On the go: Clara-Pensions, the first defined benefit “superfund” to be approved by the Pensions Regulator, is in talks to raise £100mn of new funding.
On May 4, Sky News first reported that Clara has appointed American investment bank Houlihan Lokey to raise the additional equity, which was also confirmed to Pensions Expert by an industry source.
The report stated that half of the equity could come from Sixth Street, the investment company that already invests in Clara.
Pensions industry sources told Sky that the superfund has started approaching other potential backers in recent weeks.
Clara received approval from TPR in 2021 to take up underfunded DB schemes.
In April, Clara said it was planning to announce its first transaction in the third quarter of this year.
At the end of March, Clara appointed Simon True as its new chief executive to lead the company in the next stage of its development.
Clara is designed to consolidate smaller scheme assets and liabilities to create economies of scale, which should enable pension funds to achieve a buyout more quickly.
Schemes are not, however, simply lumped together in one pot. Instead, their assets and liabilities are managed in individual sections.
A spokesperson for Clara declined to comment.
