Westbrooke secures $102 million for UK private equity push with South African capital

Westbrooke, a multi-asset investment manager led by South African executive Lawrence Barnett, has raised £75 million ($102 million) for a new UK private equity fund, with backing largely from South African high-net-worth individuals and their advisers.

The fund is aimed at investing in six to eight lower mid-market companies in the United Kingdom over the next 24 months. Westbrooke said it is targeting annual net returns of about 20 percent and a 2.5 times return on invested capital over the life of the fund. The first close was completed in March 2026, with the first deal concluded in April.

Private wealth allocates offshore capital

The raise highlights continued interest among South African private investors in offshore private equity, particularly in strategies that offer access to established markets such as the UK. Rob Grieve, head of Westbrooke UK Private Equity, said the fund’s first close was supported by wealthy individuals and wealth managers in South Africa, using offshore investment allowances to gain exposure to sterling-denominated assets and mid-sized UK companies.

He said the structure was designed to give investors access to Westbrooke’s deal pipeline while also allowing optional co-investment alongside the main fund. “There is steady demand from South African investors looking for access to experienced managers and direct deal opportunities offshore,” Grieve said. “This structure brings both into one place.”

Dino Zuccollo, head of Investor Solutions at Westbrooke, said many South African investors have moved capital abroad but often face difficulty accessing specialized private equity managers. He said the fund was built to address that gap by combining diversification with access to direct investments. According to him, early commitments reflect confidence in the firm’s long-running investment approach.

Over 560 transactions completed globally

Westbrooke, under the leadership of Lawrence Barnett, has deployed R23.5 billion ($1.42 billion) across its strategies over more than two decades, completing over 560 transactions. More than 270 of those investments have been exited, reflecting a full cycle of investment and realization across different asset classes and regions.

The firm has operated for 21 years across the United Kingdom, the United States, and South Africa, focusing on alternative investments and co-investment platforms. It works with a team of 42 professionals involved in sourcing, executing, and managing deals across its markets.

Westbrooke continues to focus on private credit, structured investments, and co-investment opportunities. Its latest UK fund comes as it targets the lower mid-market segment, which it says remains undersupplied despite the size of the broader private equity market.

Since 2015, UK-managed private equity funds have raised about £400 billion ($544.2 billion). Within that, Westbrooke points to roughly 196,000 businesses in the lower mid-market, typically with ebitda below £10 million ($13.6 million), as a segment where demand for capital remains steady but competition among institutional investors is less intense.