What investment strategy does Apiary Capital focus on?

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

How many portfolio companies does Apiary Capital have?

Apiary Capital has 13 active portfolio companies and 3 completed exits and 2 funds tracked on GP Intel.

Where is Apiary Capital headquartered?

Apiary Capital is headquartered in London, United Kingdom.

What is Apiary Capital's assets under management?

Apiary Capital manages approximately €515M in assets under management.

When was Apiary Capital founded?

Apiary Capital was founded in 2017.

What sectors does Apiary Capital invest in?

Apiary Capital invests across Business Services, Financials, TMT, Healthcare.

What are Apiary Capital's recent exits?

Recent realized exits by Apiary Capital include: Carbon Underwriting (2026) to FTV Capital; Shaw Gibbs (2026) to ECI Partners; TAG (2024) to ECI Partners.

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Apiary Capital

London, United Kingdom·Founded 2017·

Buyout

·apiarycapital.com

Apiary Capital is a UK lower-mid-market private equity firm founded in 2017 and based in London, backing resilient owner-managed businesses 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 and is authorised and regulated by the UK Financial Conduct Authority under firm reference number 790024.

AUM

€515M

Funds

vintages 2018–2024

Portfolio

Exits

Apiary Capital is a London buyout firm with €515M AUM, 13 active companies and 3 exits.

SectorsBusiness Services Financials TMT Healthcare

Key takeaways

·3 exits in the last 5 years · consistent DPI cadence.
·Average hold across 3 realized deals: 4 years.
·Top sector focus: Business Services (31% of portfolio).
·Fund cadence: ~6Y between vintages · last raise 2024.

Sector breakdown

16 companies

Business Services

5 · 31%

Education

3 · 19%

Financials

3 · 19%

IT Services

2 · 13%

Healthcare

1 · 6%

Agriculture

1 · 6%

EdTech

1 · 6%

Geography breakdown

3 geographies

14 · 88%

United Kingdom

1 · 6%

Ireland

1 · 6%

Key facts

HQLondon, United Kingdom

Founded2017

Websiteapiarycapital.com

Recent exits

Apiary Capital sold Carbon Underwriting to FTV Capital in 2026 after 3 years.

Apiary Capital sold Shaw Gibbs to ECI Partners in 2026 after 4 years.

Apiary Capital sold TAG to ECI Partners in 2024 after 6 years.

Coverage notes

2 funds tracked, 16 portfolio companies (13 active · 3 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.

2 funds

Fund

Strategy

Vintage

Size

Assets

Exits

Apiary Capital Partners II

Buyout2024€281M4 assets

Buyout

2024 · 2yr

€281M

–

Unrealized

4 held

Company	Entry
Orega Business Services · United Kingdom	2026
Performance IO Business Services · UK	2025
Positive Support Group Healthcare · UK	2024
Spanish Point IT Services · Ireland	2026

Apiary Capital Partners I

Buyout2018€234M9 assets3 exits

Buyout

2018 · 8yr

€234M

Unrealized

9 held

Company	Entry
Access Creative College Education · UK	2020
Bertram Nurseries Agriculture · UK	2019
Connect IT Services · UK	2019
First Intuition Education · UK	2023
LearnPro Group EdTech · UK	2021
MediaSense Business Services · UK	2021
Radiant Financials · UK	2020
Roar B2B Business Services · UK	2019
Thrive Education · UK	2019

Realized

3 exits

Company	Entry	Exit	Type	Buyer	MOIC
Carbon Underwriting Financials · UK	2023	2026	Secondary	FTV Capital	–
Shaw Gibbs Financials · UK	2022	2026	Secondary	ECI Partners	–
TAG Business Services · UK	2018	2024	Trade Sale	ECI Partners	–

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.

Frequently asked questions

What investment strategy does Apiary Capital focus on?: Apiary Capital focuses on Buyout strategies in the private equity space.
How many portfolio companies does Apiary Capital have?: Apiary Capital has 13 active portfolio companies and 3 completed exits and 2 funds tracked on GP Intel.
Where is Apiary Capital headquartered?: Apiary Capital is headquartered in London, United Kingdom.
What is Apiary Capital's assets under management?: Apiary Capital manages approximately €515M in assets under management.
When was Apiary Capital founded?: Apiary Capital was founded in 2017.
What sectors does Apiary Capital invest in?: Apiary Capital invests across Business Services, Financials, TMT, Healthcare.
What are Apiary Capital's recent exits?: Recent realized exits by Apiary Capital include: Carbon Underwriting (2026) to FTV Capital; Shaw Gibbs (2026) to ECI Partners; TAG (2024) to ECI Partners.