Phoenix Equity Partners has agreed to buy investment administration services provider Mobius Life from Souter Investments and Manfield Partners.
Phoenix will use its 2016 Fund to invest in the company alongside its management team. The private equity house hit a £415m final close for its 2016 Fund two years ago, to target small and medium-sized businesses across the UK.
Mobius Life provides investment administration services to defined benefit and defined contribution pension schemes in the UK. The company provides its services via a UK life insurance structure and uses a technology platform which allows scheme trustees to manage a wide range of assets.
UK-based family office Souter Investments bought the business back in 2014 and since Mobius has grown its assets under administration to around £17bn.
Phoenix co-founder Sandy Muirhead said, “We are extremely excited at the prospect of working with Adrian and Mobius Life’s management team to take the business on to the next stage of its growth.
“Mobius Life has built an outstanding and unique position in the pensions market and, with the investment that we intend to make in its operational and distribution infrastructure, we see a clear opportunity for Mobius Life to increase its penetration of the institutional pension market and broaden its product offering while maintaining its best in class service levels.”
Phoenix was founded in 2001 and has raised more than £1.5bn of capital commitments across four funds.
The private equity house recently scored a 3.6x return selling its stake in Travel Chapter to ECI Partners.
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