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Alternative Assets  + Private Equity  | 
HGCC, Carlyle Make $500M Preferred Equity Investment in PCF Insurance

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 for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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