Carlyle to Invest $1.3B in Insurance Broker Trucordia 

Trucordia, the insurance brokerage firm formerly known as PCF Insurance Services, is poised to receive a $1.3 billion strategic investment from Carlyle’s Global Credit platform in a transaction that underscores the firm’s expansion and capital restructuring ambitions. The deal, expected to close later this month, values Trucordia at $5.7 billion. 

The capital infusion will be used to reduce Trucordia’s debt, repurchase equity from minority investors, and streamline its ownership structure—all while enhancing the company’s financial flexibility and positioning it for future growth. 

“This investment from Carlyle will reduce Trucordia’s leverage, fortify our balance sheet, and enhance our financial flexibility,” said Brandon Gray, Chief Financial Officer of Trucordia. 

Headquartered in Linden, Utah, Trucordia supports more than 5,000 employees nationwide and offers a wide array of commercial, personal, life and health, and employee benefits insurance solutions. 

Carlyle praised Trucordia as a standout platform in the insurance distribution space. “Trucordia is a category leader with an experienced management team and a clear strategic vision,” said Andreas Boye, Partner and Head of Carlyle Credit Opportunities in North America. 

The investment aligns with Carlyle’s strategy of delivering flexible, structured capital solutions to management-owned and founder-led businesses. Carlyle’s Global Credit platform manages $199 billion in assets, contributing to the firm’s total AUM of $453 billion as of March 31, 2025. 

J.P. Morgan served as the exclusive advisor and placement agent on the transaction. Legal counsel was provided by Orrick, Herrington & Sutcliffe for Trucordia and Latham & Watkins for Carlyle.