CVC Capital Partners (CVC.AS) Strategic partnership with Standard Life to launch PRT platform

Equity Research 20 August 2026 | 11:51AM BST

CVC Capital Partners (CVC.AS): Strategic partnership with Standard Life to launch PRT platform

This morning, August 20, CVC announced a strategic joint venture with Standard Life Oliver Carruthers, CFA | to establish a new Pension Risk Transfer (PRT) platform focused on large UK Goldman Sachs International corporate pension schemes and backed by a consortium including Prudential Anshika Mehrotra Financial, MS&AD, and other long-term blue-chip institutional investors. Per the | release, the venture will have combined initial capital commitments of up to £2bn, to Goldman Sachs India SPL

be drawn over five years to support transactions, and will include (1) CVC providing Naimeh Sabourian | Standard Life’s PRT business with access to a range of private market opportunities Goldman Sachs International spanning Asset backed Lending, Structured Credit, Real Estate Credit, Infra Credit, Direct Lending, Opportunistic, and Liquid Credit; and (2) Standard Life contributing Tom Ferguson | its PRT capabilities, including its origination and transaction structuring platform, Goldman Sachs International regulatory infrastructure, and relationships across the UK pensions ecosystem. In terms of the capital commitment, CVC will contribute c.£400mn, Standard Life c.£500mn, and MS&AD up to c.£200mn, with the balance from the remainder of the consortium. Further, the group highlighted the shared ambition to create a scalable platform for future growth, serving trustees and sponsors of the UK’s largest pension schemes, with the firms noting the venture is well-positioned to CVC’s insurance asset management franchise and credit origination capabilities. This announcement reflects CVC’s continued focus on expansion across the insurance segment, while also creating further opportunities in Credit, with the group noting the announcement builds on the recent AIG partnership and the CVC Marathon acquisition.

For illustrative purposes, we frame the AuM opportunity for CVC based on the following assumptions:

1. Capital commitment: The consortium has committed up to £2bn of combined initial capital. Capital will be drawn only as the consortium wins PRT deals. 2. New business strain assumption: New business strain is the upfront capital an insurer must set aside to write new business, reflecting the reserves and solvency capital required at inception before the business generates returns over its life. A higher strain means more capital is consumed per unit of business written. Per our Insurance team, given the new entity will effectively be a monoline provider, they assume this would provide a lower diversification benefit and hence higher strain vs Standard Life’s standalone business (i.e. c.5.5%-8%). 3. Build to new business volumes: On their assumptions, the £2bn of capital deployed implies c.£25-35bn of new business volumes over the five-year period,

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Goldman Sachs CVC Capital Partners (CVC.AS)

or c.£5-7bn p.a. 4. Translate to FPAuM, divided by partners: These volumes convert to fee-paying assets that are then allocated across the asset management partners in the consortium, including CVC.

Exhibit 1: JV economics (illustrative) JV economics (Illustrative) Notes Year 1 Year 2 Year 3 Year 4 Year 5 Capital commitments from JV partners, pa (£bn) Initial capital commitment of up to £2bn, expected to be drawn over 5yrs Capital commitments, cumulative (£bn) Net business strain 6.5% 6.5% 6.5% 6.5% 6.5% Assuming £5-7bn new business written pa, per GS Insurance Analysts New business written, pa (£bn) Assets required, pa (£bn) Partnership AuM (£bn) of which private assets 45% 45% 45% 45% 45% GS…