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Private equity

M&G’s private equity capability is run by M&G Private Funds Investment (formerly PPM Managers), which manages investments in private equity primary funds, secondaries and co-investments.

Our private equity business is run by M&G Private Funds Investment. Over the past 18 years, the team has committed €3bn to 143 investments alongside 71 managers principally in Europe and Asia, as of 30 September 2018.

The portfolio is currently invested across Western Europe, Eastern Europe, Asia, Australia and Latin America, with a preference for mid-market businesses.

The value of investments will fluctuate, which will cause prices to fall as well as rise and investors may not get back the original amount they invested.

What we do

  • We analyse the market to identify those managers who have established or are establishing a successful track record of investing in private businesses and transforming them into local or regional champions.
  • We invest in primary funds, secondaries, and direct co-investments through managers who have the potential to generate strong absolute rates of returns across market cycles.
  • We support funds where there are high standards of corporate governance and a strong alignment of interest with investors.
  • We build close relationships with our managers and take advisory board seats in most cases.

Meet the team


Simon Faure, Director

Simon is a Director and member of the investment committee. Simon joined M&G Private Funds Investment (formerly PPM Managers) in 2004 and has 15 years’ private equity experience investing in primary, secondary and co-investments in Europe and Asia.

Before joining M&G Private Funds Investment, Simon worked at Insight Investment in London, where he was jointly responsible for the £1 billion global private equity Fund of Funds programme.

Prior to Insight, Simon worked for AIG Global Investment, in its London private equity fund and co-investment programme focused on Western Europe. Simon has a BA (hons) from Southampton University, UK.


John Euers, Director

John is a Director and member of the investment committee. John joined M&G Private Funds Investment in 2006 and represents the firm on a number of fund advisory boards across Europe and Asia. John manages private equity fund interests across Europe and Asia and has experience in managing private equity fund partnerships, secondaries and co-investments.

John's career in private equity started in 1998 where he spent seven years with the medical research charity Wellcome Trust as part of the Investment team managing their £3 billion global private equity funds portfolio.

John received a BA (Hons) in Business Studies from Leeds Metropolitan University in 1995 and qualified as an Associate of UKSIP in 2001.


Scott Penwell, Director

Scott is a Director and member of the investment committee. Scott joined M&G Private Funds Investment (formerly PPM Managers) in 2012 and has more than 15 years’ private equity experience with a general focus on primary, secondary and direct investments in Europe and emerging markets.

Before joining M&G Private Funds Investment, Scott was an Investment Director of Parish Capital Advisors. Scott was subsequently a Principal at StepStone Group following its acquisition of Parish Capital.

Scott began his career as a financial analyst at the investment bank of Robertson Stephens and Company in San Francisco, before moving to London in 2000 with its private equity affiliate, BancBoston Capital.

Scott has a BBA from The University of Michigan, Ann Arbor, and an MBA from The Kellogg School of Management at Northwestern University. Scott is also certified as a Chartered Financial Analyst (CFA).


Ajay Patel, Investment Director

Ajay joined M&G Private Funds Investment (formerly PPM Managers) in 2011. Ajay’s responsibilities include sourcing, analysis and monitoring of primary, secondary and co-investment opportunities, and general market research across European and Asian funds.

Prior to joining M&G Private Funds Investment, Ajay worked at M&G Investments, where he was responsible for the operational due diligence, reporting, tax and accounting of Prudential Group's alternative investments. This included investments in hedge funds, funds of hedge funds and private equity funds (co-investments, fund of funds and infrastructure funds).

Ajay has a Bachelor of Science degree with Honours in Business Economics and Finance from Loughborough University.


Ruta Juriene, Financial Controller  

Ruta joined M&G PFI in 2018. Prior to joining M&G PFI, Ruta worked at M&G, where she was responsible for the financial reporting and audit oversight of the M&G’s fixed income funds. Prior to joining M&G, Ruta worked at Augentius Fund Administrator. Ruta has a BA (Hons) from London South Bank University. Ruta is qualified as a FCCA and is a CFA Level II candidate.


Vishal Purohit, Portfolio Analyst  

Vishal joined M&G PFI in 2018. Prior to joining M&G PFI, Vishal worked at M&G for their Internal Portfolio Services team. Prior to joining M&G, Vishal worked at Integrated Financial Arrangements Ltd. Vishal has a BSc (Hons) in Mathematics and Finance from City University London. Vishal is a CFA Level II candidate.

Joanne Maure

Joanne Maure, Investment Associate  

Joanne joined M&G PFI in 2018 as an Investment Associate. Prior to joining M&G PFI, Joanne worked at Jefferies International in the UK Investment Banking and Corporate Broking division. Joanne has a BSc in Mathematics and Economics from the London School of Economics and Political Science.

Manuela Fumarola_89x102

Manuela Fumarola, Analyst  

Manuela joined M&G PFI in 2019 as an Analyst. Prior to joining M&G PFI, Manuela completed M&G 2017-2018 rotational graduate scheme. Manuela holds a BSc (Hons) in Management with Study Abroad from Cass Business School. Manuela is a CFA Level I candidate.

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