Phoenix Group, one of the UK’s largest long term savings and retirement businesses, today announces a £75 million private debt investment with Worley, a leading global professional services company of energy, chemicals and resources (ECR) experts. This landmark deal marks Phoenix's first private transaction with an Australian counterparty, signalling the firm's strategic expansion into the Australian and broader APAC markets.  

Worley's strong market position, diversified business model, and robust cash generation were key factors in Phoenix's investment decision. Operating across 45 countries with a balanced portfolio in ECR, the company demonstrates resilience and stability in its operations. 

Cecile Retaureau, Head of Private Markets at Phoenix Group said: 
"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 further underscore the attractiveness of this deal, aligning with our global diversification goals. It's a testament to our ability to structure transactions that offer both strong returns and prudent risk management."  

"Australia itself 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 Rowe, Group Treasurer at Worley, commented:
“We are delighted to work with Phoenix on this bilateral transaction and in securing long-term financing for Worley, which is consistent with our strategy of diversifying our global funding profile and building relationships with long-term strategic investment partners. 

The transaction, the first private deal for Phoenix with an Australian counterparty, demonstrates Worley’s strong financial position and investment thesis for global capital partners, like Phoenix.” 

David Camerlengo, Senior Trade & Investment Commissioner with the Australian Trade & Investment Commission said:
“Congratulations to Phoenix Group on their first transaction as part of their strategic expansion into Australia.  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.   The commitment by Phoenix to the Australian market is a wonderful example of the of the bi-lateral investment flows between our nations.” 

Phoenix has been enhancing its direct origination and execution platform in private debt, with 75% of executed transactions directly sourced, and £1.5bn directly executed in the last two years. H1 2025 has seen this trend accelerate, with close to £800m directly originated and executed, representing more than 90% of Phoenix’s private credit allocation year to date. 

Media enquiries

Dilesh Sangaran
Senior Public Relations Manager
Phoenix Group
07974 604 323
Dilesh.Sangaran@thephoenixgroup.com  

About Phoenix Group 

Phoenix Group is one of the UK’s largest long-term savings and retirement businesses with around £290 billion of assets under administration.  

As life expectancy continues to increase and the pension landscape continues to shift, we offer our 12 million customers a broad range of pensions, savings and life insurance products across our family of brands which include Standard Life, SunLife, Phoenix Life and ReAssure. Our vision is to help even more people on their journey to and through retirement, providing the right support at the right time.  

We are a growing and sustainable business united by a common purpose – helping people secure a life of possibilities. This drives everything we do and means taking responsible and sustainable investment decisions and using our presence and voice to drive forward change for the better, for our customers, our colleagues, and our wider community.  

A FTSE 100 company, we also feature in the FTSE100 ESG Select Index series and we are playing an active role in helping to invest in a sustainable future. As part of this, we have committed to our operations being net zero carbon by 2025 and for our investment portfolios we have set an interim target of a 50% reduction in the carbon emission intensity of c£250bn by 2030, as we progress towards our portfolios being net zero carbon by 2050 or sooner.  

We have been recognised as a leading employer for many years. We are accredited as a Living Wage Employer, Living Pension Employer and as a Carer Positive Exemplary Employer for offering the best support to colleagues who are carers.  

LinkedIn:  PhoenixGroup-UK    Twitter: @PhoenixGroupUK           

About Worley  

Worley is a leading global professional services company of energy, chemicals and resources experts. With more than 45,000 employees in 45 countries, Worley partners with customers to deliver projects and seek to create value over the life of their assets. Worley is bridging two worlds, moving towards more sustainable energy sources, while helping to provide the energy, chemicals and resources needed now. Worley Limited is headquartered in Australia and listed on the Australian Securities Exchange (ASX: WOR).