Bain Capital’s special situations unit is in advanced talks to lead a $2bn preferred equity investment in Acrisure, the fast-growing US-based insurance and fintech platform, according to sources cited by Bloomberg.

The proposed capital injection would be structured as preferred equity, allowing Acrisure’s existing backers—specifically BDT & MSD Partners, which led a $3bn senior preferred stock investment in 2021—to partially redeem their positions. Final terms of the deal are still under negotiation.

Founded in 2005 and headquartered in Grand Rapids, Michigan, Acrisure has become one of the largest independent insurance brokers globally, reporting more than $4.8bn in revenue. Its investor base includes prominent names such as the Abu Dhabi Investment Authority, Guggenheim Investments, and Oak Hill Advisors.

Led by co-founder and CEO Greg Williams, Acrisure has previously considered an initial public offering but opted for alternative capital strategies amid market volatility and shifting trade policies under former US President Donald Trump.

For Bain Capital, the potential investment in Acrisure marks the latest in a series of strategic moves to expand its insurance exposure. Earlier this month, Bain Capital committed $825m for a 9.9% stake in Lincoln Financial Group, alongside a long-term investment management partnership. In March, Bain Capital Insurance also invested in Leading Edge Claims Service, further deepening its footprint in the sector.

The discussions reflect the growing trend of asset managers seeking liquidity through minority-stake deals and continuation vehicles, particularly as public markets remain volatile.

If completed, Bain Capital’s investment would be among the largest secondary insurance transactions of 2025, reinforcing private equity’s increasing role in reshaping the insurance industry’s ownership landscape.

Source: Bloomberg