
Episode #8
The Pensionist - Episode 8: Portunes Pension Capital's landmark capital-backed transaction
In this episode of The Pensionist, we explore the evolution of the Capital-Backed Journey Plans (CBJP) and how these structures are developing in today’s pensions endgame market. Using Portunes Pension Capital’s second CBJP transaction, completed with Aretas Trustees as trustee of the James Neill Pension Plan, as a case study, we look at how the structure has evolved to meet the needs of trustees and sponsors. As pension schemes become better funded, endgame planning is no longer a simple choice between running on and buying out. Trustees are looking for solutions that improve funding certainty and member security while retaining flexibility over future strategic decisions. This latest transaction represents a significant evolution from Portunes’ first CBJP. It preserves the option to pursue buyout while maintaining existing investment arrangements. Hosted by Larisa Gordan , Senior Associate in Fieldfisher’s Pensions team, this episode features Michael O’Connor, Founder of Portunes Pension Capital, and Sebastian Reger , Partner at Fieldfisher, who advised Portunes Pension Capital. Together, they discuss how the structure evolved to accommodate illiquid assets, retain liability-driven investment arrangements and support integrated risk management. They also consider what this transaction means for the future role of capital-backed solutions within the pensions endgame toolkit.






