Global law firm Freshfields has advised M&G Investments on its acquisition of a majority stake in P Capital Partners (PCP). A leading European private credit business in the corporate non-sponsor sector, it supports entrepreneurs and family-owned businesses to grow and sustainable technologies to scale.

PCP will become part of M&G Investments’ £73 billion private markets business, complementing its established £19 billion private credit and structured credit teams and broadening its client offering in a segment where PCP already has strong relationships and an extensive origination network. Based in Stockholm with a team of 45, PCP has raised circa €7 billion since inception. M&G will acquire 70% of PCP, with its management retaining the remaining equity stake following the transaction.

The transaction is expected to close in mid-2025, subject to regulatory approvals.

The Freshfields team was led by M&A partners Andy Robinson and Claire Wills and tax partner Emily Szasz.