PPM Ventures, the division of UK insurer Prudential that invests in European mid-market buyouts, has changed its name to PPM Capital.
A PPM spokesman said that the firm felt that ’Ventures’ was too suggestive of venture capital. “We think that ’Capital’ better reflects the fact that we’re an upper mid-market investment house.” However, the firm wanted to retain the name PPM to reflect its continued ownership by the Prudential.
The new moniker is being introduced six months after the appointment of Neil MacDougall as managing director.
Unaffected by the rebranding is Prudential’s Sydney-based Australian operation, which will continue to operate as Catalyst Investment Managers. The group’s London-based fund of funds business will operate under the name PPM Managers.
In addition to changing its name, PPM Capital is also expanding its European investment team. It has recruited two new investment directors to strengthen the London office, with Ian Oxley Swan joining from JP Morgan Partners and Alex Stirling joining from Apax Partners. In
The firm has also announced a number of middle management changes. Accordingly James Barton, Sally Flanagan and Geraldine Kennell have been promoted internally to head up PPM’s business services, healthcare and financial services teams respectively. Finally, the firm has hired Marlenn Natral from KBC as an investment manager in the Paris office, and Rainer Schwarz from Société Générale as an associate in the Munich office.
PPM has offices in London, Paris, Munich and Sydney, and has more then €2 billion of assets under management. It currently employs 32 investment professionals. As well as investing on behalf of the Prudential, the firm also manages assets from third party clients.