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.