Phoenix Group awards GBP25bn mandate to Schroders Solutions

Phoenix Group and Schroders today set out further details of their 2024 strategic partnership to launch Future Growth Capital (FGC), a private markets investment manager that will run multi-asset private market strategies for UK insurance and pension clients.

Phoenix Group reported that FGC plans to deploy an initial £1bn into UK and global private markets, with a target to invest between £10bn and £20bn over the next 10 years.

Phoenix Group intends to allocate 5% of its relevant savings products into FGC on behalf of policyholders, describing this as aligned with its Mansion House Compact commitment.

Phoenix Group said FGC will use Schroders’ Long-Term Asset Fund (LTAF) platform and will provide investment advice to the fourth and fifth LTAFs planned by Schroders Capital.

British Business Bank said it completed a £250m investment on 14 November 2024 alongside £250m from Phoenix Group into Schroders Capital under the LIFTS initiative, creating a £500m vehicle.

British Business Bank reported that Phoenix Group’s £250m LIFTS commitment is being made through Future Growth Capital, its private markets joint venture with Schroders.

Separate search results show no public confirmation of a specific £25bn mandate awarded by Phoenix Group to Schroders Solutions.