Phoenix Group’s $101 Million Private Debt Investment in Australia

Phoenix Group, one of the UK’s largest long-term savings and retirement businesses, has announced a $101.19 million private debt investment with Australia-based 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.

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.

Opportunity in Private Credit

Cecile Retaureau, Head of Private Markets at Phoenix Group said that this transaction exemplifies what Phoenix is looking 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 the company’s global diversification goals. It’s a testament to our ability to structure transactions that offer both strong returns and prudent risk management, Retaureau said.

“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,” Retaureau added.

Group Treasurer at Worley David Rowe said that securing long-term financing for Worley was consistent with their 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,” he added.

David Camerlengo, Senior Trade & Investment Commissioner with the Australian Trade & Investment Commission said that they were 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, he said. 

The investment relationship between Australia and the UK has a deep history and has further strengthened since the Australia-UK FTA came into force. 

Phoenix has been enhancing its direct origination and execution platform in private debt, with 75% of executed transactions directly sourced, and $2.02 billion directly executed in the last two years. H1 2025 has seen this trend accelerate, with close to $1.08 billion directly originated and executed, representing more than 90% of Phoenix’s private credit allocation year to date.