Coniston Capital

What Coniston Capital does

Coniston Capital is a London-based private equity firm founded in May 2021 that specialises in the underserved UK small-cap management buy-out (MBO) market. The firm invests £2m-£10m of equity into UK-headquartered SMEs with at least £500k of EBITDA, typically backing incumbent management teams executing MBOs or buy-and-build strategies across five named sectors: Financial Services, Tech Services, Professional Services, Testing/Inspection/Compliance, and Media. Its core product is institutional private equity fund management delivered via two limited partnerships — Coniston Capital I LP (final close at £40m hard cap in March 2022) and Coniston Capital II LP (first close £32m+ in September 2025). Revenue is generated through fund management fees and, prospectively, carried interest on exits, with no public disclosure of pricing terms.

The firm's go-to-market is direct, relationship-led origination by a regionally deployed investment team covering the South East, South West, East and West Midlands, North East, North West, Yorkshire, Wales, Scotland and London. Coniston supports portfolio companies through bolt-on acquisitions, introductions of non-executive chairmen with sector expertise, and debt facilities arranged with partners including Frontier Development Capital, Triple Point Private Credit, and Santander UK. As of mid-2026, the firm holds six platform investments — Masterfix (property maintenance), Harvey Jones (bespoke kitchens), Verity RI/CRC Group (B2B relationship intelligence), FMC (dental communications), MWA Financial (IFA consolidation), and Equity Networks (IT managed services) — and has a team of approximately 12-15 staff including Managing Partner Amit Hindocha, Investment Partner Miral Patel, Investment Directors Josh Henshaw and Alfred Chambers, CFO/COO Maria Durkan, and Non-Executive Chairman Stephen Grabiner (formerly of Apax Partners). The firm is FCA-authorised (FRN 982498) and structured as Coniston Capital Management LLP.

Name

Coniston Capital

Legal name

Coniston Capital Management LLP

Website

https://conistoncap.co.uk

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

Coniston Capital is a London-based private equity firm founded in 2021 that invests £2m-£10m into UK SMEs with £500k+ EBITDA, executing management buy-outs and buy-and-build strategies across Financial Services, Tech, Professional Services, Testing/Inspection/Compliance, and Media sectors.

Ownership category

akta.pro rank

Product category

Private Equity Fund Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Corporate Finance & Capital Advisory (BPAHADAB)

akta.pro secondary industries

Capital Raising Advisory (Equity & Equity-Linked) (FSAEAGAC), Capital Raising Advisory (Debt/Equity/Private Capital) (BPAHADAG)

Keywords

• Private equity investing
• Management buyouts
• UK SME investment
• Buy-and-build strategies
• Lower mid-market capital

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Private Equity Fund Management: Coniston Capital generates returns through investing institutional capital in UK SMEs via management buyouts and buy-and-build strategies. The firm earns returns through portfolio company exits, including trade sales, secondary buyouts, and refinancings. Revenue is derived from capital appreciation and potentially management fees/carried interest from their funds.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Coniston Capital is a UK private equity firm that invests £2m–£10m of equity into UK-based SMEs with £500k+ EBITDA to facilitate management buyouts (MBOs) and support buy-and-build acquisition strategies. The firm operates institutional funds (Coniston Capital I LP and Coniston Capital II LP), targeting companies in Financial Services, Tech Services, Professional Services, Testing Inspection & Compliance, and Media. Beyond capital, the firm provides portfolio companies with operational support, non-executive chairmen introductions, and access to debt partners to enable bolt-on acquisitions.

Product overview

Coniston Capital is a private equity firm offering investment management services to UK SMEs. The firm provides capital for MBOs (Management Buy Outs) and supports buy-and-build strategies. Investment criteria include £2m-£10m capital requirement, £500k+ EBITDA threshold, UK headquarters, and focus on sectors including Financial Services, Tech Services, Professional Services, Testing/Inspection & Compliance, and Media. The firm operates two funds: Coniston Capital I LP (final close at £40m hard cap in March 2022) and Coniston Capital II LP (first close announced September 2025).

Differentiator

Problem solved

Functional benefit

Brands

• Verity RI (Verity Relationship Intelligence): B2B relationship intelligence platform helping clients improve customer engagement, mitigate churn and drive growth through survey data, behavioural analytics and AI.

Products and services

• Coniston Capital Investment Management Private equity investment management service providing £2m–£10m of equity capital to UK-based SMEs with £500k+ EBITDA for management buyouts and buy-and-build strategies across Financial Services, Tech Services, Professional Services, Testing Inspection & Compliance, and Media sectors, plus operational support including non-executive chairmen introductions and debt partner coordination for portfolio companies.
• Coniston Capital I LP Maiden institutional private equity limited partnership raised by Coniston Capital, with first close at £24m in August 2021 and final close at hard cap of £40m in March 2022 (surpassing the £30m target). The fund invests up to £7m into UK SMEs with profits greater than £500k, focusing on the small-cap MBO market.
• Coniston Capital II LP Second institutional private equity limited partnership raised by Coniston Capital to continue the firm's strategy in the underserved UK small-cap market, supporting MBOs and buy-and-build strategies for UK SMEs, with first close exceeding £30m target in September 2025.

Named customers6 records

Segments5 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core and minor.

• Edward Spurrier (Non-Executive Chairman)coreStrategic or Co-development Partner · 12 March 2024Coniston introduced Edward Spurrier as Non-Executive Chairman of Equity Networks. Spurrier has experience as CEO of Alt Networks and Chairman of Wavenet, bringing IT and Communications expertise.
• Browne JacobsonminorImplementation/ SI/ Consulting Partner · 2 November 2023Law firm providing legal advice to Coniston and portfolio companies on M&A transactions, corporate matters, and banking/finance issues. Advised on multiple portfolio company acquisitions and funding rounds.
• Stephenson HarwoodminorImplementation/ SI/ Consulting Partner · 2 November 2023Law firm serving as legal adviser to Coniston Capital funds. Advised on Fund I formation, portfolio company transactions, and fund administration matters.
• CroweminorImplementation/ SI/ Consulting Partner · 2 November 2023Accounting and advisory firm providing financial due diligence and tax advice to Coniston on investment transactions.
• FinervaminorImplementation/ SI/ Consulting Partner · 2 November 2023Financial advisory firm providing transaction support and accounting services to Coniston and portfolio companies.
• James Tye (Non-Executive Chair)coreStrategic or Co-development Partner · 4 September 2023Coniston introduced James Tye as Non-Executive Chair of FMC. Tye had fifteen years as CEO of Dennis, which he led through MBO and exit to Future Plc. Brings media sector expertise to portfolio company leadership.

Scale indicators5 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Mobeus Equity Partners: UK lower-mid-market PE firm focused on £5m-£25m investments in profitable SMEs. Coniston founders Amit Hindocha and Josh Henshaw both previously invested at Mobeus, and Coniston occupies the same small-cap MBO niche.
• YFM Equity Partners: Long-established UK small-cap PE manager investing £2m-£10m of equity in management buyouts and development capital deals across the UK regions. Closely comparable ticket size and sector breadth to Coniston.
• LMS Capital: UK-listed private equity firm historically focused on UK small-cap MBOs and development capital. Both Coniston founders previously invested at LMS Capital, making it a directly comparable small-cap UK PE peer.
• True Capital: UK lower-mid-market PE firm backing MBOs and growth capital deals in UK SMEs. Investment Partner Ben Kirby joined Coniston from True, indicating a similar deal size, geography and sector focus.
• Kester Capital: UK private equity firm specialising in buy-and-build strategies in niche UK SMEs. Directly comparable to Coniston on deal type and ticket size; Ben Kirby worked at Kester (then Greenhill Capital Partners) prior to Coniston.
• Literacy Capital: UK-listed PE fund focused on small-cap UK MBOs in profitable, cash-generative SMEs. Investment Partner Miral Patel joined Coniston from Literacy Capital, where she was Investment Director for seven years.
• WestBridge Capital: UK lower-mid-market PE firm focused on UK MBOs, development capital and management buy-ins, with comparable deal sizes and regional focus. Directly comparable small-cap UK PE peer.

Broad incumbents

• BGF (Business Growth Fund): Largest UK growth investor, backing SMEs with long-term minority and majority capital across regions and sectors. Both Coniston founders previously invested at BGF; much larger in scale and broader in mandate than Coniston.
• LDC (Lloyds Development Capital): Major UK private equity investor, part of Lloyds Banking Group, backing UK SMEs through MBO, MBI and development capital transactions. Operates in the broader UK mid-market with larger ticket sizes than Coniston.
• Inflexion Private Equity: UK mid-market PE firm investing £10m-£150m in UK and European businesses across sectors. Adjacent geography and lower-end of its range overlaps with Coniston's sweet spot.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/coniston-capital

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments3 records

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

Frequently asked questions about Coniston Capital