M&G to allocate £5bn to fund privately owned sustainable businesses

Through Prudential With Profits fund

M&G will allocate up to £5bn of its With-Profits fund to a mandate set up to invest in privately owned enterprises working to create a more sustainable world.

The investment management firm has set up a global investment team, called Catalyst, charged with investing through private credit, real and financial assets, and private equity in sustainable firms. Investing across these instruments would allow the team to match the capital to the stage and nature of the opportunity, and provide ongoing support as the firms grow. The 25-strong team will have offices in London, Singapore, New York and Mumbai. M&G said the beneficiaries of the new strategy would be customers in the £136bn Prudential With-Profits fund, including the £50bn PruFund. M...