PPM nears buyout from Prudential - papers 11 Jan

In the first step towards a deal, PPM managers are for the first time close to raising €1bn (£670m) for a new fund from non-Prudential investors. Until now PPM, whose recent deals include the acquisition of the Paramount restaurant group, has been wholly owned by the Pru and has invested only the insurer’s money. However, its managers want to enjoy the same autonomy and flexibility of other private equity firms, says the paper. The move will allow Prudential to diversify its investments outside PPM and into other private equity firms and funds of funds, a source said, although the ...