Apiary Capital
Apiary Capital is a UK lower-mid-market private equity firm founded in 2017 and based in London, backing owner-managed businesses with defensive characteristics across business, financial, technology, education and healthcare services. The firm targets platform companies and drives growth through roll-ups, roll-outs and transformative mergers, typically in businesses valued between GBP 10 million and GBP 75 million. It has raised two funds, Apiary Capital Partners I (closed June 2018 at GBP 200 million) and Apiary Capital Partners II (final close April 2024 at GBP 240 million). The firm operates as Apiary Capital LLP, registered at UK Companies House under number OC417522, and is authorised and regulated by the UK Financial Conduct Authority under firm reference number 790024.
Key facts
Recent exits
Coverage notes
2 funds tracked, 14 portfolio companies (13 active · 1 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund Apiary Capital has raised, with its portfolio companies. Hand-checked from public filings.
Apiary Capital Partners IIBuyout2024 · 2yr€281M3 active
Unrealized
3 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Performance IO | Business Services | United Kingdom | 2025 |
| Positive Support Group | Healthcare | United Kingdom | 2024 |
| Spanish Point | IT Services | Ireland | 2026 |
Apiary Capital Partners IBuyout2018 · 8yr€234M10 active · 1 realized
Unrealized
10 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Access Creative College | Education | United Kingdom | 2020 |
| Carbon Underwriting | Financials | United Kingdom | 2023 |
| Connect | IT Services | United Kingdom | 2019 |
| First Intuition | Education | United Kingdom | 2023 |
| LearnPro Group | EdTech | United Kingdom | 2021 |
| MediaSense | Business Services | United Kingdom | 2021 |
| Radiant | Financials | United Kingdom | 2020 |
| Roar B2B | Business Services | United Kingdom | 2019 |
| Shaw Gibbs | Financials | United Kingdom | 2022 |
| Thrive | Education | United Kingdom | 2019 |
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About Apiary Capital
Apiary Capital is a UK lower mid-cap private equity firm with approximately £440 million ($500 million) of assets under management as of December 2024 (Fund I £200 million closed June 2018 plus Fund II £240 million closed June 2024), headquartered in London at 6 Warwick Street. The firm was founded in 2017 and operates as a partner-owned FCA-regulated LLP. Apiary Capital is a first-time independent UK lower mid-cap GP that raised Fund II oversubscribed in 2024 and delivered 4x on its first realised exit.
Investment thesis
Apiary Capital deploys capital through two flagship funds (Apiary Capital Partners I 2018, Apiary Capital Partners II 2024), targeting UK lower mid-cap private equity backing owner-managed businesses with proven business models and defensive characteristics. The investment thesis emphasises platforms for buy-and-build consolidation and founder-led to founder-inspired ownership transitions. Sector focus spans business services, financial services, technology services, education and healthcare, with geographic deployment exclusively UK.
Recent activity
Recent realised exits include travel and business services (April 2024, first realised Fund I exit). Recent acquisitions include a marketing technology platform (May 2025), VR training and education bolt-on (2024) and accountancy bolt-on (recent). The platform continues active deployment of Fund II across the UK lower mid-cap thesis. Detailed buyer names and multiple data available on Pro at €29/month.
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