PE Deals

Carlyle and HGGC back PCF Insurance Services

Also, PCF secured a significant investment from existing minority equity stakeholders Owl Rock, a division of Blue Owl, and Crescent Capital.

-
  • J.P. Morgan was the placement agent on the transaction
  • Carlyle has $373 billion of assets under management as of December 31, 2022
  • Based in Palo Alto, California, HGGC invests in the middle market

Lehi, Utah-based PCF Insurance Services, an insurance brokerage firm, has secured $500 million in funding. Carlyle‘s global credit platform and PCF’s existing minority backer HGGC co-led the investment.

PCF also secured a significant investment from existing minority equity stakeholders Owl Rock, a division of Blue Owl, and Crescent Capital.

J.P. Morgan was the placement agent on the transaction.

Gary Jacovino, a managing director for Carlyle Global Credit, said in a statement, “PCF Insurance Services has experienced tremendous growth as a result of its unique client- and employee-centric operating model. We are delighted to be partnering with an exceptional management team and group of Agency Partners, and are confident PCF will achieve its long-term strategic growth objectives with the support of Carlyle Global Credit, HGGC and our partner investors.”

Carlyle has $373 billion of assets under management as of December 31, 2022.

Based in Palo Alto, California, HGGC invests in the middle market.