The latest mergers, acquisitions and other corporate actions in the wealth management sector.

M&G Investments has just agreed to acquire a majority stake in P Capital Partners (PCP), a European private credit business in the corporate non-sponsor sector. It supports entrepreneurs and family-owned businesses to grow and sustainable technologies to scale.

The transaction is expected to close in mid-2025, subject to regulatory approvals. 

PCP will become part of M&G Investments’ ÂŁ73 billion ($90 billion) private markets business, complementing its ÂŁ19 billion private credit and structured credit teams and broadening its client offering in a segment where PCP already has strong relationships and an origination network. Based in Stockholm with a team of 45, PCP has raised about €7 billion ($7.26 billion) since inception, the firm said in a statement.

M&G will acquire 70 per cent of PCP, with its management retaining the remaining equity stake following the transaction. There will be no changes to PCP’s management team or investment strategies, as a result of the deal with M&G.

“This acquisition of a majority stake in P Capital Partners is in line with our growth strategy in private markets where we have the ambition to become the European champion,” Joseph Pinto, chief executive officer of M&G Investments, said. “P Capital Partners' capability in the corporate non-sponsor sector and 20-year track record will offer our clients access to a wider range of differentiated offerings and improve our ability to better serve clients.”

"Increased access to direct investments is essential for early-growth entrepreneurs to scale without losing control or incentives. Together with P Capital Partners, we will aim to create economic value and positive social impact by supporting entrepreneurs who drive sustainable innovation,” Emmanuel Deblanc, chief investment officer of Private Markets at M&G Investments, added. “Through M&G’s global distribution platform, P Capital Partners’ capabilities will be more widely available in Europe and Asia, in turn supporting their growth ambitions.” 

Moelis & Company UK acted as exclusive financial advisor and Goodwin Procter and Mannheimer Swartling acted as legal advisors to P Capital Partners. Fenchurch Advisory Partners acted as financial advisor and Freshfields and Gernandt & Danielsson AdvokatbyrĂĄ KB acted as legal advisors to M&G.