UK-based insurer Phoenix Group has concluded the acquisition of a minority equity stake in venture capital investor Antler through its With-Profits funds.
The companies did not disclose the financial details of the deal.
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The stake acquisition will aid Phoenix in investing in Antler for its With-Profits clients. This approach will provide direct access to investing in the initial-stage market.
By offering funding, co-founder matching and guidance, Antler focuses on eliminating barriers linked to capital and networks for early-stage businesses in the technology field.
Spread across 27 locations worldwide, Antler plans to make more than 400 investments this year with higher demand from businesses for its solution.
Its ESG and Impact strategy addresses the significance of impact and returns.
Phoenix Group strategic partnerships head James Mitchell said: “We are delighted to announce this investment into Antler on behalf of our With-Profits funds.
“We believe investment in diversified venture capital portfolios is crucial to enabling long-term savers to unlock diversified portfolio returns.
“Antler is a clearly differentiated example of this asset type and this investment will give our With-Profits policyholders’ funds exposure to some of the most exciting start-ups in the UK and globally, many of which aim to address some of the biggest issues we face as a society, such as the climate challenge.”
In February 2023, Phoenix Group extended its collaboration with India’s IT major Tata Consultancy Services to transform its ReAssure business.
