Acrisure, a fintech firm, has closed $725 million in Series B-2 Preferred Equity and received a $23 billion valuation.

A subsidiary of the Abu Dhabi Investment Authority led the round, with participation from Guggenheim Investments and Oak Hill Advisors.

The new funding allows Acrisure to pursue acquisitions, grow its tech enabled services and increase marketing efforts.

“This investment is a testament to our strategic direction and ability to innovate and adapt to the needs of our customers,” said Greg Williams, CEO of Acrisure. “We are thrilled to partner with ADIA and OHA, premier, globally recognized investment institutions, and continue our work with Guggenheim. This transaction reaffirms how the market, and our partners, value the strength of our performance and trajectory for future growth.”