Aliter Capital
Aliter Capital LLP is a UK private-equity firm specialising in the UK support-services sector, founded in 2016/2017 by Billy Allan, Greig Brown, Andy Galloway and Andrew Busby. It pursues a buy-and-build platform strategy, backing owner-managed SMEs and making equity investments of up to GBP20m in businesses with an enterprise value of GBP10m-50m. Aliter is registered with Companies House as an LLP (OC413075) and is authorised by the Financial Conduct Authority under firm reference number 773712. The firm has raised GBP242m of capital across two named funds and operates from offices in London, Glasgow and Manchester.
Key facts
Recent exits
Coverage notes
2 funds tracked, 8 portfolio companies (5 active · 3 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund Aliter Capital has raised, with its portfolio companies. Hand-checked from public filings.
Aliter Capital IISmall-Mid Buyout2022 · 4yr€157M4 active
Unrealized
4 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Athera Healthcare | HealthTech | UK | 2022 |
| Orwins | LegalTech | UK | 2024 |
| Serbus | Cybersecurity | UK | 2024 |
| TXP | IT Services | UK | 2022 |
Aliter Capital ISmall-Mid Buyout2017 · 9yr€108M1 active · 3 realized
Realized
3 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Ipsum Utilities | Industrials | UK | 2017 | 2023 | Trade Sale | – | |
| MARCH | Industrials | UK | 2017 | 2024 | Trade Sale | – | |
| North | IT Services | UK | 2018 | 2021 | Trade Sale | – |
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About Aliter Capital
Aliter Capital is an operator-led buy-and-build specialist focused on UK SME support-services businesses with approximately £226 million of cumulative assets under management as of December 2024 (Fund I £92 million 2017, Fund II £134 million launched December 2022, firm cites £242 million raised across funds), headquartered in Glasgow, Scotland. The firm was founded in 2016 by support-services entrepreneurs and investors Billy Allan, Greig Brown, Andy Galloway and Andrew Busby, operating as a partner-owned LLP with founders who are former operators and business builders. Aliter has completed 30 plus transactions.
Investment thesis
Aliter Capital deploys capital through two funds (Aliter Capital I, Aliter Capital II), targeting buy-and-build platform investing in UK SME support-services businesses, backing owner-managers with a share-risk-and-reward operator-led model. Sector focus spans support services, IT and digital transformation services, cloud and managed services, critical national infrastructure, data and AI services and technology-enabled business services. Geographic deployment is the United Kingdom. The platform is an operator-led buy-and-build specialist focused exclusively on UK support-services SMEs.
Recent activity
No major fund-level exit was publicly disclosed for 2024-2026 with the portfolio in active build phase. Recent acquisitions include (via platform TXP) IT and cloud modernisation services (Metatech, 2025) and AWS cloud services (Vigil, 2025), plus the launch of Serbus Group as a unified critical-national-infrastructure brand (2024-2025). The platform continues active deployment across the UK support-services buy-and-build mandate. Detailed buyer names and multiple data available on Pro at €29/month.
Investment team
Senior partners. Hand-checked from public filings and the firm's own site.
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