Phoenix Equity Partners
Phoenix Equity Partners Limited is a London-based mid-market private equity firm founded in 2001 by Hugh Lenon, Sandy Muirhead, James Thomas, David Burns and Kevin Keck. The firm partners with founder-entrepreneurs to build UK-based companies valued at up to GBP 200 million, deploying equity checks of GBP 10-80 million per investment. Phoenix focuses on three sectors with structural tailwinds: data and analytics, technology and specialist services, and health and wellbeing. Since inception the firm has completed over 60 founder partnerships and has raised over GBP 900 million across its funds as of 2024. The firm is registered in England and Wales and is authorised and regulated by the UK Financial Conduct Authority under firm reference number 147966.
Key facts
Recent exits
Coverage notes
3 funds tracked, 26 portfolio companies (16 active · 10 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
26 companiesFunds & portfolio
Every fund Phoenix Equity Partners has raised, with its portfolio companies. Hand-checked from public filings.
Phoenix Flagship FundBuyout2024 · 2yr€468M10 active
Unrealized
10 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Business Services |  UK | 2023 | |
| Software | UK | 2024 | |
| Software | UK | 2022 | |
| Healthcare | UK | 2025 | |
| Software | UK | 2023 | |
| HealthTech | UK | 2024 | |
| Consumer | UK | 2026 | |
| Software | UK | 2023 | |
| Business Services | UK | 2024 | |
| Business Services | UK | 2026 |
UK· Entry 2023UK· Entry 2024UK· Entry 2022UK· Entry 2025UK· Entry 2023UK· Entry 2024UK· Entry 2026UK· Entry 2023UK· Entry 2024UK· Entry 2026Phoenix 2016 FundBuyout2017 · 9yr€486M6 active · 8 realized
Unrealized
6 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Business Services | UK | 2019 | |
| Healthcare | UK | 2019 | |
| Business Services | UK | 2018 | |
| LegalTech | UK | 2021 | |
| Business Services | UK | 2020 | |
| Gaming | UK | 2021 |
UK· Entry 2019UK· Entry 2019UK· Entry 2018UK· Entry 2021UK· Entry 2020UK· Entry 2021Realized
8 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| TMT | UK | 2019 | 2022 | Trade Sale | |||
| Logistics | UK | 2019 | 2024 | Trade Sale | – | ||
| Fintech | UK | 2019 | 2026 | Secondary | |||
| Mobility | UK | 2018 | 2023 | Secondary | – | ||
| MedTech | UK | 2017 | 2021 | Trade Sale | – | ||
| Business Services | UK | 2020 | 2024 | Trade Sale | – | ||
| Pharma | UK | 2019 | 2021 | Trade Sale | – | ||
| E-commerce | UK | 2016 | 2020 | Trade Sale | – |
Phoenix 2010 FundBuyout2010 · 16yr€527M0 active · 2 realized
Realized
2 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Hospitality | UK | 2015 | 2021 | Trade Sale | – | ||
| Hospitality | UK | 2014 | 2017 | Secondary | – |
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About Phoenix Equity Partners
Phoenix Equity Partners is a UK founder-led mid-market private equity firm with more than £600 million raised across Flagship Fund and Growth Partnership Fund as of December 2024 (Growth Partnership closed September 2024), headquartered in London at 123 Victoria Street. The firm was founded in 2001 by Hugh Lenon, Sandy Muirhead, James Thomas, David Burns and Kevin Keck, with lineage from DLJ Phoenix Partners. Phoenix remains partner-owned and FCA regulated, with 270+ years of collective investing experience and 63 named founder partnerships across the portfolio history.
Investment thesis
Phoenix Equity Partners deploys capital across approximately five fund vintages plus the 2024 Flagship and Growth Partnership funds, targeting founder-led mid-market buyouts and growth equity with equity cheques of £10-80 million and minority or majority structures. Sector focus spans data and analytics, technology and specialist services, health and wellbeing, consumer and travel and leisure, with UK-focused deployment plus selective European exposure. The investment philosophy emphasises culture-preservation and operational partnership with founder teams rather than playbook overhaul, with capital deployed across multi-year ownership periods.
Recent activity
Recent realised exits include Ava (consumer and healthcare, 2025) and Sygnature Discovery secondary recapitalisation (healthcare CRO, 2024). Recent acquisitions include Nineteen Group platform bolt-ons including Reliabilityweb, The Lead, SubSummit and B2B Events (2026), plus growth investments via 2024 fund deployment. The platform continues active deployment of the new Flagship and Growth Partnership vintages. 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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United Kingdom·€878MGet the full picture on Phoenix Equity Partners.
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