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Pension Insurance parent completes £750M capital raise

Pension Insurance Corp. Group Ltd. completed a £750 million capital raise to support the continued development and growth of unit Pension Insurance Corp. PLC in the pension risk transfer market.

Shareholders that participated in the capital raise include Luxembourg-based specialized investment fund Reinet Fund SCA FIS, which invested £437.8 million and holds a 46.4% stake in the group. A wholly owned subsidiary of the Abu Dhabi Investment Authority invested £171.6 million and has an 18.2% stake in the group, while CVC Strategic Opportunities I invested £130.6 million and has a 17.4% shareholding.

Reinet initially invested in the group in 2012 and has invested a total of £983 million. CVC Strategic Opportunities I initially invested in 2017, while Luxinva, the ADIA subsidiary, acquired a 17.1% from funds advised by J.C. Flowers & Co. in June 2018.

Pension Insurance noted that 60% of the total funds invested will be available to the group immediately, while the remaining 40% will be callable upon request before Jan. 26, 2021.