Finance | Insurance 2023: PAUL B. MANNING
CHAIRMAN AND CEO, PBM CAPITAL GROUP, CHARLOTTESVILLE
Known for their philanthropy, Manning and his wife, Diane, donated $100 million in January to the University of Virginia to create the Paul and Diane Manning Institute of Biotechnology, which will focus on research into new medical treatments like cellular and gene therapies, nanotechnology and immunotherapy. Manning has said he hopes the institute will lead to cures for at least “five or six diseases,” including diabetes and genetic blindness. The couple also donated $1 million to U.Va. in 2020 to launch a COVID-19 research program.
Manning found his path to private equity by way of baby formula. He founded infant formula company PBM Holdings Inc. in 1997 and sold it to Perrigo in 2010 for $808 million. He then started PBM Capital, a health care-focused private equity firm that invests in pharmaceutical and life sciences companies developing innovative solutions such as gene therapy, targeted therapeutics and genome engineering.
Manning, who enjoys deep-sea fishing and spending time with his children and grandchildren, earned his bachelor’s degree in microbiology from the University of Massachusetts Amherst.