Graphite Capital initially provided PIFC with development capital to fund an acquisition. The company grew and, four years later, with the founder seeking to exit, Graphite backed the rest of the team to undertake a management buy-out.

In July 2002 Graphite Capital led the management buy-out of PIFC, a pensions and employee benefits consultancy. The deal enabled a young and dynamic management team to take the business forward in its next stage, with the owner-manager stepping back and remaining as a non-executive Director and minority shareholder.

The market for pensions and financial advice was in a state of transition. The trend towards Defined Contribution pensions schemes on which PIFC focused was accelerating. Technology and regulations were changing how clients were charged and communicated with. Under new leadership, PIFC aimed to take advantage of these opportunities.