CVC has partnered with Standard Life to launch a new pension risk transfer (PRT) platform targeting the UK's largest corporate pension schemes, with up to £2bn in commitments.

Standard Life will commit £500m from its yearly excess cash generation, while the remaining £1.5bn will come from a consortium including Prudential Financial, Goldman Sachs, and MS&AD Insurance Group. CVC will contribute £400m over several years and open its private markets platform to Standard Life's PRT business, covering asset-backed lending, structured credit, real estate credit, infrastructure credit, direct lending, and opportunistic strategies.

Standard Life brings its established origination and transaction structuring platform, regulatory infrastructure, and relationships across the UK pensions ecosystem. The insurer, rebranded from Phoenix Group in March, ranks among the country's leading bulk annuity writers.

The partnership extends CVC's Credit & Insurance strategy, which now manages over €60bn ($70bn) of fee-paying assets. It follows CVC's $3.5bn strategic partnership with AIG and its acquisition of Marathon Asset Management.

Roughly £1.2tn of defined benefit pension liabilities remain untransferred in the UK. The platform will focus on larger schemes seeking to de-risk legacy obligations. The transaction awaits regulatory approvals and closing conditions.