UK-based multi-asset manager Westbrooke Alternative Asset Management has raised £75 million (an estimated R1.6 billion) in a UK private equity fund, mainly from South African high-net-worth individuals (HNWIs).
Westbrooke’s UK private equity strategy focuses on the UK lower mid-market.
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The fund is designed to invest in six to eight UK lower mid-market businesses over 24 months, targeting net investor returns of 20% and more per annum and a 2.5 times multiple on invested capital.
The first close was completed in March 2026, and the first investment concluded in April.
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The close reflects a strong appetite among South African private investors for direct access to UK private equity opportunities.
Rob Grieve, head of Westbrooke UK Private Equity, said the £75 million first close was anchored by South African HNWIs and their wealth managers, channelling offshore allowance capital into a structure that offers portfolio diversification, sterling-denominated returns, and direct exposure to growing UK businesses.
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As Dino Zuccollo, head of Investor Solutions at Westbrooke, explains: “South African investors are increasingly externalising capital, but thereafter struggle to access proven, specialist managers.
“The fund structure addresses this, providing access to Westbrooke’s proprietary deal flow, diversification and the option of co-investment.
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“The response from South African investors has validated the investment thesis.”
The fund manager says the UK private equity market is among the world’s most mature, with £400 billion raised by UK-managed funds since 2015.
Yet the lower mid-market of approximately 196 000 businesses with earnings before interest, taxes, depreciation, and amortisation (Ebitda) below £10 million, remains structurally underserved.
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