Schroders, the UK-listed fund management group, has partnered with savings and retirement firm Phoenix Group to launch a new private markets business that aims to deploy up to £20bn over the next decade.

Future Growth Capital is the first private markets investment manager to be set up in the UK following the Mansion House Compact in July last year — a pledge by some of the country’s biggest pension providers to invest a proportion of assets managed in unlisted securities by 2030.