Phoenix and Schroders to launch private markets venture
Corrects initial commitment to 1 billion pounds in paragraph 3
LONDON, July 31 (Reuters) -British insurer Phoenix Group PHNX.L and fund firm Schroders SDR.L have agreed to launch a private markets investment manager, with the aim of investing up to 20 billion pounds ($25.68 billion) into private markets over the next decade.
The two companies said in a statement on Wednesday that the new venture, called Future Growth Capital (FGC), would support the objectives of Britain's 'Mansion House Compact' by helping boost investment from pension savers into unlisted assets.
Phoenix has made an initial commitment of 1 billion poundsto the venture, with the aim of deploying 2.5 billion pounds over three years, the statement said.
($1 = 0.7788 pounds)
Reporting by Iain Withers, editing by Sinead Cruise
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