Pan-European savings and retirement services group Athora Holding Limited has received regulatory approval and €3.5bn of common equity commitments for the acquisition of Pension Insurance Corporation Group (PICG), the parent company of PIC.

The agreement was announced in July 2025, with the deal value expected to total £5.7bn and complete on or around 27 March 2026.

The investors that have committed funds in the most recent equity raise included sovereign wealth funds, such as Mubadala Investment Company and its wholly owned fund Abu Dhabi Investment Council, which represent the largest new investors in the issuance.

Other investors included pension funds, insurance companies, and other cornerstone investors, such as Apollo and Athene.

The majority of the issuance proceeds will be used to fund the acquisition of PICG, alongside remaining equity commitments from Athora’s 2022 raise.

Since 2018, Athora has secured around €9bn of common equity commitments from an institutional investor base.

Athora noted that the residual issuance proceeds will be used to fund wider long-term growth opportunities across the firm, including pension risk transfers in the Netherlands.

The acquisition has received regulatory approval from the Prudential Regulation Authority, in consultation with the Financial Conduct Authority.

Upon completion of the deal, control and ownership will pass to Athora from PICG's current shareholders: Reinet (49.5 per cent), a wholly owned subsidiary of ADIA (18.4 per cent), funds managed by CVC Capital Partners (17.4 per cent), and funds managed by HPS Investment Partners (10.2 per cent), as well as employees and other shareholders.

"I am delighted to announce the close of Athora's latest capital raise, bringing the total amount of common equity commitments raised by Athora to approximately €9bn,” said Athora group CEO, Mike Wells.

“Proceeds from the issuance will support our target funding structure for the PICG acquisition, which received regulatory approval today and is expected to complete on or around 27 March 2026.

“I would like to thank Athora's existing and new investors for their continued support and endorsement of our strategic vision.

“The proceeds will enable Athora to deliver a scaled entry into the attractive UK pensions market, expand PIC's capacity to serve trustees seeking to secure pension risk transfer solutions, while providing the resources to support other ongoing growth initiatives across Europe."

This article originally appeared in our sister publication Pensions Age.

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