News Release

PCF Insurance Services Secures $500 Million Preferred Equity Investment Co-Led by Carlyle Global Credit and HGGC

Valuation of $4.7 billion driven by 10% organic growth

LEHI, UTAH—February 17, 2023 — PCF Insurance Services (“PCF”), a top 20 U.S. insurance brokerage firm, today announced that it has secured a $500 million preferred equity investment in a transaction co-led by Carlyle’s Global Credit platform and private equity firm HGGC, an existing minority investor. PCF Insurance, led by Founder, Chairman and CEO Peter C. Foy and Chief Financial Officer and Chief Operating Officer Felix Morgan, also received significant investment participation in the transaction with funds managed by Owl Rock, a division of Blue Owl, and Crescent Capital, both of which have existing minority equity stakes in the business. At the time of investment, the valuation of PCF Insurance is $4.7 billion. J.P. Morgan served as the sole placement agent to PCF Insurance in connection with the transaction.


PCF Insurance is a risk management, benefits design, and insurance brokerage services company serving more than 415,000 clients. Since executing its management-led buyout in November 2021, PCF Insurance completed more than 100 partner transactions and increased its revenue to $700 million, while maintaining organic growth of 10%, by year-end 2022. Focusing on its proven practices, innovative, data-driven strategies, entrepreneurial spirit and the strong local relationships of its Agency Partners, PCF Insurance leverages the industry knowledge and experience of its more than 3,100 employees across 38 states to provide its first-class, highly diversified suite of services.


“This transaction marks a significant milestone in our pursuit of building a premier insurance brokerage firm in the U.S.,” said Foy. “We have built our agency-centric business model around long-term, sustainable growth, and I’m proud that PCF is positioned to continue investing in the growth of our agencies, especially during these recent times of economic uncertainty. We are grateful for the contributions of our partner investors who have supported us with the unique opportunity to accelerate growth.”


Gary Jacovino, Managing Director for Carlyle Global Credit, said: “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.


Matt Roesch, Principal of HGGC and PCF Insurance board member, added: “We continue to be impressed with the growth and operational advancements PCF has achieved since the onset of our partnership in 2020. We elected to continue as minority shareholders after the management buyout in 2021 because we see a very bright future for the business, and we are thrilled to extend our partnership with PCF, working in collaboration with Carlyle’s Global Credit platform, to help fuel its next phase of growth.”



About PCF Insurance Services

A top 20 U.S. broker headquartered in Lehi, Utah, PCF Insurance Services is a leading full-service consultant and insurance brokerage firm offering a broad array of commercial, life and health, employee benefits, and workers' compensation solutions. Propelled by its people, PCF Insurance's agency-centric operating model and entrepreneurial environment support its tremendous growth profile, offering partner agencies alignment through equity ownership, significant leadership incentives, and resources. Ranked #20 on Business Insurance's 2022 Top 100 Brokers and #13 on Insurance Journal's 2022 Top Property/Casualty Agencies, PCF Insurance is a notable leader in the insurance space, with 3,100 employees across the U.S. Learn more at


About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $373 billion of assets under management as of December 31, 2022, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which it lives and invests. Carlyle employs more than 2,100 people in 29 offices across five continents. Further information is available at Follow Carlyle on Twitter @OneCarlyle.


About HGGC

HGGC is a leading middle-market private equity firm with over $6.9 billion in cumulative capital commitments. Based in Palo Alto, California, HGGC is distinguished by its Advantaged Investing approach that enables the firm to source and acquire scalable businesses through partnerships with management teams, founders and sponsors who reinvest alongside HGGC, creating a strong alignment of interests. Since its inception in 2007, HGGC has completed more than 600 platform investments, add-on acquisitions, recapitalizations, and liquidity events with an aggregate transaction value of over $71 billion. More information, including a complete list of current and former portfolio companies, is available at


About Blue Owl

Blue Owl is a global alternative asset manager with $138.2 billion of assets under management as of December 31, 2022. Anchored by a strong permanent capital base, the firm deploys private capital across Direct Lending, GP Capital Solutions and Real Estate strategies on behalf of Institutional and Private Wealth clients. Blue Owl's flexible, consultative approach helps position the firm as a partner of choice for businesses seeking capital solutions to support their sustained growth. The firm's management team is comprised of seasoned investment professionals with more than 30 years of experience building alternative investment businesses. Blue Owl employs over 545 people across 10 offices globally. For more information, please visit


About Crescent Capital

Crescent Capital is a global credit investment manager with $40+ billion of assets under management. For over 30 years, the firm has focused on below investment grade credit through strategies that invest in marketable and privately originated debt securities including senior bank loans, high yield bonds, and private senior, unitranche, and junior debt securities. Crescent Capital is headquartered in Los Angeles with offices in New York, Boston, Chicago and London and more than 210 employees globally. For more information, please visit


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For PCF Insurance Services

Dix & Eaton

Amy McGahan



For Carlyle

Charlie Bristow

+44 7384 513568



Tom Faust



For Blue Owl

Nick Theccanat



For Crescent Capital

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