What investment strategy does Aliter Capital focus on?

Aliter Capital focuses on Buyout strategies in the private equity space.

How many portfolio companies does Aliter Capital have?

Aliter Capital has 5 active portfolio companies and 3 completed exits and 2 funds tracked on GP Intel.

Where is Aliter Capital headquartered?

Aliter Capital is headquartered in Glasgow, United Kingdom.

What is Aliter Capital's assets under management?

Aliter Capital manages approximately €265M in assets under management.

When was Aliter Capital founded?

Aliter Capital was founded in 2016.

What sectors does Aliter Capital invest in?

Aliter Capital invests across Business Services.

What are Aliter Capital's recent exits?

Recent realized exits by Aliter Capital include: MARCH (2024) to EMK Capital; Ipsum Utilities (2023) to IK Partners; North (2021) to Livingbridge.

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Aliter Capital

Glasgow, United Kingdom·Founded 2016·

Buyout

·alitercap.com

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 GBP 20m in businesses with an enterprise value of GBP 10m-50m. Aliter is authorised by the Financial Conduct Authority under firm reference number 773712. The firm has raised GBP 242m of capital across two named funds and operates from offices in London, Glasgow and Manchester.

AUM

€265M

Funds

vintages 2017–2022

Portfolio

Exits

Aliter Capital is a Glasgow buyout firm with €265M AUM, 5 active companies and 3 exits.

SectorsBusiness Services

Key takeaways

·3 exits in the last 5 years · consistent DPI cadence.
·Average hold across 3 realized deals: 5 years.
·Top sector focus: IT Services (25% of portfolio).
·Fund cadence: ~5Y between vintages · last raise 2022.

Sector breakdown

8 companies

IT Services

2 · 25%

Industrials

2 · 25%

HealthTech

1 · 13%

LegalTech

1 · 13%

Cybersecurity

1 · 13%

EdTech

1 · 13%

Key facts

HQGlasgow, United Kingdom

Founded2016

Websitealitercap.com

Recent exits

Aliter Capital sold March to EMK Capital in 2024 after 7 years.

Aliter Capital sold Ipsum Utilities to IK Partners in 2023 after 6 years.

Aliter Capital sold North to Livingbridge in 2021 after 3 years.

Partners

Billy AllanManaging Partner

Greig BrownFounding Partner

Andy GallowayFounding Partner

Coverage notes

2 funds tracked, 8 portfolio companies (5 active · 3 realized). Verified weekly from public filings and deal announcements.

Investment team

Senior partners. Hand-checked from public filings and the firm's own site.

Billy Allan

Managing Partner · Support services

Greig Brown

Founding Partner · Support services

Andy Galloway

Founding Partner · Support services

Funds & portfolio

Every fund Aliter Capital has raised, with its portfolio companies. Hand-checked from public filings.

2 funds

Fund

Strategy

Vintage

Size

Assets

Exits

Aliter Capital II

Small-Mid Buyout2022€157M4 assets

Small-Mid Buyout

2022 · 4yr

€157M

–

Unrealized

4 held

Company	Entry
Athera Healthcare HealthTech · UK	2022
Orwins LegalTech · UK	2024
Serbus Cybersecurity · UK	2024
TXP IT Services · UK	2022

Aliter Capital I

Small-Mid Buyout2017€108M1 assets3 exits

Small-Mid Buyout

2017 · 9yr

€108M

Unrealized

1 held

Company	Entry
Sponge EdTech · UK	2019

Realized

3 exits

Company	Entry	Exit	Type	Buyer	MOIC
Ipsum Utilities Industrials · UK	2017	2023	Trade Sale	IK Partners	–
March Industrials · UK	2017	2024	Trade Sale	EMK Capital	–
North IT Services · UK	2018	2021	Trade Sale	Livingbridge	–

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.

Frequently asked questions

What investment strategy does Aliter Capital focus on?: Aliter Capital focuses on Buyout strategies in the private equity space.
How many portfolio companies does Aliter Capital have?: Aliter Capital has 5 active portfolio companies and 3 completed exits and 2 funds tracked on GP Intel.
Where is Aliter Capital headquartered?: Aliter Capital is headquartered in Glasgow, United Kingdom.
What is Aliter Capital's assets under management?: Aliter Capital manages approximately €265M in assets under management.
When was Aliter Capital founded?: Aliter Capital was founded in 2016.
What sectors does Aliter Capital invest in?: Aliter Capital invests across Business Services.
What are Aliter Capital's recent exits?: Recent realized exits by Aliter Capital include: MARCH (2024) to EMK Capital; Ipsum Utilities (2023) to IK Partners; North (2021) to Livingbridge.