Westbrooke Secures R1.6 Billion UK Private Equity Fund Supported by South African Capital
Johannesburg – South Africans have supported Westbrooke Alternative Asset Management’s inaugural UK private equity fund with £75 million (more than R1.6 billion).
The first close was finalized in March 2026, with the first investment completed in April.
The Westbrooke UK Private Equity Fund I was primarily funded by South African high-net-worth individuals and wealth managers seeking hard-currency equity returns.
This fund aims to invest in six to eight UK lower mid-market businesses over a span of 24 months, targeting a net investor return of over 20% per annum and a 2.5x multiple on invested capital.
This close highlights a robust interest from South African private investors for direct access to quality UK private equity opportunities alongside an experienced investment manager with a legacy as an owner and operator of assets.
The fund’s inaugural investment was a co-investment with UK-based sponsor Total Capital Partners in the management buyout of Radiocoms, the leading critical communications provider in the UK.
This transaction illustrates the fund’s capacity to act swiftly and decisively once capital is committed.
“Our focus is on cash-generative, niche UK businesses that are too small for larger buyout funds, partnering with strong local sponsors to assist management teams in achieving their next growth phase,” stated Rob Grieve, Head of Westbrooke UK Private Equity, during an interview with The Bulrushes on Wednesday, 6 May 2024.
“The lower mid-market offers the most compelling risk-adjusted returns in UK private equity today, and Radiocoms exemplifies the type of business we aim to support.”
The £75 million first close was anchored by South African high-net-worth investors and their wealth managers, directing offshore allowance capital into a structure that delivers portfolio diversification, sterling-denominated returns, and direct exposure to emerging UK businesses, with Westbrooke investing substantially alongside its clients.
Westbrooke management and shareholders have committed over £7.5 million to this strategy.
For South African investors managing foreign investment allowances, Westbrooke’s UK private equity strategy concentrates on the UK lower mid-market, offering something not easily replicated elsewhere: attractive equity returns in a hard currency from businesses with strong cash flow profiles, backed by a manager with a 20-year track record in private equity.
“South African investors are increasingly externalizing capital, but often encounter difficulties in accessing proven, specialized managers,” remarked Dino Zuccollo, Head of Investor Solutions at Westbrooke.
“The fund structure addresses this issue, providing access to Westbrooke’s proprietary deal flow, diversification, and the option for co-investment.
“The response from South African investors has reaffirmed the investment thesis, and the speed at which we invested in Radiocoms underscores the strength of our pipeline.”
The UK private equity market is one of the most developed globally, with £400 billion raised by UK-managed funds since 2015.
However, the lower mid-market, comprising approximately 196,000 businesses with EBITDAs below £10 million, remains structurally underserved.
Fewer institutional buyers, less intermediation, and founder-sellers who prioritize finding the right long-term partner over the highest bidder create conditions that disciplined investors can capitalize on.
Westbrooke has been active in the UK since 2017, arranging and investing over £600 million across more than 200 private transactions.
Its London-based investment team possesses on-the-ground knowledge of a market that shares significant cultural, legal, and commercial ties with South Africa.