True

About True

True is the brand of True Capital Ltd, a UK consumer- and retail-focused private equity firm headquartered in Victoria, London. The firm was founded in 2013 by Matt Truman and Paul Cocker. True operates as an integrated advisory and investment platform across two distinct fund vehicles: True PE Fund (closed-ended private equity) and True VC Fund (early-stage venture). True Capital Ltd is FCA-authorised. Cumulative committed capital across three closed-ended PE funds is approximately GBP 600 million (roughly €700 million as of December 2024). The flagship vehicle, True Capital III, closed in 2021 at GBP 275 million, exceeding its GBP 250 million initial target. True is a certified B Corp and operates True House, a London hub where its portfolio companies and operating partners collaborate. The firm distinguishes itself in the UK mid-market through a hybrid model that combines investment with strategic, brand, and digital advisory delivered by an in-house team of practitioners.

Investment thesis

True Capital invests through two complementary strategies. The private equity strategy targets profitable retail and consumer businesses across the UK and Western and Northern Europe, including selective transatlantic opportunities, with equity tickets between GBP 10 million and GBP 50 million and the ability to deploy up to GBP 100 million per platform when warranted. It pursues both majority buyouts and influential minority stakes, including special situations where fundamentally strong businesses require operational improvement or balance-sheet restructuring. The venture capital strategy focuses on digital-first consumer companies at Pre-Seed through Series A, deploying up to GBP 2 million initially and reserving capital for follow-ons. Sectors of focus include consumer brands, retail, consumer leisure, food and beverage, and consumer-facing technology spanning B2C, B2B and B2B2C models. Geographically the firm is UK-centric with selective European and global flexibility. The limited partner base across Funds I through III includes UK and European institutional investors, fund-of-funds, family offices and high-net-worth individuals. Value creation is centred on True in-house Practice teams covering brand, digital, data, sustainability and people, which embed alongside portfolio executives to accelerate growth. The firm emphasises peer-to-peer collaboration between its portfolio companies, an approach formalised through True House and curated knowledge-sharing networks.

Recent activity

Recent investments include Hush in consumer and fashion (2022 partnership investment in the UK womenswear brand), Zwift in consumer technology and fitness (continued backing through 2025), Sneak in consumer and food and beverage (energy drink platform) and Ribble Cycles in consumer and sporting goods (UK performance cycling brand). Recent exits include The Cotswold Company in consumer and retail (2025 sale process), Charles Tyrwhitt in consumer and apparel, Plenish in consumer and beverage (exit prior to 2024) and alexandalexa.com in consumer and e-commerce. The platform continues to deploy across UK and European mid-market consumer and retail businesses with hands-on operational support through the in-house Practice teams. Detailed buyer names and multiple data available on Pro at €29/month.