Insurance brokerage firm PCF Insurance said on Friday it had secured a $500 million investment at a valuation of $4.7 billion in a fundraising led by private equity firms Carlyle Global Credit and minority shareholder HGGC.
Minority investors Crescent Capital and Owl Rock, a unit of alternative asset manager Blue Owl, also took part in the funding round, PCF said.
The investment, in the form of preferred shares, comes at a time when private equity firms, sitting on billions of dollars of cash, have stepped up investments even as funding activity remains subdued.
HGGC, which was previously the owner of PCF, sold the company in 2021 to the insurance firm’s management and Owl Rock, in a deal that had valued it at $2.2 billion.
The brokerage connects its more than 415,000 clients to insurance agencies in its network, providing advisory services with its risk management programs.
Reuters