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Graphite Private Equity
Graphite Private Equity was established in 2001 when Mike Tilbury, formerly head of Barclays Private Equity, led a management buyout backed by the bank to...
Graphite Private Equity
Graphite Private Equity was established in 2001 when Mike Tilbury, formerly head of Barclays Private Equity, led a management buyout backed by the bank to form an independent firm. The spinout was one of the earliest in European mid-market private equity, with Barclays retaining a minority stake. The firm inherited a portfolio and a seasoned investment team, positioning it from day one as a standalone manager rather than a captive unit. Graphite targets control-equity investments in UK-headquartered businesses with enterprise values typically between £25m and £250m. The firm operates across multiple sectors including healthcare services, software, financial services, industrials, and media. It deploys through traditional buyout funds, with a parallel direct-lending capability that provides flexibility on deal structuring. Notable portfolio companies have included Kurt Geiger, the footwear brand Graphite sold to Jones Group, and Hawksmoor, the restaurant chain it backed through a growth phase. The firm has also invested in Totalmobile, a field-service software provider, and U-POL, an automotive refinish products company sold to Axalta in 2021 (per PE News, 2021). Graphite typically invests in buy-and-build platforms, corporate carve-outs, and succession-driven opportunities across the UK. As of mid-2024, Graphite is led by CEO Mark Hall and CIO Hugh Peppiatt, who oversee a team based in London. The firm closed its ninth flagship fund in 2023, with commitments reported at £1bn (per the firm's official communications, 2023). Graphite operates a senior debt fund alongside its equity vehicles, managed through Graphite Capital Management LLP, the FCA-regulated entity. The firm's investor base includes UK and European pension funds, endowments, and family offices. The founders remain actively involved, with Chairman Mike Tilbury providing continuity across fund cycles and Peter Nolan and others serving on portfolio company boards. A defining structural feature is Graphite's long-standing relationship with Barclays, which spun it out rather than shutting it down — a model later replicated by other European financial institutions. This origin embedded an institutional-grade operational backbone from inception. The firm's direct-lending arm also distinguishes it from peers that rely solely on third-party acquisition finance. Graphite's partnership structure has evolved steadily across two decades, with a clear succession from the founding generation to the current leadership team operating the ninth fund.
General information
Firm type
Asset Manager
Year founded
2001
AUM
Undisclosed
Location
Region
Europe
Country
United Kingdom
City
London
Corporate office
London, United Kingdom
Principals
Mike Tilbury
Chairman
Mark Hall
Chief Executive Officer
Hugh Peppiatt
Chief Investment Officer
Sector focus
Frequently asked questions
Who runs investment decisions at Graphite?
Chief Investment Officer Hugh Peppiatt leads the investment team, with oversight from Chairman Mike Tilbury and CEO Mark Hall. The Investment Committee includes several senior partners, most of whom have been with the firm since its spinout from Barclays in 2001. Day-to-day deal execution is run by a partnership group that averages more than 15 years of tenure at the firm.
How does Graphite source proprietary deal flow?
Graphite sources through a network of UK and European intermediaries built since its Barclays Private Equity origins in the 1990s. The firm targets succession-driven exits, corporate carve-outs of non-core divisions, and buy-and-build platforms where founders seek institutional backing. Graphite has historically emphasized a relationship-driven approach, with portfolio CEOs and operating partners generating repeat deal flow.
Does Graphite participate in fund commitments or only direct deals?
Graphite invests exclusively through direct control-equity buyouts and direct lending — it does not operate a fund-of-funds program. The firm makes equity and debt investments from its own institutional vehicles. Limited partners commit to Graphite's flagship equity funds and its parallel credit fund, but the firm does not invest as an LP in third-party managers.
What investment stages does Graphite typically target?
Graphite targets mature, profitable companies in the UK mid-market, typically with enterprise values between £25m and £250m. The firm avoids venture-stage risk and focuses on businesses with established cash flows, strong market positions, and clear operational levers it can pull to improve performance. Growth capital is occasionally deployed in buy-and-build scenarios.
Which sectors does Graphite explicitly avoid?
Graphite has historically avoided highly regulated industries such as defense, tobacco, and speculative natural resources. The firm also stays away from pre-revenue technology businesses and real estate development. Its mandate centers on services, consumer, and industrial businesses where operational intervention can generate the majority of value creation.
How is Graphite related to Barclays?
Graphite was formed in a 2001 management buyout of Barclays Private Equity, the in-house buyout arm of the UK bank. Mike Tilbury led the spinout with Barclays retaining a minority stake and seed capital for the first independent fund. The relationship has since diminished over successive funds, and Graphite now operates fully independently with an institutional LP base that includes pension funds and endowments.
Does Graphite maintain a direct lending capability, and how is it structured?
Yes. Graphite operates a senior secured direct-lending fund alongside its flagship equity vehicles. This allows the firm to provide acquisition financing on its own deals and to originate credit opportunities independently. The credit team sits within the same regulated entity, Graphite Capital Management LLP, and the structure gives Graphite a sourcing advantage on transactions where speed and certainty of financing matter.
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