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Alternative Assets  + Private Equity  |  February 21, 2023
HGCC, Carlyle Make $500M Preferred Equity Investment in PCF Insurance
Joe Palmisano
By: Joe Palmisano

HGCC, Carlyle Make $500M Preferred Equity Investment in PCF Insurance

HGGC, a middle-market private equity firm based in Palo Alto, CA and minority shareholder, and Carlyle‘s Global Credit arm have made a $500 million preferred equity investment in insurance brokerage firm PCF Insurance Services. The investment values PCF at $4.7 billion.

Headquartered in Lehi, Utah, PCF also received investments from Owl Rock, a division of Blue Owl, and Crescent Capital, both of which have existing minority equity stakes in the business.

PCF is led by Founder, Chairman and CEO Peter C. Foy and CFO and COO Felix Morgan.

“This transaction marks a significant milestone in our pursuit of building a premier insurance brokerage firm in the US,” said Foy. “We are grateful for the contributions of our partner investors who have supported us with the unique opportunity to accelerate growth.”

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.

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About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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