Standard Life has launched a U.K. pension risk transfer partnership with a consortium led by CVC Capital Partners and Prudential Financial, with a combined initial commitment of up to 2 billion pounds ($2.72 billion). The deal reflects growing interest from private capital firms in the U.K. retirement market.

The partnership also includes Goldman Sachs, MS&AD Insurance Group Holdings, and other long-term institutional investors, as announced by Standard Life—formerly known as Phoenix Group Holdings—on Thursday.

This strategic alliance aims to enhance pension risk transfer capabilities within the U.K., leveraging the collective expertise and capital of the participating firms to address the growing demand for pension de-risking solutions.