Copilot Capital

About Copilot Capital

Copilot Capital Limited is an independent UK lower-mid-market private equity firm headquartered in Soho, London, with team and operational footprint extending across European software hubs. The firm was founded in 2023 with first fund and operating launch in 2024. Assets under management stand at USD 200 million (approximately GBP 157.5 million or €184 million at end-2024 reference rates) committed to Copilot Capital Fund I, a 2024-vintage growth-expansion private-equity fund. The structure is an independent lower-mid-market private equity firm with seed and anchor capital provided by The Friedkin Group International, the US-based investment consortium owned by the Friedkin family. Copilot Capital is FCA-regulated as an Appointed Representative of Robert Quinn Advisory LLP. Founders include John Messer (co-founder and Managing Partner, formerly an investor at Tenzing), Danny Friedkin (Principal of The Friedkin Group International) and Charlie Daniel (third co-founder). The investment team is supplemented by navigators, experienced software founders and operators, alongside dedicated value-creation specialists. The firm explicitly positions itself between traditional venture capital and large-cap software buyout shops.

Investment thesis

Copilot Capital pursues a lower-mid-market software buyout and control growth equity strategy, taking controlling stakes in European B2B software businesses that have built proven repeatable revenue models but have not yet captured the scale required to attract major buyout funds. The typical entry profile is €5 to €15 million annual recurring revenue with a target trajectory to €50 million ARR-plus through the hold period. Sector focus is B2B SaaS and data software across vertical and horizontal categories, with confirmed sub-themes from the existing portfolio including retail and frontline workforce management, cybersecurity training, e-commerce pricing intelligence and logistics SaaS. Geographic scope is Europe-wide, with completed deals to date in Denmark, Italy and Sweden, sourced from a target universe of approximately 60,000 European SaaS companies. Ticket size is control investments of approximately €20 to €50 million equity into companies sitting in the €5 to €15 million ARR band, with capacity for follow-on capital and add-on acquisitions. The limited partner base is The Friedkin Group International as anchor LP, with the fund structure also accommodating additional institutional limited partners. Value creation operates through active engagement across sales acceleration, internationalisation, bolt-on acquisitions, customer-success optimisation and AI and data deployment.

Recent activity