Listed private equity trusts
Investment trusts quoted on the stock exchange that hold stakes in private companies. Daily liquidity and a regulated structure, but the share price can sit at a premium or discount to the underlying value.
Private Equity
Compare private equity
Compare private equity
investments in the UK
Compare introductions to private equity funds, co-investments and listed private equity trusts, matched to your investment level, experience and eligibility as a certified investor.
Free to use. Opportunities are shown only to investors who self-certify as eligible. No advice is given.
Typical holdOften 5 to 10+ years for unlisted funds
Ways inListed trusts, unlisted funds, co-investment
LiquidityDaily for listed trusts; very limited for unlisted
RegulationVaries by route, so check each one
What is private equity, and who is it for?
Private equity means owning shares in companies that are not listed on a public stock exchange. Managers raise money from investors, buy or back private businesses, work to grow them or improve how they are run, and aim to sell them later at a higher value. The range is wide, from early-stage growth companies to large management buyouts.
For individual investors there are two very different doors in. Listed private equity investment trusts trade on the stock exchange like any share. Unlisted funds, co-investments and direct introductions are usually restricted to investors who self-certify as eligible under UK financial promotion rules, and they typically lock capital in for years.
Comparing options side by side matters because the same label covers investments with very different costs, risks and exit routes. Our comparison tool shows only what you are eligible to see, matched to your investment level and experience. If you are weighing it against property, read private equity vs real estate.
Why investors look at private equity
- Access to unlisted businesses. Most companies are private, and private equity is one of the few routes to owning a stake in them.
- Different return drivers. Returns come largely from improving or growing a business over years rather than daily market sentiment, though private equity is not immune to market cycles.
- Active ownership. Managers typically take board seats and work with management rather than simply holding shares.
- Portfolio diversification. It can sit alongside shares, bonds and property, although a single fund or deal is still a concentrated bet.
Four ways to get private equity exposure
Each route has a different cost, risk and liquidity profile. How you invest matters as much as who manages the money.
Unlisted private equity funds
Pooled funds investing in a portfolio of private companies, with fees such as a management charge and a share of profits. Capital is usually committed for many years. See private equity funds explained.
Co-investment
Investing directly alongside a fund in a single deal, often on lower fees but with concentrated risk. Read what private equity co-investment is.
Secondaries
Buying an existing investor’s stake in a fund, sometimes at a discount and with less time left to run. See secondary investments in private equity.
Four steps to compare private equity
We don’t sell investments and we don’t give advice. We ask a few questions, confirm you’re legally eligible to view these opportunities, then introduce you to the providers that match.
1
Tell us about you
Your investment level and experience with alternative investments, so we only show what fits.
2
Confirm your status
Self-certify as a High Net Worth, Sophisticated or Professional Investor, as UK financial promotion rules require.
3
See your private equity matches
Opportunities that match your answers, with new listings added regularly. Supplier names stay redacted until you are introduced.
4
Get introduced
Reach out directly. Any decision to invest is yours alone, and nothing here is advice.
Before you compare
Private equity is not one thing, and it carries real risk
A listed trust trades daily. A direct introduction to an unlisted fund or single company can lock your capital away for years with no ready buyer. Both are called private equity; they carry very different risks.
Illiquid by nature
Unlisted private equity is typically locked in for years, with no guaranteed exit before the fund or deal matures.
Concentration risk
A single-company or single-fund introduction carries far more concentration risk than a diversified listed trust.
Fees and the J-curve
Fees are paid before investments mature, so returns are often negative in the early years and may only improve later.
Hard-to-verify valuations
Unlisted holdings are valued by the manager, not by a market, so the stated value may differ from what a sale achieves.
Regulatory status varies
Listed trusts are FCA-regulated vehicles; direct unlisted introductions often are not. Check each opportunity individually.
Capital at risk
You could lose some or all of the money you invest, and compensation schemes are unlikely to apply.
Due diligence
What to check before you commit
A short checklist for comparing any private equity opportunity. Our due diligence checklist goes into more depth.
- The manager’s track record, and whether the figures are independently verified.
- The full fee structure, including what is charged before any profit is made.
- The lock-up period and whether any early exit exists, and on what terms.
- How concentrated the investment is: one company, a handful, or a diversified portfolio.
- Whether the promoter and the manager appear on the FCA Register, and what permissions they hold.
- The actual offer documents, not just the marketing material.
Available now
See current private equity opportunities
UK financial promotion rules mean specific opportunities, including their rates and terms, can only be shown once you’ve confirmed your investment level and self-certified as an eligible investor. It takes about a minute.
Compare private equity →Private Equity guides
How private equity compares with other asset classes, how the structures work, and what to check before committing capital.
Private Equity Investment Funds Explained
Capital calls, the J-curve, and 2-and-20 fees: the mechanics behind a private equity fund, and why the structure itself explains most of the risk.
Read the guide →Private Equity vs Real Estate: Which Is Right for You?
Private equity and real estate are both popular alternative investments, but they generate returns, lock up your money, and suit investors in very different ways.
Read the guide →What Is Private Equity Co-Investment?
Investing directly alongside a fund into a single deal, often on reduced fees. Here is how it actually works and who can access it.
Read the guide →Private Equity Investment Due Diligence Checklist
No daily price, no continuous disclosure, and fund terms that materially change your return. Here is what to check before you commit.
Read the guide →Private Equity Investment Trusts Explained
The one form of private equity exposure retail investors can access without certification: listed, FCA-regulated, and ISA/SIPP eligible.
Read the guide →What Is a Secondary Investment in Private Equity?
Buying into a fund that already holds identifiable companies, often at a discount to NAV, instead of committing to a new blind pool.
Read the guide →Private Equity Minimum Investment UK: What Do You Need?
What the minimum investment in private equity really is in the UK, how it differs between listed trusts, unlisted funds and co-investments, and who can invest.
Read the guide →Private Equity: common questions
What is private equity?
Private equity is investment in companies that are not listed on a public stock exchange. Managers buy or back private businesses, try to grow or improve them, and aim to sell later for more than they paid. Investors access it through listed trusts, unlisted funds, co-investments or direct introductions.
How much do I need to invest in private equity in the UK?
It depends on the route. Listed private equity trusts can be bought for small amounts through an ordinary investment account. Unlisted funds and co-investments usually have much higher minimums, often tens of thousands of pounds or more, and each provider sets its own.
Can anyone invest in private equity?
Listed trusts are open to most investors. Unlisted routes are usually restricted to people who self-certify as a high net worth, sophisticated or professional investor under UK financial promotion rules. Our comparison tool checks this for you.
How long is my money tied up in private equity?
Unlisted private equity funds commonly run for around ten years, sometimes with extensions, and there is usually no early exit. Listed trusts can be sold on any trading day, although the price you get may be below the underlying value.
How do private equity fees work?
A common structure is an annual management fee plus a share of profits above an agreed hurdle, often described as “2 and 20”. Terms vary widely, so always read the fee schedule before committing.
Is private equity regulated or protected?
Listed investment trusts are FCA-regulated structures. Many unlisted private equity opportunities are not authorised or regulated, and you are unlikely to be covered by the Financial Services Compensation Scheme. Check each opportunity on the FCA Register.
Other alternative investments to compare
New to this? Start with our guide to alternative investments, check who qualifies as a sophisticated investor, or read the full FAQ.
This page is general information only and is not financial advice or a personal recommendation. These investments are high risk and mostly unregulated; you could lose some or all of your money, and you are unlikely to have access to the Financial Services Compensation Scheme. Seek independent advice from an FCA-authorised adviser if you are unsure.