Northcote Equity closes £250M second fund in 10 weeks
What's the deal? Northcote EquityDealroom has a profile for this one. Try Dealroom → has closed Northcote Fund II at £250 million to back founder-led technology and services businesses across the UK and Ireland. The private equity firm reached a first and final close just 10 weeks after launching the fundraise.
The details: Fund II will write equity cheques of £10 million to £40 million, taking both minority and majority positions. The strategy is to partner with founders and management teams to fund growth while preserving each company's culture.
Who's backing it? Existing investors re-committed more than 100% of their Fund I capital into the new vehicle, joined by new limited partners across Europe and North America.
Why now? The raise follows Northcote Equity's £160 million debut fund, which closed in January 2025. Since launch, the firm has completed five platform investments: RDC AviationDealroom has a profile for this one. Try Dealroom →, Nuvo AccountancyDealroom has a profile for this one. Try Dealroom →, AmplifyMEDealroom has a profile for this one. Try Dealroom →, Lockhart Capital ManagementDealroom has a profile for this one. Try Dealroom →, and Aquila LearningDealroom has a profile for this one. Try Dealroom →.
What's the endgame? Founded in October 2024 by Charles Dale, Matt Charman, and Scott Fairlie, the firm wants to back founder-owned businesses across the UK and Ireland. "Fund II gives us the capacity to do more of what we set out to do from day one: back outstanding founders, build enduring relationships and support ambitious businesses as they grow," it said.
The signal: Raising £250 million in 10 weeks, with existing backers over-committing, points to strong appetite for lower-mid-market private equity focused on founder-led companies — even as the firm remains barely two years old.
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Image credit: Håkan Dahlström
