Private equity firm Aliter Capital has completed fundraising for its second fund, with £134m committed by investors.
The London and Glasgow-based investor is currently pursuing a range of potential investments across the UK.
Its strategy is to create professional, medium-sized operators in the UK support services sector through the acquisition and integration of smaller businesses and organic growth.
Aliter’s approach aims to differ from traditional private equity models, by making only a limited number of selective portfolio investments to deliver dedicated support around strategy, organisational development, operational capability and overall business quality.
The Aliter Capital II Fund is backed by a consortium of US and European institutions, including pension funds, funds of funds, university endowments and charitable foundations.
Aliter’s founding partners have also made a significant financial commitment to the fund.
In addition to its Glasgow office, three of Aliter’s founders - Billy Allan, Greig Brown and Andy Galloway - met and worked together as electrical engineers at E.J Stiell, the Lanarkshire based electrical engineering firm.
In 1995, Allan led a management buy-out and, subsequently, the business was sold to Alfred McAlpine in 2002.
The trio then joined private equity specialist Andrew Busby, and following a series of private equity-backed deals in facilities management, logistics and laboratory services, they created Aliter Capital in 2017.
The launch of the new fund follows the successful investment of Aliter’s maiden £92m fund, which closed 21 transactions since its launch in February 2017.
With a strong pipeline of opportunities, Aliter has already invested in two platform businesses for the second fund: Halcyon and Concept Resources.
Managing partner Billy Allan said: “We are looking to work alongside talented, ambitious management teams who aspire to become UK leaders in their field.
“The whole team here at Aliter Capital is relishing the opportunity to work with the best emerging leaders in the UK’s support services sector and help them grow businesses of scale.”
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