Westbrooke Secures R1.6 Billion UK Private Equity Fund Backed by South African Investors

Johannesburg – South Africans have backed Westbrooke Alternative Asset Management’s inaugural UK private equity fund with £75 million (over R1.6 billion).

The first close was completed in March 2026, with the initial investment finalized in April.

The Westbrooke UK Private Equity Fund I is primarily backed by affluent South African individuals and wealth managers aiming for hard-currency equity returns.

This fund plans to invest in six to eight UK lower mid-market businesses over a 24-month period, targeting a net investor return exceeding 20% per annum and a 2.5x multiple on invested capital.

This closing signifies strong interest from South African private investors for direct access to prime UK private equity opportunities alongside a seasoned investment manager known for owning and operating assets.

The fund’s first investment was a co-investment with UK-based sponsor Total Capital Partners in the management buyout of Radiocoms, the leading provider of critical communications in the UK.

This deal demonstrates the fund’s ability to act quickly and decisively once capital is secured.

“Our focus is on cash-generating, niche UK businesses that are too small for larger buyout funds, partnering with strong local sponsors to help management teams reach their next stage of growth,” stated Rob Grieve, Head of Westbrooke UK Private Equity, in an interview with The Bulrushes on Wednesday, 6 May 2024.

“The lower mid-market currently offers the most attractive risk-adjusted returns in UK private equity, and Radiocoms exemplifies the type of business we aim to support.”

The £75 million first close was led by South African high-net-worth investors and their wealth managers, channeling offshore allowance capital into a structure that provides portfolio diversification, sterling-denominated returns, and direct investment in emerging UK businesses, with Westbrooke making substantial investments alongside its clients.

Westbrooke management and shareholders have pledged over £7.5 million to this strategy.

For South African investors managing foreign investment allowances, Westbrooke’s UK private equity strategy focuses on the UK lower mid-market, offering a unique opportunity: attractive equity returns in a hard currency from companies with robust cash flow, supported by a manager with a 20-year history in private equity.

“South African investors are increasingly looking to externalize capital, but they often face challenges in accessing proven, specialized managers,” commented Dino Zuccollo, Head of Investor Solutions at Westbrooke.

“The fund structure addresses this need, offering access to Westbrooke’s proprietary deal flow, diversification, and opportunities for co-investment.

“The feedback from South African investors has validated the investment thesis, and the speed with which we invested in Radiocoms highlights the strength of our pipeline.”

The UK private equity market is one of the most advanced globally, with £400 billion raised by UK-managed funds since 2015.

However, the lower mid-market, consisting of roughly 196,000 businesses with EBITDAs under £10 million, remains structurally underserved.

Fewer institutional buyers, reduced intermediation, and founder-sellers who prioritize finding the right long-term partner over the highest bid create conditions that disciplined investors can leverage.

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 expertise in a market that shares significant cultural, legal, and commercial ties with South Africa.