The UK’s largest long-term savings business Phoenix Group has made a £75m private debt investment with Worley, marking its expansion into the Australian and broader Asia-Pacific (APAC) markets.

The deal is Phoenix’s first private transaction with an Australian counterparty.

Worley is a professional services company of energy, chemicals and resources (ECR) experts, operating across 45 countries and with a “balanced portfolio” in ECR.

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Phoenix identified Worley’s strong market position, diversified business model, and robust cash generation as key factors in its decision to invest with the company.

“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,” said Cecile Retaureau, head of private markets at Phoenix Group.

“The company’s pivotal role in energy transition and infrastructure sectors further underscore the attractiveness of this deal, aligning with our global diversification goals.”

Retaureau called Australia “a compelling investment landscape” for the group’s private markets strategy, citing opportunities across private credit, and energy transition, as well as social and affordable housing.

She also pointed to the country’s “robust” regulatory environment and its strategic position in the APAC region as “an ideal gateway” for the expansion of its portfolio.

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“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,” added David Rowe, group treasurer at Worley.

Phoenix Group has been building its direct origination and execution platform in private debt, with 75 per cent of executed transactions directly sourced, and £1.5bn directly executed in the past two years.

In the first half of 2025, nearly £800m has been directly originated and executed, representing more than 90 per cent of Phoenix’s private credit allocation year to date.

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