Blue Owl, a worldwide alternative asset manager, managed the fundraising round as the principal arranger and administrative agent.

The initial $300 million funding was increased because of the high demand from both new and current lenders.

"The oversubscription in the financing and upsize in deal speaks to the strength of PCF and the confidence that our investors have in our bright future and ability to deliver on our long-term, strategic growth objectives," said Felix Morgan, Chief Financial Officer and Chief Operating Officer of PCF Insurance. With the help of our wonderful partner investors, we want to expedite the execution of our M&A strategy. We will utilize the fundraising proceeds to further fund the growth of our Office Partner network.

The financing structure consists of a delayed draw term loan to support M&A activity and supplementary term debt to enable near-term purchases.

Crucially, this funding matures simultaneously with the present senior facilities and is pari passu with them.

PCF Insurance last raised funding in February 2023 when it obtained a $500 million preferred equity investment, which was headed by HGGC, a private equity firm, and Carlyle's Global Credit platform. Participating in the preferred equity transaction were two current minority equity backers, Blue Owl and Crescent Capital.

"We are happy to continue serving as a capital provider to PCF and deliver the financing solutions needed for the company to execute on its growth strategy," said Lukas Spiss, Managing Director at Blue Owl Capital. Together with the support of an outstanding management team, we continue to have faith in PCF's capacity to meet its long-term strategic goals.

In 2022, PCF Insurance maintained 10% organic growth and closed about 100 partner agreements, bringing its revenue to over $700m.

With a widely varied range of risk management, benefits design, and insurance brokerage services available in 38 states, PCF Insurance leverages industry expertise, data-driven tactics, and the solid local ties of its Office Partners.