Carlyle‘s global credit arm and HGGC, a private equity firm based in Palo Alto, Calif., have made a $500 million preferred equity investment in PCF Insurance Services, a U.S. insurance brokerage firm.

PCF Insurance is a risk management, benefits design and insurance brokerage services company serving over 415,000 clients. At the time of the investment, the valuation of PCF Insurance was $4.7 billion. PCF Insurance, led by founder, chairman and CEO Peter 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 stakes in the business.

“This transaction marks a significant milestone in our pursuit of building a premier insurance brokerage firm in the U.S.,” comments Foy. “We are grateful for the contributions of our partner investors who have supported us with the unique opportunity to accelerate growth.”