Phoenix Group, the UK’s largest long-term savings and retirement business, has acquired a stake in the holding company of Hambro Perks, the UK based venture and growth investor, on behalf of its With-Profits Funds.
The investment will enable Phoenix to invest directly alongside Hambro Perks into venture and growth capital, providing With Profits policyholders greater access to venture and growth capital as an investment class, creating more diversified portfolios with the potential for higher returns. The investment in Hambro Perks builds on a long-standing relationship between the two companies.
Hambro Perks is an international investor that currently holds stakes in over 135 companies in Europe, the US and the Middle East across nine funds, all addressing new technologies, including fin-tech, healthcare, life sciences and environmental technologies.
James Mitchell, Head of Strategic Partnerships, at Phoenix Group, said:
“We believe it’s important to enable long-term savers to invest in more diversified portfolios that give them access to the potential returns of a broader range of assets. This is why we are delighted to be announcing our investment in Hambro Perks, a recognised expert in venture and growth capital. The investment, on behalf of our with-profits policyholders, will give their funds access to some of the fastest growing and most innovative companies in the UK and overseas. At the same time, investments of this nature can help to support economic growth, levelling up across the UK and facilitating the development of new technology that will enable the UK to respond to the climate change challenge. We’re looking forward to working with the expert team at Hambro Perks for the benefit of our policyholders.”
Andrew Wyke, CEO, Hambro Perks, said:
“This is an important development for Hambro Perks as we continue to deepen our partnership with the UK’s largest long-term savings and retirement business. We are great admirers of Phoenix and we are strongly aligned in our vision that a thriving venture and growth capital ecosystem can benefit both UK Plc and our respective investors.
“We are delighted to welcome Phoenix as one of our largest shareholders. We are moving forward with momentum, with an excellent established management team supported by a group of highly committed and talented colleagues. We are optimistic about our business and the opportunities in private markets for the balance of the year and beyond.”