Phoenix Group has made its first private debt investment into the Australian market.
The UK savings and retirement firm has invested £75m with Worley — an energy and resources firm that is a key player in the Australian transition to net zero.
This deal marks Phoenix’s first private transaction with an Australian counterparty, signalling the firm’s strategic expansion into the Australian and broader APAC markets.
In recent years there has been a trend for Australian pension funds to invest in UK private market assets and infrastructure. With the Mansion House accord UK pension funds are increasingly looking at private markets opportunities – both overseas and in theUK.
Phoenix Group’s head of private market Cecile Retaureau says: ”This transaction exemplifies what we look for in a private credit opportunity, securing a bilateral deal and providing long term financing to Worley with bespoke terms for Phoenix.
“The company’s pivotal role in energy transition and infrastructure sectors underscore the attractiveness of this deal, aligning with our global diversification goals.”
She adds: “Australia presents a compelling investment landscape for our private markets strategy with opportunities across private credit, energy transition, as well as social and affordable housing.
“Phoenix is investing in the broader Australian economic narrative, not just in a company. The country’s robust regulatory environment, coupled with its strategic position in the APAC region, makes it an ideal gateway for expanding our portfolio.”
David Camerlengo, senior trade & investment commissioner with the Australian Trade & Investment Commission adds: “Our team at Austrade are pleased to work with Phoenix as they expand their investment mandate to include Australia. This transaction, providing finance to Worley — a key player in the energy transition — signals their commitment and the opportunity in Australia in private markets across energy and infrastructure.
“The investment relationship between Australia and the UK has a deep history and has further strengthened since the Australia-UK FTA came into force. Australia’s reputation as a reliable investment destination with sound policy and regulatory environment provides certainty to international investors.”
