TPA Capital

About TPA Capital

TPA Capital LLP is a London-headquartered independent UK lower-mid-market private equity firm founded in 2013 by managing partner Greg Allen. The firm is structured as a UK limited liability partnership authorised and regulated by the FCA. TPA operates as an evergreen capital vehicle rather than a traditional closed-end fund manager, with equity deployed without a rigid hold-period mandate enabling flexibility on exit timing. The firm does not publicly disclose assets under management; based on observable cumulative deployments (typically GBP 5 to 30 million per investment across ten-plus portfolio investments and three documented exits), TPA invested capital base sits in the GBP 100 to 250 million range. The team comprises five professionals including three partners supported by a non-executive bench. The firm investment philosophy is grounded in long-duration partnership with management teams of UK SMEs and selective adjacent geographies, with debt-free underwriting and capital structures designed to maximise operational flexibility. TPA represents a distinctive evergreen model in the UK lower mid-market with structural similarities to family-office-backed PE rather than institutional fund vehicles.

Investment thesis

TPA Capital targets UK small and medium-sized enterprises with strong management teams, deploying GBP 5 to 25 million of equity per investment with capacity to extend up to GBP 30 million for compelling opportunities. The firm underwrites on a fully-equity debt-free basis in return for either majority or significant minority stakes, providing buyout and growth capital across either structure. Sectors of interest are deliberately broad and management-team-led rather than thematic: business services and adjacent verticals, industrials and supply-chain technology, healthcare, education, leisure, logistics and B2B distribution. Geographic focus is UK-headquartered businesses with UK or international reach. The firm has demonstrated selective US deployment and has historically held Swiss assets. The evergreen structure and ticket sizing make TPA particularly well suited to lower-mid-market situations where institutional PE either cannot deploy efficiently or where management teams value patient capital outside a typical 4 to 5-year hold pressure. The limited partner base is not publicly disclosed, with the evergreen structure and limited team size suggesting a small concentrated investor group plausibly anchored by family-office and high-net-worth capital. Value creation rests on deep operational engagement with founder-CEO and management teams, flexibility to extend hold periods, buy-and-build M&A acceleration and technology-led transformation.

Recent activity

Recent investments include E.J. Ward in fuel management software (2025), Move One in logistics services (2023), Clifton Trade Bathrooms in B2B distribution (2022) and Barwick Bathroom Distribution in B2B distribution (2022). Recent exits include IBA in aviation data software (2026), DSwiss in cybersecurity software (2019) and Deltalis in data centre infrastructure (2018). The platform continues to deploy evergreen capital across UK lower mid-market SME private equity opportunities with debt-free underwriting and long-duration partnership horizons. Detailed buyer names and multiple data available on Pro at €29/month.