What Soho Square does

Soho Square Capital LLP is a London-based private investment firm that provides flexible structured capital solutions to established and growing small and medium-sized enterprises in the UK and Europe. Founded in 2004 as Core Capital by Stephen Edwards and Walid Fakhry (who continue to lead the firm as Co-Managing Partners) and rebranded as Soho Square Capital in November 2021 alongside the close of Fund III, the firm manages over £350 million of assets under management across three funds (Soho Square I, II, III) and has completed 65+ investments to date. Soho Square Capital LLP is authorised and regulated by the UK Financial Conduct Authority (FRN 593311) and is a signatory to the UN Principles for Responsible Investment.

The firm's investment model, internally referred to as 'dequity', is positioned between traditional private credit and conventional private equity: Soho Square typically deploys £15-40 million per transaction (with flexibility up to ~£45 million) as senior or preferred capital combined with a minority equity stake (under 10%), allowing founders and management teams to retain control while accessing growth, transition, or refinancing capital. The firm targets UK and European SMEs with enterprise values typically above £50 million, addressing situations including change-of-ownership transitions, growth financings, refinancings, management buyouts, and mezzanine requirements. Sourcing is relationship-driven through direct outreach, corporate finance advisor networks, and speaking presence at industry events such as Private Debt Investor and Real Deals.

The portfolio spans telecoms (Netomnia, YouFibre), recruitment (Oliver James), facilities management (Churchill Group, Arcus FM), data protection (Assured Data Protection, built on Rubrik), art retail (Clarendon Fine Art), travel (Newmarket Holidays), renewable energy (LMF Energy Services), fire safety services (TFSG, Alpine Fire Engineers), digital transformation (CreateFuture), and shipping (Oslo Tankers). Notable outcomes include the Netomnia exit at a £2 billion enterprise value in February 2026 (the firm's first unicorn realization), the Kelway exit to CDW Corporation at a 9x+ return, and threefold-plus EBITDA growth during hold periods in TFSG and Alpine Fire Engineers. The firm earns revenue through management fees on AUM and carried interest/performance fees on realized exits, with a lean 10+ person investment team and senior personnel averaging 15+ years of tenure together.

Name

Soho Square

Legal name

Soho Square Capital LLP

Website

https://soho-sq.com

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

11–50 employees

Short description

Soho Square Capital is a London-based private investment firm providing flexible structured capital solutions to UK and European SMEs. The firm invests £15-40 million per transaction via senior or preferred debt combined with minority equity, managing £350m+ AUM across three funds and 65+ investments to date.

Ownership category

akta.pro rank

Product category

Private Equity & Structured Capital

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282)

akta.pro primary industry

SME Term Loans & Growth Capital (FSAKAGAB)

akta.pro secondary industry

Large-Cap / Sponsor Finance Direct Lending (FSANADAJ)

Keywords

• Private equity investment
• Structured capital solutions
• Growth capital financing
• Minority equity investing
• Alternative asset management

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, Technology or R&D, Infrastructure

Revenue model

1. Investment Management Fees: Soho Square generates revenue through management fees on funds under management, typically from institutional investors and limited partners.
2. Carried Interest/Performance Fees: The firm earns carried interest on successful investment realizations and exits from portfolio companies.
3. Transaction/Success Fees: Fees earned on completed investments and exits, typical of private equity and investment management structures.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Soho Square Capital LLP is a London-based private investment firm that delivers bespoke structured capital solutions (senior or preferred capital combined with minority equity stakes, typically £15–40m per transaction) to UK and European SMEs with enterprise values above £50m. Its "dequity" model provides growth, replacement, and acquisition financing that is more flexible than traditional credit while minimising equity dilution, alongside hands-on portfolio support across the life of each investment. The firm manages over £350m AUM across three funds (Soho Square I, II, and III) and has completed 65+ investments to date.

Product overview

Soho Square Capital LLP is a private equity and structured capital investment firm, not a technology product company. The firm provides flexible capital solutions to established and growing UK and European SMEs, typically in the form of senior or preferred capital with minority equity stakes. Their investment solutions minimize equity dilution for business owners while offering more flexibility than traditional credit financing. The firm's portfolio companies span various sectors including telecommunications (Netomnia, YouFibre), digital transformation (CreateFuture), recruitment (Oliver James), facilities management (Churchill Group, Arcus FM), data protection (Assured Data Protection), renewable energy (LMF Energy Services), travel (Newmarket Holidays), and fire safety services. However, these are investee companies, not products or services offered by Soho Square itself.

Differentiator

Problem solved

Functional benefit

Products and services

• Soho Square Capital Fund I Closed-end private investment fund providing structured capital solutions (senior/preferred capital with minority equity stakes) to UK and European SMEs; Soho Square's first institutional fund, raised via Core Capital.
• Soho Square Capital Fund II Second closed-end private investment fund providing structured capital solutions to UK and European SMEs, raised via Core Capital.
• Soho Square Capital Fund III Third and currently active closed-end private investment fund providing bespoke structured capital solutions (senior or preferred capital with minority equity stakes, typically £15–40m per transaction) to UK and European SMEs with enterprise values above £50m.

Quantifiable outcome

• Kelway grew from £50m to £550m revenue and £2m to £35m EBITDA during investment period
• +3 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core and minor.

• UN Principles for Responsible Investment (UNPRI)coreStrategic or Co-development PartnerSoho Square is a signatory to the UNPRI, aligning with principles for responsible investment across environmental, social, and governance considerations. This commitment shapes their investment decision-making and portfolio management.
• Financial Reporting Council (FRC)minorOthersSoho Square supports the principles of the FRC's Stewardship Code, though the firm notes it does not currently comply as it invests in private companies rather than UK listed companies.
• Financial Conduct Authority (FCA)minorOthersSoho Square Capital LLP is authorised and regulated by the FCA in the United Kingdom (FRN 593311).

Scale indicators6 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Alchemy Partners: UK lower mid-market private equity firm investing in management buyouts and growth capital situations. Directly comparable to Soho Square's lower mid-market UK focus and acquired Brasserie Bar Co from Soho Square in 2022.
• WestBridge Capital: UK private equity house investing in small-cap buyouts and lower mid-market companies. Acquired Alpine Fire Engineers from Soho Square and competes for similar structured-capital opportunities in UK SMEs.
• BGF (Business Growth Fund): UK's most active growth capital investor providing minority equity and patient capital to UK SMEs. Closest large-scale analogue to Soho Square's structured-capital-plus-minority-equity model targeting UK founder-led businesses.
• LDC (Lloyds Development Capital): One of the UK's most active mid-market private equity investors backing management buyouts and growth capital transactions. Comparable target market, deal size, and minority-equity-style structures to Soho Square.
• Inflexion Private Equity: UK mid-market private equity firm focused on growth and buyout transactions in the lower mid-market. Overlaps significantly with Soho Square's deal size range and UK/EU target geography.
• Lyceum Capital: UK lower mid-market private equity firm investing £15-100m of growth and development capital into UK SMEs. Closely comparable on cheque size, sector breadth, and founder-friendly partnership approach.
• Beringea: UK and US growth capital investor with £15-50m cheque size, focused on technology-enabled and consumer businesses. Stephen Edwards was previously MD at Beringea, and the firm directly competes for similar UK growth deals.
• Maven Capital Partners: UK regional private equity and venture capital investor providing growth and replacement capital to SMEs. Comparable on regional UK focus, cheque size, and minority/structured-capital product set.
• Connection Capital: UK private investment firm providing structured capital, minority equity, and debt solutions to UK SMEs and entrepreneurs. Very directly comparable model and target segment to Soho Square's 'dequity' offering.
• Penta Capital: UK lower mid-market private credit and special situations investor. Provides structured capital solutions broadly comparable to Soho Square's preferred-capital-plus-minority-equity product in the UK SME segment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Funding overview

Funding rounds

Investors

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

M&A

Investments14 records

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

Frequently asked questions about Soho Square