Feb 17 (Reuters) – Insurance coverage brokerage agency PCF Insurance coverage mentioned on Friday it had secured a $500 million funding at a valuation of $4.7 billion in a fundraising led by non-public fairness corporations Carlyle World Credit score and minority shareholder HGGC.
Minority buyers Crescent Capital and Owl Rock, a unit of other asset supervisor Blue Owl, additionally took half within the funding spherical, PCF mentioned.
The funding, within the type of most well-liked shares, comes at a time when non-public fairness corporations, sitting on billions of {dollars} of money, have stepped up investments at the same time as funding exercise stays subdued.
HGGC, which was beforehand the proprietor of PCF, offered the corporate in 2021 to the insurance coverage agency’s administration and Owl Rock, in a deal that had valued it at $2.2 billion.
The brokerage connects its greater than 415,000 shoppers to insurance coverage businesses in its community, offering advisory providers with its danger administration applications.
Reporting by Niket Nishant and Anirban Chakroborti in Bengaluru; Modifying by Arun Koyyur
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