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1868 Capital is a search fund established in 2025, based in the United Kingdom. Founded by Alec Dent, a British-French entrepreneur, the firm is dedicated to acquiring and operating a single profitable small to medium-sized enterprise (SME) within the UK. The firm addresses the significant succession challenges faced by SMEs, emphasizing continuity and the preservation of employee and customer relationships. The name '1868 Capital' is inspired by the opening of St Pancras Station, symbolizing British heritage and the connection to Dent's Franco-British roots.
Currently, 1868 Capital is in the pre-acquisition stage, actively seeking a target company. The firm is backed by 12 international investors, all of whom are successful SME CEOs with a collective experience of over 200 business acquisitions. Although the fund size has not been disclosed, the operational model focuses on acquiring one profitable British SME, with Dent committing to lead the business as CEO post-acquisition. This unique approach allows for long-term stewardship rather than quick exits, prioritizing stability and growth.
1868 Capital invests primarily in profitable, stable British SMEs, targeting those with an EBITDA range of £1-5 million. The firm has a particular interest in businesses that operate with a recurring revenue model and maintain healthy margins. While the primary focus is on B2B services, 1868 Capital remains open to a variety of sectors, aiming to provide strategic support and operational expertise after acquisition. This investment strategy is designed to address the UK's SME succession gap, often referred to as the 'silver tsunami' of retiring business owners.
The firm seeks to acquire companies that demonstrate strong cash flow and growth potential, ensuring continuity-focused ownership that preserves employee and customer relationships. 1868 Capital's approach is distinct from traditional venture capital, as it emphasizes operational involvement and long-term growth rather than rapid scaling or financial engineering.
Alec Dent - Founder and Managing Partner. Alec Dent is a British-French entrepreneur who co-founded Weezy, a grocery delivery service that achieved rapid growth and was backed by venture capital before its exit. He brings significant experience in building and scaling businesses, particularly in the operational aspects of company management. Dent's commitment to lead the acquired SME as CEO post-acquisition reflects his dedication to ensuring continuity and stability.
As of April 2026, 1868 Capital is actively seeking its first acquisition target. The firm has not yet completed any acquisitions or announced portfolio companies. Coverage in SME Today highlights the firm's focus on addressing the UK's SME succession gap and its unique search fund model.
What are 1868 Capital's investment criteria?
1868 Capital focuses on acquiring profitable, stable SMEs in the UK, typically with an EBITDA range of £1-5 million. The firm is particularly interested in businesses with a recurring revenue model and healthy margins, primarily in the B2B services sector.
How can I pitch to 1868 Capital?
Currently, 1868 Capital is in the pre-acquisition stage and has not disclosed specific channels for pitching. Founders interested in engaging with the firm should monitor their website for updates or reach out through professional networks.
What makes 1868 Capital different from traditional venture capital firms?
1868 Capital is a search fund, not a traditional venture capital firm. The focus is on acquiring and operating a single profitable SME, with a commitment to continuity and long-term stewardship rather than quick exits.
What is the geographic scope of 1868 Capital's investments?
The firm exclusively targets small to medium-sized enterprises located in the United Kingdom, addressing the unique challenges faced by British SMEs.
What kind of support does 1868 Capital provide to its portfolio companies?
1868 Capital offers operational expertise and strategic support post-acquisition, leveraging the extensive acquisition experience of its investor group to foster growth and stability in the acquired business.
What is the expected response time for pitches?
As 1868 Capital is currently seeking acquisition targets, response times for pitches may vary. Interested parties should remain patient and follow up through appropriate channels.
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