PCF raises $400 million to boost acquisitions

Brokerage PCF Insurance Services said Tuesday it had closed $400 million in debt financing led by alternative asset manager Blue Owl Capital Inc., one of its existing minority investors.

PCF will use the funds to expand its operations and complete more acquisitions, said Felix Morgan, chief financial officer and chief operating officer of the Lehi, Utah-based brokerage.

PCF, which has been one of the most acquisitive brokerages in the past several years, saw a sharp fall in deals in the first half of 2023 with its deal count down 98% compared with the same period last year.

In February, PCF raised $500 million through an equity investment. The brokerage completed a management buyout from its private-equity owners in 2021.

PCF is the 20th largest brokerage of U.S. business, according to Business Insurance’s most recent ranking.