Carlyle has committed $1.3bn to Trucordia, a top-20 US insurance brokerage, through its Global Credit platform.

The strategic investment, expected to close later this month, values the Utah-based company at $5.7bn and is designed to reduce leverage, simplify the ownership structure, and fuel long-term growth.

The transaction includes a repurchase of equity from existing minority investors and provides Trucordia with greater financial flexibility to pursue organic initiatives and strategic acquisitions.

“This investment and partnership with Carlyle will meaningfully strengthen Trucordia’s long-term financial and ownership structure and accelerate our transformational growth strategy,” said Felix Morgan, CEO of Trucordia.

Trucordia, formerly known as PCF Insurance Services, offers a comprehensive portfolio of commercial, personal lines, life, and employee benefits insurance. With more than 5,000 employees across the US, the group has grown through a combination of organic expansion and strategic M&A.

Brandon Gray, CFO of Trucordia, said the capital will fortify the company’s balance sheet and enable future investments. Carlyle’s Andreas Boye, Head of Credit Opportunities in North America, described Trucordia as “a category leader” with a clear strategic vision, while partner Gary Jacovino emphasised Carlyle’s commitment to supporting scalable, long-term success.

The investment was led by Carlyle’s Credit Opportunities team, which targets structured and privately negotiated solutions across the capital stack. Carlyle’s Global Credit platform manages $199bn in assets as of March 2025.

J.P. Morgan acted as sole advisor and placement agent to Trucordia, while Orrick, Herrington & Sutcliffe advised Trucordia and Latham & Watkins represented Carlyle.

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