PCF Insurance Services has raised $500m in a funding round co-led by HGGC, a private equity firm, and the Global Credit platform of Carlyle.
Crescent Capital and funds managed by Owl Rock, a branch of Blue Owl, also participated in the preferred equity investment round.
All three investors are existing minority investors in PCF Insurance, a US-based firm, which is now valued at $4.7bn.
With a client base of nearly 415,000, PCF Insurance is engaged in providing risk management, benefits design, and insurance brokerage services.
The insurance firm, which employs more than 3,100 people across 38 US states, completed its management-led buyout in November 2021.
PCF Insurance founder, chairman and CEO Peter Foy said: “This transaction marks a significant milestone in our pursuit of building a premier insurance brokerage firm in the US. We have built our agency-centric business model around long-term, sustainable growth, and I am proud that PCF is positioned to continue investing in the growth of our agencies, especially during these recent times of economic uncertainty.”
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HGGC principal and PCF Insurance board member Matt Roesch said: “We continue to be impressed with the growth and operational advancements PCF has achieved since the onset of our partnership in 2020.
“We elected to continue as minority shareholders after the management buyout in 2021 because we see a very bright future for the business, and we are thrilled to extend our partnership with PCF, working in collaboration with Carlyle’s Global Credit platform, to help fuel its next phase of growth.”
Last December, PCF Insurance bought TCU Insurance Agency for an undisclosed sum.