FPE Capital

What FPE Capital does

FPE Capital LLP is a London-based private equity firm founded in 2008 that specialises in second-stage growth investments in B2B software, data, and software services companies headquartered or with material operations in the UK and Ireland. The firm invests equity of typically up to £25m per transaction in businesses with enterprise values between £10m and £50m, taking minority (30%) to majority (90%) stakes, and often positions itself as the first institutional investor alongside founders and management teams. It currently operates Fund III and has completed over 35 platform and bolt-on investments across its history.

FPE generates revenue through two streams typical of the asset management industry: recurring management fees charged on funds under management and performance-based carried interest crystallised on successful exits above preferred return thresholds. Documented realised outcomes include a 3x return on the Kallidus exit (2019) and a 3.5x return on Questionmark (2021), alongside multiple other HCM exits above 3x. The firm claims an average 250%+ acceleration in top-line growth rate across portfolio companies during the investment period, supported by an operational toolkit covering talent assessment and recruitment, systems and process optimisation, and an annual Growth Conference.

The portfolio spans verticals including Human Capital Management (Zest, Kallidus, Questionmark - exited), financial planning software (Dynamic Planner), Oracle NetSuite consulting (NoBlue2), email security data (Egress), B2B financial research data (Vanda, now merged with Exante Data), and food product lifecycle management software (Point74/QUOR). FPE is authorised and regulated by the UK Financial Conduct Authority, is a signatory to the UN Principles for Responsible Investment, and is a member of the BVCA. The firm maintains an investment team of partners, investment directors, managers and origination specialists with backgrounds at PwC, KPMG, Deloitte, BDO, EY, Bridgepoint, Houlihan Lokey and Cinven.

Name

FPE Capital

Legal name

FPE Capital LLP

Website

http://www.fpecapital.com/

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

FPE Capital is a London-based private equity firm specialising in second-stage growth investments of £10-50m enterprise value in B2B software, data, and software services companies across the UK and Ireland, operating through Fund III.

Ownership category

akta.pro rank

Product category

Private Equity / Growth Equity Investment

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Other Financial Investment Activities (5239)

SIC

Investment Advice (6282), Investors, Nec (6799)

akta.pro primary industry

Media, Entertainment & Gaming Growth Equity (FSANACAI)

akta.pro secondary industry

SME Term Loans & Growth Capital (FSAKAGAB)

Keywords

• Growth equity investing
• Private equity capital
• Software sector investment
• Lower middle-market buyouts
• Second-stage growth funding

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Management Fees: FPE Capital generates revenue through management fees charged on funds under management
2. Carried Interest: Performance-based carried interest from successful portfolio company exits, generating returns when investments are realized above preferred return thresholds

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

FPE Capital is a specialist private equity firm providing growth equity investment to second-stage B2B software, data, and software services companies in the UK and Ireland. The firm invests in businesses with enterprise values of £10–50m, taking minority (30%) or majority (90%) shareholdings, typically as the sole institutional investor with board representation. FPE also offers portfolio companies an operational toolkit covering talent recruitment, systems optimisation, network access, and growth debt financing alongside equity.

Product overview

FPE Capital is a specialist private equity firm focused on second-stage growth investments in software, data, and software services companies. The firm does not offer a unified software product but rather provides investment capital and strategic support to portfolio companies. Their portfolio includes various software and SaaS businesses such as: Questionmark (enterprise assessment platform), Kallidus (HR training and assessment software), Zest (employee benefits/HCM platform), Vanda (B2B research and data for institutional investors), Point74 (food product lifecycle management), NoBlue2 (Oracle NetSuite solutions), and Dynamic Planner (financial planning systems). FPE typically invests £10-50m enterprise value in businesses with proven profitability and offers flexible capital structures alongside operational support.

Differentiator

Problem solved

Functional benefit

Products and services

• FPE Investment Services

Quantifiable outcome

• 250%+ average increase in top-line growth rate during FPE investment period
• +3 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and minor.

• UN Principles of Responsible Investment (PRI)coreOthersFPE Capital is a signatory to the UN PRI, demonstrating commitment to investing responsibly in portfolio companies that achieve strong financial returns while delivering value to all stakeholders without causing environmental or social harm.
• BVCAcoreOthersFPE Capital is a member of the British Private Capital Association, the trade body representing the private equity and venture capital industry in the UK.
• BoardwaveminorOthersFPE Capital is a member of Boardwave, a community for SaaS board members and executives.
• Level20minorOthersFPE Capital is a supporter of Level20, an organization dedicated to improving gender diversity in private equity.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Hg (Hg Capital): Hg is a leading European software-focused PE investor with a deep UK franchise. It targets similar B2B software and data assets but typically at larger enterprise values, making it the closest direct strategic peer to FPE in the UK software specialist space.
• Tenzing: Tenzing is a UK lower mid-market PE firm focused on software and technology-enabled services businesses. Its investment size and sector focus closely mirror FPE's approach to UK/Ireland software investing.
• Livingbridge: Livingbridge is a UK mid-market private equity investor with a strong focus on technology, software and data businesses. It targets similar growth-stage UK companies with comparable equity cheque sizes.
• Lyceum Capital: Lyceum Capital is a UK mid-market PE firm specializing in software, services and data businesses. Its sector focus and lower mid-market deal size make it a close comparable to FPE's investment strategy.
• Bowmark Capital: Bowmark is a UK lower mid-market PE firm investing in service-led and software-enabled businesses. Its typical equity cheque size and focus on profitable UK growth companies overlap directly with FPE's investment parameters.
• ECI Partners: ECI Partners is a UK lower mid-market growth investor with deep software and tech services exposure. Its deal size, UK focus and growth-stage orientation align closely with FPE's model.
• August Equity: August Equity is a UK lower mid-market PE firm focused on UK SMEs with enterprise values typically in the £10-50m range. Its investment size and growth-stage orientation are highly comparable to FPE.
• Inflexion: Inflexion is a UK mid-market private equity firm with significant software and tech services exposure. It targets similar growth-stage UK businesses, sometimes at slightly larger scale than FPE.

Broad incumbents

• Bridgepoint: Bridgepoint is a large European mid-market PE firm with a substantial software and tech-enabled services portfolio. While broader in sector mandate and typically larger in cheque size, it competes for the same UK software assets at the upper end of FPE's range.
• LDC (Lloyds Development Capital): LDC is one of the UK's most active lower mid-market PE investors, with broad sector exposure including software and tech services. It competes for many of the same UK growth-stage opportunities that FPE targets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/FPECapital
• LinkedInlinkedin.com/company/fpe-capital-llp

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 records

Funding overview

Funding rounds

Investors

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

M&A16 records

Investments15 records

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

Frequently asked questions about FPE Capital