London, Feb 16, 2026, 15:16 GMT — Regular session
- M&G shares climbed roughly 1% in London, hitting an intraday high of 316.3p earlier on.
- CVC has put $1.1bn into M&G’s 2025 PE Secondary Fund, locking in the capital through a secondaries deal.
- M&G said it had completed a bulk annuity buy-in valued at about £180 million for the pension plan of Senior plc.
M&G (MNG.L) gained roughly 1% on Monday, closing in on a 52-week high as investors digested its $1.1 billion private equity secondaries deal with CVC Secondary Partners. By 1500 GMT, shares traded 1.1% higher at 314.2 pence, just off an earlier peak of 316.3. (Sharecast)
This deal hits two themes M&G has been pushing: private markets, plus pension risk transfer. Both promise stickier, longer-term fees and assets—less sensitive to those daily market gyrations.
Secondaries, the practice of purchasing existing positions in private equity funds, tend to offer sellers liquidity while giving buyers faster access to aging portfolios. Bulk purchase annuities work differently: these insurance contracts seal in a pension scheme’s promised payments with an insurer, offloading both investment and longevity risk.
Funds advised by CVC have put $1.1 billion into M&G’s 2025 PE Secondary Fund, targeting private equity interests—primarily seasoned North American mid-market buyout funds and co-investments. “Combining our joint sourcing capabilities, scale and expertise in secondary investing,” is how M&G’s private markets CIO Emmanuel Deblanc described the tie-up. The deal closed on Dec. 31, 2025. (CVC)
Louise Boothby, managing partner at CVC Secondary Partners, described the deal as an “exciting expansion” of the firms’ relationship in a post announcing the transaction. (LinkedIn)
Francesca Paveri Fontana, senior managing director at Evercore, called the deal proof the secondary market is capable of offering “a strong liquidity solution” and noted it ramps up capital deployment for both companies. (Markets Media)
M&G has wrapped up a bulk purchase annuity deal worth around £180 million for the Senior plc Pension Plan, locking in benefits for upwards of 3,000 members via its Prudential Assurance Company arm. Rosie Fantom at M&G called it a “smooth and timely buy-in.” Adviser LCP pointed to a “shared focus on delivering certainty” in the transaction. (M&G)
Bulk annuities remain a packed corner of the UK market, where insurers like Legal & General and Aviva scrap for pension scheme business from corporates looking to shed risk. Even with volumes shifting from one quarter to the next, a consistent string of deals is enough to sway sentiment.
M&G shares swung from 311.45 up to 316.30 pence during Monday’s session, brushing right against their 52-week peak at 316.30 pence. (Investing)
UK equities ticked up, investors eyeing incoming inflation and wage figures this week for any clues on where the Bank of England might go with rates. (IG)
Still, things can flip. When exits dry up, private equity portfolios might see markdowns. And if bond yields swing, bulk annuity pricing can change fast, cutting into deal margins.
M&G’s 2025 full-year results land March 12. Investors have their eye on fundraising, capital, and fresh details on pension buy-in deals. (Lseg)
