PCF Insurance raises $500 million

(Reuters) — Insurance brokerage PCF Insurance said Friday it has secured a $500 million investment at a valuation of $4.7 billion in a fundraising led by private-equity firm Carlyle Global Credit and minority shareholder HGGC.

Minority investors Crescent Capital and Owl Rock, a unit of alternative asset manager Blue Owl, also took part in the funding round, PCF said.

The investment, in the form of preferred shares, comes at a time when private-equity firms, sitting on billions of dollars of cash, have stepped up investments even as funding activity remains subdued.

HGGC, which was previously the owner of PCF, sold the company in 2021 to the brokerage’s management and Owl Rock in a deal that valued it at $2.2 billion.