Freshfields advises The Goldman Sachs Group, Inc. on the strategic UK Pension Risk Transfer partnership with Standard Life plc

Global law firm Freshfields is advising The Goldman Sachs Group, Inc. (Goldman Sachs), as part of a consortium of investors, on its strategic partnership with Standard Life plc (Standard Life) to expand Standard Life's UK Pension Risk Transfer (PRT) business. The consortium is led by CVC Capital Partners plc (CVC) and Prudential Financial, Inc. (PFI), and also includes MS&AD Insurance Group Holdings, Inc.

The partnership will be funded by a combined initial capital commitment of up to £2bn, expected to be drawn over five years. It will provide Standard Life’s PRT business with access to a broad range of market investment opportunities and allow it to support the largest and most complex pension schemes in the UK market, as well as sponsors seeking to de-risk legacy pension obligations. The partnership combines the global private markets asset origination capabilities of CVC, PFI and Goldman Sachs with Standard Life's leading PRT capabilities. The transaction is subject to regulatory approval and is expected to complete in the first half of 2027.

The Freshfields team is led by partners James Scott and George Swan, and senior associate Maria Zaitseva, supported by associates Obinna Onwuchekwa and Danyela van der Sande. Partner James Smethurst is advising on regulatory matters, and partner Sam Withnall is advising on tax matters.