M&G Investments Expands by Acquiring Majority Stake in PCP
Deal News | Feb 06, 2025 | Fenchurch Advisory Partners
M&G Investments announced the acquisition of a majority 70% stake in P Capital Partners (PCP), a leading European private credit firm. PCP specializes in bespoke financing for mid-sized businesses that struggle with traditional loans or resist equity selling. The acquisition aligns with M&G's strategic growth plans, augmenting its private market offerings and solidifying its leading position in European private assets. PCP, with strong expertise in sustainability-linked loans and an extensive European network, will join M&G's £73 billion private markets business, complementing its existing credit capabilities. The global private credit market, valued at $1.5 trillion, continues attracting institutional investors, emphasizing the significance of this acquisition in securing high yields and diversification. Key advisors involved in the deal included Moelis & Company UK LLP, Goodwin Procter, Mannheimer Swartling for PCP, and Fenchurch Advisory Partners, Freshfields, and Gernandt & Danielsson Advokatbyrå KB for M&G.
Sectors
- Private Equity & Venture Capital
- Financial Advisory
- Legal Services
Geography
- United Kingdom – M&G Investments is based in the UK, and key advisors like Fenchurch Advisory Partners and Moelis & Company UK LLP operate there.
- Sweden – P Capital Partners, the acquisition target, is headquartered in Stockholm, Sweden.
Industry
- Private Equity & Venture Capital – The article discusses M&G Investments' acquisition of P Capital Partners, which is focused on private equity and private credit investments.
- Financial Advisory – Involves advisory roles played by Fenchurch Advisory Partners and Moelis & Company UK LLP, essential in brokering the acquisition deal.
- Legal Services – Legal advisories by Goodwin Procter, Mannheimer Swartling, Freshfields, and Gernandt & Danielsson Advokatbyrå KB were instrumental in the transaction.
Financials
- 70% – The percentage of PCP that M&G Investments is acquiring.
- £73 billion – The value of M&G’s private markets business.
- £19 billion – The value of M&G’s private and structured credit teams.
- £129 billion – The value of the With Profits Fund managed by M&G Investments.
- €7 billion – The amount PCP has raised since its inception.
- $1.5 trillion – The estimated value of the global private credit market.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| M&G Investments | Bidding Company | Company | A major UK-based investment management company acquiring a majority stake in PCP. |
| P Capital Partners | Target Company | Company | A European private credit firm specializing in financing mid-sized businesses. |
| Fenchurch Advisory Partners | Financial Advisor | Company | Acted as financial advisor to M&G Investments in the acquisition. |
| Moelis & Company UK LLP | Financial Advisor | Company | Served as exclusive financial advisor to P Capital Partners during the deal. |
| Goodwin Procter | Legal Advisor | Company | Legal advisors to P Capital Partners for the transaction. |
| Mannheimer Swartling | Legal Advisor | Company | Provided legal advisory services to P Capital Partners. |
| Freshfields | Legal Advisor | Company | Legal advisors to M&G Investments for the acquisition. |
| Gernandt & Danielsson Advokatbyrå KB | Legal Advisor | Company | Provided legal counsel to M&G Investments in the deal. |