At a glance
- Standard Life is contributing £500 million of its own capital alongside the four managers.
- The four managers will originate private credit assets, while Standard Life supplies capital from its pension risk transfer business, pairing its long-dated liabilities with external origination capacity.
- For allocators evaluating insurance-linked credit strategies, the five-year drawdown schedule means capital is deployed across market cycles rather than concentrated in a single vintage.
Standard Life is adding CVC, Goldman Sachs, Prudential and MS&AD as pension risk transfer partners, with up to £2 billion of commitments to private credit origination over five years. Standard Life is contributing £500 million of its own capital alongside the four managers.
The four managers will originate private credit assets, while Standard Life supplies capital from its pension risk transfer business, pairing its long-dated liabilities with external origination capacity. The commitments are drawn over five years, so deployment will be staged rather than a one-time close.
For allocators evaluating insurance-linked credit strategies, the five-year drawdown schedule means capital is deployed across market cycles rather than concentrated in a single vintage.
A Goldman Sachs survey of 225 limited partners found 56% were under-allocated to private credit and 58% planned to add asset-backed finance exposure, the largest planned increase among the categories surveyed.
£2B of commitments, £500M of Standard Life's own capital
Private credit origination commitments from four managers plus Standard Life's capital, drawn over five years
Reported by The Wrap desk from Standard Life and Goldman Sachs. Published . Corrections