UK Private Capital · Est. 2024

Private capital with
the patience of an
owner.

We acquire and steward UK founder-led businesses through succession and the next chapter of growth — preserving what made them extraordinary, and committing operationally for the long term.

£1m+
Minimum EBITDA
15%+
Operating margin
Sector
Agnostic
Long
Hold period
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01 — Who We Are

A private capital platform built by operators, for founders who care what happens after the deal.

Progression Capital is evolving from its roots as a Cambridge-led search fund into a long-duration private equity platform. We back UK businesses generating £1m+ EBITDA where the founder is planning succession, or where the next chapter calls for an operator-investor alongside the existing team.

We buy great companies and preserve what makes them special. No cost-cutting playbook, no five-year exit clock — just patient capital, hands-on operational support, and a commitment to the people, brand and customers that built the business.

02 — Two Audiences

We serve two communities — sellers, and the investors who back us.

For Business Owners

A respectful home for your life's work.

If you're approaching retirement, planning succession, or simply want a partner who'll preserve your legacy — we'll move at your pace, in confidence, and structure the deal around what matters to you, your team and your customers.

  • Confidential conversations
  • Cash, earn-out or rollover — your choice
  • Existing team and brand retained
  • Operational continuity from day one
Begin a confidential conversation
For Investors & Family Offices

Long-duration capital, deployed alongside operators.

We co-invest with family offices, HNW investors and institutional partners seeking exposure to UK lower-mid-market businesses — without the J-curve, hurry, or fee drag of a traditional fund structure.

  • Direct co-investment, deal-by-deal
  • Operator-investors aligned with capital
  • Bias toward asset-light, recurring revenue
  • Long hold, compounding returns
Request our investor brief
03 — Investment Criteria

Disciplined, but never rigid.

We are sector-agnostic and structure-flexible. If the business is durable and the people are exceptional, we'll find a way to make it work.

Submit a Business
Geography
United Kingdom & Ireland
EBITDA
£1m – £10m
Operating margin
15% or higher
Revenue quality
Recurring or repeat — preferred
Cash conversion
Positive, predictable
Sector
Agnostic — business & tech-enabled services bias
Situation
Succession, founder exit, partial sale, MBO
Deal structure
Flexible — cash, earn-out, rollover equity
Hold period
Long-term — typically 5+ years
What we avoid
Turnarounds, pre-profit, regulated lending
04 — Our Approach

We're not traditional private equity.

Most private equity is structured around fund timelines, not businesses. We're structured around the opposite.

Dimension
Progression Capital
Traditional Private Equity
Post-transaction commitment
We operate alongside leadership
Hands-off, board oversight only
Company legacy
Preserved — brand, team, ethos
Often rebranded or absorbed
Value creation
Long-term, organic & strategic
Cost-cutting & financial engineering
Owner's future
Tailored — exit, rollover, advisory
Full exit, often forced
Employees' future
Retained and developed
High risk of restructuring
Source of capital
Family offices & operator-investors
Institutional LPs, fund cycle
Deal terms
Flexible, founder-friendly
Standard, fund-driven
Time horizon
5+ years — patient
3–5 years, exit-driven
05 — Process

From first call to completion in ~12 weeks.

  1. IWeek 1

    Introduction

    An NDA-protected conversation. We learn about you, the business, the team, and what a good outcome looks like.

  2. IIWeeks 2–4

    Indicative Offer

    Within 2–3 weeks of receiving the information memorandum, we'll come back with an indicative valuation and deal structure.

  3. IIIWeeks 5–10

    Due Diligence

    Focused commercial, financial and legal diligence. We work with your advisors, not against them, and minimise disruption to the business.

  4. IVWeek 12+

    Completion & Stewardship

    Completion, then we step into the business operationally — at the cadence and depth you and the leadership team prefer.

06 — Partners

Operators with capital. Not capital chasing operators.

Murtaza Khan

Murtaza Khan

Partner

Two decades in technology — operating, engineering and sales leadership at scale. Coming from a family of operators across digital healthcare, construction and renewables. BSc Electronics Engineering, MSc Data Communication Systems, Executive MBA, University of Cambridge.

LinkedIn
Asad Jafri

Asad Jafri

Partner

Strategy and transformation background across management consultancy, private equity and high-growth startups. Engineer turned entrepreneur — has founded and operated technology businesses. BEng & MEng Mechatronics, MBA, University of Cambridge.

LinkedIn
07 — Questions

Questions founders
ask us first.

If yours isn't here, ask it directly — we reply personally, usually within a day.

  • 01What happens to my team after a sale?
    +

    Continuity is one of our core principles. We retain existing leadership and staff, invest in development, and structure incentives so the people who built the business share in its next chapter.

  • 02Will you keep our brand and culture?
    +

    Yes. The brand is often the single biggest asset on the balance sheet — and culture is what makes it work. We preserve both. No rebrands, no playbook impositions.

  • 03How do you value the business?
    +

    We use a multiple of normalised EBITDA, adjusted for working capital, growth profile, revenue quality and sector dynamics. We'll share our methodology openly and discuss it with you and your advisors.

  • 04Can I roll equity or stay involved?
    +

    Absolutely. We routinely structure deals with rollover equity, earn-outs, or ongoing advisory roles for founders who want to remain connected to the business.

  • 05Will my enquiry be kept confidential?
    +

    Every conversation begins under NDA. We have no PR cycle and no incentive to disclose. We engage directly with founders without brokers if that is preferred.

  • 06Do you co-invest with other investors?
    +

    Yes. Our capital is sourced from family offices, HNW individuals and operator-investors. We welcome co-investment from intermediaries' clients on a deal-by-deal basis.

If you're thinking about the next chapter of your business — let's talk. In confidence.