UK growth equity firm with long history of investing in UK SMEs across business services, technology, and financial services. Direct competitor in similar deal sizes and sectors.
• Perwyn: UK-based PE firm investing in mid-market businesses with similar deal sizes. Active in UK business services and supports management teams with operational expertise.
• Maven Capital Partners: UK mid-market PE firm with regional focus, backing SMEs across business services. Comparable in fund size range and UK SME buy-and-build strategy.
• August Equity: UK lower-mid-market PE firm with comparable fund size and focus on UK SMEs. Similar buy-and-build strategy targeting business services and fragmented markets.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/aliter-capital-llp

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments10 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Aliter Capital