Future Growth Capital (FGC), the new private markets investment manager announced by Phoenix Group and Schroders plc in July, is pleased to name its senior leadership team.
FGC will support the objectives of the UK’s Mansion House Compact, unlocking investment opportunities in private markets for millions of pension savers to benefit from the diversification and investment return opportunities that unlisted assets can offer.
Appointments from Schroders and Phoenix will form the senior leadership team as follows:
Paul Forshaw has been appointed Chief Executive and will be responsible for overall leadership and business performance, including taking a lead on business strategy and business development. Paul was previously Head of Strategic Partnerships at Schroders.
Phoenix’s James Harvey will become Chief Financial and Chief Operations Officer, responsible for financial and capital management as well as operational control.
Chaipetch (Ped) Phrompechrut moves from Schroders Capital to become Chief Investment Officer. He will be responsible for overall portfolio management and investment performance and will also be the Lead Portfolio Manager for the UK and Global Long-Term Asset Funds (LTAFs).
Mike Chappell from Phoenix will become the venture’s Head of Origination, responsible for establishing the firm’s debt origination team and processes.
The senior leadership team will be supported by an experienced Board of Directors. The first two Board appointments are as follows:
Georg Wunderlin will become Non-Executive Director. Georg is Global Head of Private Assets, Schroders Capital.
Michael Eakins will become a Non-Executive Director. Michael is Group Chief Investment Officer at Phoenix Group.
Paul Forshaw, Chief Executive of Future Growth Capital, said: “I am excited and privileged to have been appointed Chief Executive of Future Growth Capital at a pivotal moment in the development of the UK’s private markets. We believe private markets offer a very significant investment opportunity that the UK’s long-term savers can now take advantage of to support their retirement goals.
“Our senior leadership team brings deep expertise and broad experience from both parent companies and creates a compelling new private markets investment platform for clients. We aim to deploy £10-20bn over the next decade into UK and global private markets, serving UK pensions clients, and positioning FGC at the heart of the UK private markets investment ecosystem.’’
FGC will deploy an initial £1bn as part of a planned £10-20bn deployment over the next 10 years into UK and global private markets. Phoenix Group plans to invest 5% of its relevant savings products[1] on behalf of its policyholders, in line with its Mansion House Compact commitment. Ongoing fundraising will be led by both Schroders and Phoenix Group.
FGC will design and manage UK and Global multi-private asset solutions for UK insurance and pension clients providing exposure to a broader range of innovative companies and investment opportunities for millions of UK pension savers by leveraging Schroders' LTAF technology.
As a major investor in the UK’s private markets, FGC will seek to promote the development of the UK’s private markets ecosystem, and further enhance the UK as an attractive private market investment destination for international investors.
A photo of Paul Forshaw can be downloaded here.
Ends
For further information, please contact:
Andy Pearce Head of Media Relations Schroders +44 (0)20 7658 2203
| Rebecca Dwyer Strategic Communications Schroders +44 (0)20 7658 4333
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Dilesh Sangaran Senior PR Manager Phoenix Group +44 (0)7974 604 323 Dilesh.Sangaran@thephoenixgroup.com
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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.