Standard Life announced Thursday a pension risk transfer partnership backed by investments of up to £2 billion ($2.72 billion) with a consortium led by CVC and Prudential Financial to target large UK pension schemes.

The partnership, called Standard Life PRT Solutions, will be funded through capital commitments of up to £2 billion over five years. Standard Life will contribute £500 million, while CVC committed £400 million. Other consortium members will provide the remaining funds.

The consortium includes Goldman Sachs (NYSE:GS), MS&AD and other long-term institutional investors.

Standard Life will provide pension risk transfer expertise and retain full operational control of the platform. The platform will focus on larger UK pension schemes and corporate sponsors seeking to transfer defined-benefit pension obligations to insurers.

Pension risk transfer involves taking on pension liabilities from companies looking to offload their retirement schemes. The business has become a key growth driver in the insurance industry.

CVC said the UK PRT market remains one of the world’s largest with approximately £1.2 trillion of defined-benefit pension liabilities yet to be transferred to insurers.

The deal follows recent moves by private capital firms to partner with insurers in retirement markets, combining long-term capital with private market investment capabilities to capture growing pension de-risking demand.

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