M&G, an investment manager, led a £40m Series D round in Pragmatic, a leader in semiconductor innovation. “The UK is blessed with a rich seam of enterprising and disruptive tech firms, but significant amounts of patient capital are needed to help companies like Pragmatic to expand and hone their operations - this is where Private Markets can help. We developed Catalyst to play a leading role in helping businesses to scale their operations, provide expertise and partner with them all the way to success. Long term capital put to work in this way not only supports economic growth but can capture value for people's pensions as we transition to a more sustainable economy. Pragmatic’s technology provides a compelling alternative for many mainstream electronics applications, as well as enabling new applications, which aren’t possible or are too expensive with silicon," Niranjan Sirdeshpande, M&G Catalyst Global Head of Investments.