MONEY MANAGEMENT

CVC Capital Partners takes stake in Pension Insurance Corp.

CVC Capital Partners agreed to acquire an undisclosed stake in Pension Insurance Corp. Group, said the private equity firm's spokeswoman.

A person familiar with the matter said CVC has taken a minority stake.

The specialist U.K. pension insurer had £18.4 billion ($24.6 billion) in financial assets under management as of Jun. 30.

The investment will be made from CVC's strategic opportunities platform, which was established in December 2015 in response to growing demand from large investors to invest long term in stable high-quality businesses, said a news release from CVC.

CVC manages more than $50 billion in assets.

“There is growing demand from companies in the U.K. to remove the financial and operational risks related to their defined benefit pension obligations. PIC has already demonstrated its industry-leading ability to respond to this trend, providing its customers with long-term stability and financial security,” Peter Rutland, partner and global co-head of the financial services team at CVC, said in the release.

The acquisition is subject to regulatory approvals.

The spokeswoman for CVC could not comment further by press time on terms of the deal and when it is set to close.