Private investment firm Carlyle has made a $1.3bn strategic investment in US-based insurance brokerage Trucordia aimed at deleveraging the company, and restructuring its ownership, in a deal that values the business at $5.7bn.
The transaction – led by Carlyle’s Global Credit platform – is expected to close by the end of June 2025. According to a press statement, the investment will facilitate the repurchase of equity held by existing minority investors and streamline Trucordia’s governance framework, while also improving its balance sheet flexibility for future strategic initiatives.
The financing was spearheaded by Carlyle’s Credit Opportunities team, which provides bespoke capital solutions to sponsor-backed and founder-led businesses. The platform manages $199bn in AUM as of Q1 2025.
“This partnership with Carlyle will significantly enhance our financial foundation and ownership structure,” said Felix Morgan, CEO of Trucordia. “Coupled with our recent operating model changes and M&A momentum, this investment supports our long-term growth trajectory.”
Trucordia, ranked among the top 20 insurance brokerages in the US, has grown through a combination of organic performance and strategic acquisitions. The firm provides a broad suite of commercial, personal lines, employee benefits, and life insurance offerings.
“This transaction reduces our leverage and provides us with the flexibility to continue investing across core growth areas,” added Brandon Gray, CFO of Trucordia.
From Carlyle’s side, Andreas Boye, Partner and Head of Carlyle Credit Opportunities in North America, described Trucordia as a “category leader” with a “clear strategic vision,” highlighting the firm’s confidence in the long-term potential of the insurance distribution sector.
Gary Jacovino, also a Partner in Carlyle’s Credit Opportunities team, said the firm is “excited to deepen its partnership with Trucordia as the company scales its platform and enhances its client offering.”
JPMorgan acted as sole advisor and placement agent to Trucordia. Legal counsel was provided by Orrick, Herrington & Sutcliffe LLP for Trucordia and Latham & Watkins LLP for Carlyle.
