Carlyle, HGGC Lead $500 Million Preferred Deal for Insurer PCF

Carlyle Group Inc.’s credit arm and private equity firm HGGC have co-led a $500 million preferred equity investment in PCF Insurance Services, a $4.7 billion insurance broker.

Blue Owl Capital Inc. and Crescent Capital Group, which already own stakes in the company alongside HGGC, also participated in the financing, according to a statement seen by Bloomberg. JPMorgan Chase & Co. was the sole placement agent.

Providing preferred equity investments is not the traditional focus of private credit firms, which predominantly underwrite loans secured by a company’s assets. Yet in recent years many credit managers have expanded their ...