Phoenix Group in talks to raise $1.34 billion for UK pension expansion
The Phoenix Group (LON: PHNX), the UK’s largest long-term savings and retirement firm, is reportedly in talks to raise £1 billion ($1.34 billion) from private equity investors to expand its pension-risk transfer (PRT) business.
Citing people familiar with the discussions, the report said Phoenix has held talks with Blackstone, Sixth Street, and KKR about a potential deal that would help it secure larger pension buyout contracts amid growing demand in the market, News.Az reports, citing Reuters.
Phoenix confirmed it was in early discussions regarding “a potential third-party partnership to accelerate the growth” of its PRT division, but declined to provide further details. The company has yet to respond to Reuters’ request for comment.
The move follows Phoenix’s recent rebrand under the Standard Life name and its shift toward managing annuity-backed assets in-house, announced in September.
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