A private markets investment vehicle will be established by British insurer Phoenix Group and fund manager Schroders with the intention of investing up to £20bn ($25.68bn) in unlisted assets over the course of the next ten years.
Asset managers, such BlackRock and Amundi, have been vying for a competitive advantage in the private markets by acquiring specialised businesses to enhance their portfolios.
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Reported by Reuters, the two British enterprises stated that their new initiative, Future Growth Capital (FGC), will support the UK government’s goal of encouraging more pension funds to be invested in private companies.
With the intention of investing £2.5bn over the course of three years, Phoenix has committed an initial £1bn to the project.
The new Labour administration, which has stated that the country’s finances are overspent by £22bn, has supported the MHC and began a study of the pensions business in an effort to stimulate private investment.
Moreover, last July, then-finance minister Jeremy Hunt said that under the agreement, nine insurers and pension funds would voluntarily pledge to investing 5% of their direct contribution pension systems in unlisted companies by 2030.
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By GlobalDataCompany partnerships
Blackstone has completed a sizable financing capital investment to support controlling shareholder Reinold Geiger and related entities in a take-private of listed global multi-brand beauty and skincare group L’Occitane International.
This was completed with the help of Goldman Sachs Alternatives, Blackstone’s private equity strategy for individual investors, and funds handled by Blackstone Tactical Opportunities and its subsidiaries.
On 29 April 2024, the offeror launched a tender offer to purchase and delist the company for HK$34.00 ($4.35) per share, which represents a significant premium for shareholders.
The offer was backed by a pledge of up to €1.551bn ($1.680bn) from Blackstone and Goldman Sachs Alternatives.
