UK pension scheme consolidator Clara-Pensions has agreed a funding arrangement with TPG Sixth Street Partners (TSSP) worth up to £500m (€555.6m).The company, formally launched earlier this year, aimed to consolidate “at least £5bn” of defined benefit (DB) pension scheme liabilities in the next few years, according to a press release published this morning.“With long-term capital now in place, Clara is ready to accept its first pension scheme members, subject to any applicable regulatory approvals,” the company said.TSSP, a subsidiary of $103bn (€90.4bn) US-based fund manager TPG, runs more than $29bn in “credit and credit-related investments”, according to its website. It has committed £225m to Clara-Pensions initially, with this set to increase to £500m as the consolidator gains scale.Adam Saron, CEO of Clara-Pensions, said: “Strong, patient capital is key to our model for securing members’ pensions. Finding the right partner to provide this has been a careful, crucial journey and TSSP fulfils exactly the criteria we have been looking for. Its track record and commitment to long-term capital investments chime perfectly with Clara’s aims.“Today is another significant milestone for Clara and our future members. We now look forward to welcoming our first pension members and beginning their journeys to a safer, insured future.”Clara-Pensions has set itself up as a “bridge” to the insurance market for DB schemes, allowing employers to offload schemes at a lower cost than transferring them directly to an insurer.The UK government earlier this month launched a consultation on the regulatory framework for commercially backed consolidators. Both Clara-Pensions and The Pensions SuperFund, the only other independent commercial DB vehicle currently in operation, have indicated they are close to bringing their first clients on board.