Future Growth Capital Reveals Leadership Team to Enhance Private Market Investments for UK Pension Savers

Future Growth Capital Reveals Leadership Team to Enhance Private Market Investments for UK Pension Savers

(IN BRIEF) Future Growth Capital (FGC), the private markets investment manager launched by Schroders plc and Phoenix Group, has announced its senior leadership team to support investment opportunities in private markets for UK pension savers. Paul Forshaw has been appointed Chief Executive, while James Harvey will serve as Chief Financial and Chief Operations Officer. Chaipetch (Ped) Phrompechrut is the new Chief Investment Officer, and Mike Chappell will lead debt origination efforts. The team is backed by a board including Georg Wunderlin and Michael Eakins as Non-Executive Directors. FGC aims to deploy £10-20 billion over the next decade, starting with an initial £1 billion investment, while supporting the UK’s Mansion House Compact to unlock private market investments for millions of pension savers.

(PRESS RELEASE) LONDON, 3-Oct-2024— /EuropaWire/ — Future Growth Capital (FGC), the new private markets investment manager formed by Schroders plc and Phoenix Group in July, has unveiled its senior leadership team, poised to enhance investment opportunities for pension savers across the UK.

FGC aims to support the UK’s Mansion House Compact by unlocking private market investments, enabling millions of pension savers to access the diversification and returns offered by unlisted assets.

The senior leadership team comprises key appointments from both Schroders and Phoenix:

• Paul Forshaw has been named Chief Executive, tasked with leading overall business performance and strategy. Forshaw previously served as Head of Strategic Partnerships at Schroders.
• James Harvey from Phoenix Group will take on the dual role of Chief Financial and Chief Operations Officer, overseeing financial and capital management alongside operational oversight.
• Chaipetch (Ped) Phrompechrut transitions from Schroders Capital to assume the position of Chief Investment Officer, where he will oversee portfolio management and investment performance while acting as Lead Portfolio Manager for the UK and Global Long-Term Asset Funds (LTAFs).
• Mike Chappell will serve as the Head of Origination, focusing on building the firm’s debt origination team and processes.

Supporting this leadership team will be an experienced Board of Directors, with the initial appointments including:

• Georg Wunderlin, who will serve as Non-Executive Director. Wunderlin is the Global Head of Private Assets at Schroders Capital.
• Michael Eakins, who will also be a Non-Executive Director. Eakins is the Group Chief Investment Officer at Phoenix Group.

Paul Forshaw, Chief Executive of Future Growth Capital, expressed his enthusiasm, stating, “I am honored to be appointed as Chief Executive at such a critical time for the development of the UK’s private markets. We recognize the substantial investment opportunities private markets present for long-term savers looking to bolster their retirement plans.”

He added, “Our senior leadership team brings extensive expertise and diverse experiences from our parent companies, creating a robust private markets investment platform for our clients. Our goal is to deploy between £10-20 billion over the next decade into both UK and global private markets, firmly positioning FGC at the center of the UK private markets investment ecosystem.”

FGC plans to initially deploy £1 billion as part of a broader strategy to invest £10-20 billion over the next ten years into various private markets. In line with its commitment to the Mansion House Compact, Phoenix Group aims to allocate 5% of its relevant savings products on behalf of policyholders. Ongoing fundraising efforts will be jointly managed by both Schroders and Phoenix Group.

Through its innovative solutions, FGC will design and manage UK and Global multi-private asset options for UK insurance and pension clients, offering exposure to a wider array of pioneering companies and investment prospects. By leveraging Schroders’ LTAF technology, FGC seeks to deliver substantial benefits to millions of UK pension savers.

As a prominent player in the UK private markets, FGC is committed to fostering the growth of the private markets ecosystem and enhancing the UK’s appeal as a destination for international private market investments.

About Future Growth Capital

Future Growth Capital is an independent company, backed by two of the most established names in UK asset management and long-term savings, Schroders plc and Phoenix Group. It aims to unlock investment opportunities in private markets for UK-based Defined Contribution (DC) and other long-term pension fund savers, to support their retirement goals at a time when longer lifespans and low savings rates mean many UK savers are struggling to save enough money for a comfortable retirement.

Future Growth Capital will design and manage multi-private asset solutions to provide diversified, managed exposure to UK and global private market investment opportunities. It is set to deploy a planned £10-20 billion of investor funds into private markets over the next decade, and by connecting savers with UK businesses, it also aims to support the growth of UK businesses and reinforce the UK as an attractive place to invest.

About the senior leadership team

Paul Forshaw, Chief Executive

Paul joins Future Growth Capital from Schroders, where he was Head of Strategic Partnerships, focused on developing corporate-level strategic relationships as part of the Schroders Group strategy. He was also Chairman of the Board of Schroders Pension Fund Management Limited, and a Director of the Board of Nippon Life Schroders Europe Asset Management Ltd. Previously, as Schroders Global Head of Insurance Asset Management he built and managed Schroders’ £150bn insurance client business and was a member of various Schroders management committees. Prior to joining Schroders in 2007, he held management roles in the fixed income and derivative businesses of ABN AMRO, BNP Paribas and Credit Suisse First Boston. He began his career at Goldman Sachs. Paul has a BA from Oxford University in Modern History, and an Executive Education Certificate in Mergers and Acquisitions from Imperial College London Business School.

James Harvey, Chief Financial and Chief Operations Officer

James is the Chief Financial and Chief Operating Officer for Future Growth Capital. He previously worked in CFO and Head of Finance roles at Neuberger Berman, Hermes Investment Management and Morgan Stanley Investment Management. He was a Corporate Finance Business Manager at JPMorgan and began his career at KPMG Audit and Assurance. James has over 30 years’ experience across finance and operational functions. He is a Chartered Accountant and holds the FT Non-executive director diploma.

Chaipetch (Ped) Phrompechrut, Chief Investment Officer

Ped joined Schroders in 2018 and was most recently Head of Portfolio Management in the Private Asset Solutions business of Schroders Capital. Prior to joining Schroders, Ped worked at Willis Towers Watson where he was Head of Private Markets Solutions, leading an $8 billion AUM business and a portfolio manager of delegated multi-private asset portfolios which invested across private equity, real estate, infrastructure and private credit. Ped holds an MBA from London Business School and a Bachelor of Business Administration from Ohio University where he graduated summa cum laude. He is a CFA charterholder and holds the ESG Investing Certificate from the CFA Institute.

Mike Chappell, Head of Origination  

Mike has 30 years of private debt origination and execution experience. He joins from Phoenix Group where he was Head of Private Markets from 2018. He was also CIO for Phoenix ReInsurance in Bermuda. Prior to this, he was a Managing Director and Industry Head for Infrastructure, Energy & Construction at Lloyds Banking Group. He holds a BSc (Hons) in Chemistry, is an Associate Member of Corporate Treasurers and an Associate of the Chartered Institute of Bankers

About the Board

Michael Eakins, Non-Executive Director

Michael is the Group Chief Investment Officer of Phoenix Group. He joined Phoenix in July 2020 following the acquisition of ReAssure Group, where he held the same role. Prior to joining ReAssure, Michael was a Managing Director at Goldman Sachs where he was responsible for the European Pension and Insurance Business and UK Rates sales. He has extensive experience of managing finance professionals and providing advice to senior management at insurers, pension funds and asset managers. Michael has a MSci in Mathematics from the University of London and is a fellow of the Institute and Faculty of Actuaries.

Georg Wunderlin, Non-Executive Director

Georg is Global Head of Private Assets, Schroders Capital, Schroders’ dedicated private markets business. He has responsibility for developing the firm’s private assets expertise on a global scale, driving the business to deliver world-class private market investment solutions for clients. Prior to joining Schroders in 2019, Georg was Chief Executive Officer at HQ Capital from 2016 to 2019, and Chief Operating Officer from 2012. Between 2004 to 2011 he was Managing Director at UBS, holding various senior management positions, including Member of the Executive Committee in Germany and Head of Group Strategy in Zurich. Georg started his career in 1999 in M&A and corporate finance consulting at The Boston Consulting Group. Georg studied business administration at the University of St. Gallen and Stockholm School of Economics, holds a PhD in Economics from the University of St. Gallen, Switzerland and a master’s degree (lic.oec. HSG and CEMS-Master) in Economics from the University of St. Gallen and Stockholm School of Economics.

[1] Phoenix has initially identified c.£50bn of Defined Contribution products where illiquid assets have the potential to deliver better long-term outcomes for policyholders. Therefore, based on the current value of these products, Phoenix could invest c.£2.5bn over the next three to five years.

Media Contacts:

Andy Pearce
Head of Media Relations
Schroders
+44 (0)20 7658 2203
Andy.Pearce@Schroders.com 

Rebecca Dwyer
Strategic Communications
Schroders
+44 (0)20 7658 4333
Rebecca.Dwyer@Schroders.com

Dilesh Sangaran
Senior PR Manager
Phoenix Group
+44 (0)7974 604 323
Dilesh.Sangaran@thephoenixgroup.com

SOURCE: Schroders plc