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Carlyle and HGGC lead $500m insurance broker investment

PCF Insurance Services, a top 20 US insurance brokerage firm, has secured a $500 million preferred equity investment in a transaction co-led by Carlyle’s Global Credit platform and private equity firm HGGC, an existing minority investor, which values the business at $4.7 billion. 

PCF Insurance Services (PCF), a top 20 US insurance brokerage firm, has secured a $500 million preferred equity investment in a transaction co-led by Carlyle’s Global Credit platform and private equity firm HGGC, an existing minority investor, which values the business at $4.7 billion. 

PCF Insurance, led by founder, chairman and CEO Peter C Foy and chief financial officer and chief operating officer Felix Morgan, also received significant investment in the transaction from funds managed by Owl Rock, a division of Blue Owl, and Crescent Capital, both of which have existing minority equity stakes in the business. 

JP Morgan served as the sole placement agent to PCF Insurance in connection with the transaction.
 

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