Backing exceptional software businesses. Building long-term value.
Tern partners with ambitious founders and management teams to scale high-quality software businesses across the UK and Europe.
Median age of portfolio companies
Countries served by our portfolio
Years of combined executive experience
Average time from LOI to completion
We invest in and grow software businesses with strong fundamentals.
Invest
We deploy capital decisively, on fair terms, with structures shaped around the business — not the fund.
Scale
We help portfolio companies grow into category-defining businesses through disciplined execution.
Support
Our operating partners work alongside management teams, not above them.
Investment focus
We focus on profitable, established software businesses with clear positioning and the management capacity to grow.
Buy & Builds
- Revenue
- £0.5–4M ARR
- EBITDA
- £0.5–3M EBITDA
- Focus
- Public sector, healthcare, retail/supply chain, media & entertainment
Carve-Outs
- Revenue
- £1–4M ARR
- EBITDA
- £0–3M standalone EBITDA
- Focus
- Non-strategic assets of corporates
Scale-up
- Revenue
- £1M+ ARR
- EBITDA
- No EBITDA requirement
- Focus
- Growth funding for category leaders
More than capital.
Founders work with us because we operate. We've built, scaled and sold software businesses ourselves — and we bring that perspective to every partnership.
Focus
We invest only in software businesses. It's all we do.
Operating edge
We've been at the coal face — ex-entrepreneurs, not bankers.
Speed
We make decisions at speed. Deals close in under nine weeks.
Alignment
We invest our own capital alongside our LPs.
Meet the people behind our approach.
Mark Thompson
Hear from our Board Member and Operating Partner, Mark Thompson, as he discusses his role and how we distinguish ourselves from typical private equity investors.
Karthik Dasari
Our Founder, Karthik Dasari, shares the history of Tern Capital and explains our operational approach to creating value for portfolio companies.
A clear, four-step partnership.
Identify
Direct conversations with founders. No auctions, no noise.
Invest
Fast, fair terms. Decisive process from LOI to completion.
Partner
Operator-led support, not board-room theatrics.
Scale
Build durable enterprise value over a long horizon.