FINANCIAL SERVICES GROUP Prudential is in talks to sell its private equity division PPM Capital to the company's management team, The Daily Telegraph has learned.
According to the paper, sources have said PPM Capital hopes to close the deal by the end of the year. PPM Capital has about £1.4bn of allocated funds under management to invest in private equity, and only last week the fund, which is run by managing director Neil MacDougall, acquired Azzuri Communications from rival 3i for £182m. It is not clear why PPM Capital's management, which invests in companies over a three- to five-year period, has now decided to opt for a buyout of the private equity division. Last year, Prudential segregated its private equity businesses to allow its direct inve...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes