Standard Life has agreed to a partnership with a consortium of investors to expand its pension risk transfer (PRT) business, with a combined initial capital commitment of up to $2.72bn (£2bn).
The consortium consists of CVC Capital Partners, Prudential Financial (PFI), Goldman Sachs and MS&AD Insurance Group, together with other long-term institutional investors.
Capital will be drawn over five years, subject to regulatory approval.
The partnership is designed to allow Standard Life to support a wider range of defined benefit (DB) schemes including the "largest and most complex".
Of the total £2bn commitment, £500m will be provided by Standard Life, funded through yearly excess cash generation, while the balance will come from the consortium, led by CVC and PFI.
#financial
The consortium consists of CVC Capital Partners, Prudential Financial (PFI), Goldman Sachs and MS&AD Insurance Group, together with other long-term institutional investors.
Capital will be drawn over five years, subject to regulatory approval.
The partnership is designed to allow Standard Life to support a wider range of defined benefit (DB) schemes including the "largest and most complex".
Of the total £2bn commitment, £500m will be provided by Standard Life, funded through yearly excess cash generation, while the balance will come from the consortium, led by CVC and PFI.
#financial
2 days ago
