# Limerston Capital

Limerston Capital is a Private Equity based in London, United Kingdom.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** London, United Kingdom
- **Region:** Europe
- **Address:** London, United Kingdom
- **Founded:** 2015
- **Assets under management:** Undisclosed
- **Website:** limerstoncap.com
- **LinkedIn:** https://www.linkedin.com/company/limerston-capital

## Regulatory record

- **Reports private funds:** No

## About

Limerston Capital is a private equity firm based in London, United Kingdom. It invests in medium-sized UK businesses across sectors such as Business Services, Consumer and Leisure, Education, Healthcare and Life Sciences, Industrial and Niche Manufacturing, and Testing, Inspection, and Certification. The firm partners with management teams to build these businesses through operational and acquisition support.

## Sectors

- Healthcare Services
- Industrial Tech
- Enterprise Software
- Business Services

## People

- James Paget — Managing Partner
- Timothy Bittlestone — Managing Partner

## Questions

### How large is Limerston's current fund, and who backs it?

Limerston closed its second fund at £245 million in 2022, above its initial target (per the firm, 2022). The firm's limited partners are institutional investors — details are not publicly itemized, but the fund structure is a traditional 10-year closed-end private equity vehicle without a co-investment sidecar or open-ended sleeve.

### Does Limerston Capital co-invest alongside external GPs?

Limerston rarely co-invests alongside other financial sponsors, preferring to control its positions outright. The firm does not operate a platform for co-investors and has not disclosed participation in club deals. Its model relies on concentrated ownership to support its chairman-led governance approach.

### How does Limerston distinguish its operational model from other mid-market PE firms?

The firm places an experienced external chairman into each portfolio company at acquisition — a deliberate alternative to relying purely on internal operating partners or financial monitoring. This chairman sits on the board alongside founders or management and is selected for domain-specific experience in the company's sector. The model is designed to professionalize governance in businesses that have outgrown founder management without installing a new CEO on day one.

### What recent realizations has Limerston completed?

In September 2023, Limerston sold Virtual1, a wholesale telecoms platform it had owned since 2014, to ConnectWise (per the firm, September 2023). During its hold period, Limerston expanded Virtual1's network footprint and product set across the UK. The firm has also previously exited AgilityEco, an energy-efficiency services business.

## Related profiles

- [Lime Rock Partners](https://altss.com/profile/lime-rock-partners)
- [Limestone Capital](https://altss.com/profile/limestone-capital)

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Last updated: 2026-07-08T23:31:24.717Z

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