Deep industry relationships and knowledge, enabling enhanced value creation in portfolio companies.
Business Description
- Founded in 1980, BMS is one of the largest independently owned Lloyd's specialty insurance brokers, managing >$4bn of gross written premiums
- BMS’s broking activities comprise Insurance (55% GWP) and Reinsurance (45% GWP)
- BMS is headquartered in London, has 18 offices around the world and employs >1,000 FTEs
Investment Highlights
- Scarcity of independent broker platforms with BMS being is one of the few remaining independent and scaled specialty insurance brokers which has significant scarcity and strategic value
- Market dislocation enabling significant growth through team hires, highly accretive and significant opportunity created by large scale M&A of larger broker
- Highly profitable and cash generative business model with 110% existing customer revenue retention and c.90% client retention
- Downside protection given high barriers to entry and limited correlation to Macro
COUNTRIES
17+ Countries including UK, US, Canada, Australia, Spain, Latin America
SUB-SECTOR
Insurance Distribution
Insurance Services
HEADQUARTERS
London
YEAR INVESTED
2019, 2023
COUNTRIES
17+ Countries including UK, US, Canada, Australia, Spain, Latin America
SUB-SECTOR
Insurance Distribution
Insurance Services
HEADQUARTERS
London
YEAR INVESTED
2019, 2023
Business Description
- Founded in 1980, BMS is one of the largest independently owned Lloyd's specialty insurance brokers, managing >$4bn of gross written premiums
- BMS’s broking activities comprise Insurance (55% GWP) and Reinsurance (45% GWP)
- BMS is headquartered in London, has 18 offices around the world and employs >1,000 FTEs
Investment Highlights
- Scarcity of independent broker platforms with BMS being is one of the few remaining independent and scaled specialty insurance brokers which has significant scarcity and strategic value
- Market dislocation enabling significant growth through team hires, highly accretive and significant opportunity created by large scale M&A of larger broker
- Highly profitable and cash generative business model with 110% existing customer revenue retention and c.90% client retention
- Downside protection given high barriers to entry and limited correlation to Macro
Business Description
- Optio is a vertically integrated and scaled insurance managing general agent (“MGA”), with a focus on high growth emerging and specialty lines of business that write >$200m of gross written premiums
- Optio segments include Cyber, Subcontractor Default, Construction, Specialty lines, and Bay Risk
- Bay Risk is Optio’s internal binder broker, a specialized insurance broker helping source and place capacity with insurance carriers for its internal and 3rd party MGAs
- The business has c.75 FTEs, with all underwriting and top-level management based in London and c.15 FTEs focused on sales and client management located across the US
Investment Highlights
- High growth, at scale specialty MGA
- Significant organic growth potential in markets with favourable underlying drivers
- Track record in executing accretive team hires and M&A
- Diversified capacity and distribution
- High retention and renewal rates
- Market-leading proprietary tech platform
- Attractive financial profile
COUNTRY
United Kingdom
SUB-SECTOR
Insurance Distribution
Insurance Services
HEADQUARTERS
London
YEAR INVESTED
2020
COUNTRY
United Kingdom
SUB-SECTOR
Insurance Distribution
Insurance Services
HEADQUARTERS
London
YEAR INVESTED
2020
Business Description
- Optio is a vertically integrated and scaled insurance managing general agent (“MGA”), with a focus on high growth emerging and specialty lines of business that write >$200m of gross written premiums
- Optio segments include Cyber, Subcontractor Default, Construction, Specialty lines, and Bay Risk
- Bay Risk is Optio’s internal binder broker, a specialized insurance broker helping source and place capacity with insurance carriers for its internal and 3rd party MGAs
- The business has c.75 FTEs, with all underwriting and top-level management based in London and c.15 FTEs focused on sales and client management located across the US
Investment Highlights
- High growth, at scale specialty MGA
- Significant organic growth potential in markets with favourable underlying drivers
- Track record in executing accretive team hires and M&A
- Diversified capacity and distribution
- High retention and renewal rates
- Market-leading proprietary tech platform
- Attractive financial profile
Business Description
- Founded in 2007, Parmenion Capital Partners is one of the fastest growing providers of technology solutions and discretionary fund management (DFM) services to adviser firms and savers in the UK:
- Adviser platform: online investment & wrap platform providing custody to client assets through various tax wrappers with access to 600+ 3rd party funds
- DFM: 18 in-house model portfolios across a range of investment styles and risk grades
- At the time of acquisition, Parmenion had over £8bn of AuM on behalf of c.900 adviser firms, over 2.5k advisers and 68k end-clients
- Headquartered in Bristol, the company employs about 214 FTEs
Investment Highlights
- The UK wealth management market is a large and growing market, adviser platforms are one of the fastest growing segments within this market
- Parmenion is one of the fastest growing platforms in the B2B platform space with market leading adviser ratings, competitive pricing and proprietary technology which will continue to contribute to strong organic growth and asset stickiness
- The business’ discretionary fund management (DFM) proposition is a critical component of value and growth potential
- Continued organic growth should drive material value creation with further upside opportunities from consolidation within the wealth management market
- Parmenion is highly scalable, well invested and on the cusp of critical mass; significant operational leverage expected as the asset base grows
COUNTRY
United Kingdom
SUB-SECTOR
Wealth Management
WealthTech
HEADQUARTERS
Bristol
YEAR INVESTED
2021
COUNTRY
United Kingdom
SUB-SECTOR
Wealth Management
WealthTech
HEADQUARTERS
Bristol
YEAR INVESTED
2021
Business Description
- Founded in 2007, Parmenion Capital Partners is one of the fastest growing providers of technology solutions and discretionary fund management (DFM) services to adviser firms and savers in the UK:
- Adviser platform: online investment & wrap platform providing custody to client assets through various tax wrappers with access to 600+ 3rd party funds
- DFM: 18 in-house model portfolios across a range of investment styles and risk grades
- At the time of acquisition, Parmenion had over £8bn of AuM on behalf of c.900 adviser firms, over 2.5k advisers and 68k end-clients
- Headquartered in Bristol, the company employs about 214 FTEs
Investment Highlights
- The UK wealth management market is a large and growing market, adviser platforms are one of the fastest growing segments within this market
- Parmenion is one of the fastest growing platforms in the B2B platform space with market leading adviser ratings, competitive pricing and proprietary technology which will continue to contribute to strong organic growth and asset stickiness
- The business’ discretionary fund management (DFM) proposition is a critical component of value and growth potential
- Continued organic growth should drive material value creation with further upside opportunities from consolidation within the wealth management market
- Parmenion is highly scalable, well invested and on the cusp of critical mass; significant operational leverage expected as the asset base grows
Business Description
- Founded in 2004, Saltus is one of the leading vertically integrated UK wealth management firms providing financial planning and investment management services
- Saltus advises on £4bn AuM, on behalf of >7,000 clients, served by >40 financial advisers
- Headquartered in London and supported by several regional offices
Investment Highlights
- The UK wealth management market is a large and growing market with significant supply-demand gap for financial advice underpinned by long-term sector tailwinds
- Saltus is one of the fastest growing award-winning UK financial advice firms with market leading organic growth, customer service and proprietary technology
- Long-term relationships between advisers and clients underpin strong customer service and retention
- Continued organic and inorganic growth should drive material value creation
COUNTRY
United Kingdom
SUB-SECTOR
Wealth Management
HEADQUARTERS
London
YEAR INVESTED
2022
COUNTRY
United Kingdom
SUB-SECTOR
Wealth Management
HEADQUARTERS
London
YEAR INVESTED
2022
Business Description
- Founded in 2004, Saltus is one of the leading vertically integrated UK wealth management firms providing financial planning and investment management services
- Saltus advises on £4bn AuM, on behalf of >7,000 clients, served by >40 financial advisers
- Headquartered in London and supported by several regional offices
Investment Highlights
- The UK wealth management market is a large and growing market with significant supply-demand gap for financial advice underpinned by long-term sector tailwinds
- Saltus is one of the fastest growing award-winning UK financial advice firms with market leading organic growth, customer service and proprietary technology
- Long-term relationships between advisers and clients underpin strong customer service and retention
- Continued organic and inorganic growth should drive material value creation
Business Description
- Hanseatic Broking Center GmbH (“HBC”) is one of the few insurance broking platforms of scale in Germany
- The Group is uniquely positioned and vertically integrated across the broking and MGA channels
- Managing over €200+ million gross written premiums, with 200+ staff in 10+ offices throughout Germany
Investment Highlights
- The German insurance market is a large, growing and highly fragmented market
- The sector is experiencing rapid change, driven by technological developments, retiring entrepreneur-owners and increased compliance and reporting requirements
- Highly attractive market features including auto renewal and indexation, resulting in strong organic growth
- Differentiated vertically integrated business model including both broking and MGA, capturing more economics across the value chain
COUNTRY
Germany
SUB-SECTOR
Commercial Lines Insurance
HEADQUARTERS
Hamburg
YEAR INVESTED
2022
COUNTRY
Germany
SUB-SECTOR
Commercial Lines Insurance
HEADQUARTERS
Hamburg
YEAR INVESTED
2022
Business Description
- Hanseatic Broking Center GmbH (“HBC”) is one of the few insurance broking platforms of scale in Germany
- The Group is uniquely positioned and vertically integrated across the broking and MGA channels
- Managing over €200+ million gross written premiums, with 200+ staff in 10+ offices throughout Germany
Investment Highlights
- The German insurance market is a large, growing and highly fragmented market
- The sector is experiencing rapid change, driven by technological developments, retiring entrepreneur-owners and increased compliance and reporting requirements
- Highly attractive market features including auto renewal and indexation, resulting in strong organic growth
- Differentiated vertically integrated business model including both broking and MGA, capturing more economics across the value chain
Business Description
- Founded in 2009, Vallei is a Dutch accountancy & professional services firm providing a range of services, including financial administration & outsourcing, bookkeeping, audits, tax returns & advice and HR services
- Vallei currently employs 250+ individuals across its 7 offices in the Netherlands and is continuing to grow rapidly
- The group has demonstrated a successful track record of executing M&A, including 3 acquisitions over the last twelve months in addition to a strong pipeline of further opportunities
Investment Highlights
- Large total addressable market with many adjacent product verticals, which are growing at pace and driven by underlying structural factors in the market
- Operating in a highly fragmented market that is ripe for consolidation with >5,000 firms that have under 25 FTEs
- Attractive business model with highly recurring and sticky revenues with retention rates of ~97%
- Many levers of value creation, including highly accretive M&A, new product offerings, team hires, outsourcing and geographic expansion
COUNTRY
Netherlands
SUB-SECTOR
Accountancy & Professional Services
HEADQUARTERS
Woudenberg, Netherlands
YEAR INVESTED
2025
COUNTRY
Netherlands
SUB-SECTOR
Accountancy & Professional Services
HEADQUARTERS
Woudenberg, Netherlands
YEAR INVESTED
2025
Business Description
- Founded in 2009, Vallei is a Dutch accountancy & professional services firm providing a range of services, including financial administration & outsourcing, bookkeeping, audits, tax returns & advice and HR services
- Vallei currently employs 250+ individuals across its 7 offices in the Netherlands and is continuing to grow rapidly
- The group has demonstrated a successful track record of executing M&A, including 3 acquisitions over the last twelve months in addition to a strong pipeline of further opportunities
Investment Highlights
- Large total addressable market with many adjacent product verticals, which are growing at pace and driven by underlying structural factors in the market
- Operating in a highly fragmented market that is ripe for consolidation with >5,000 firms that have under 25 FTEs
- Attractive business model with highly recurring and sticky revenues with retention rates of ~97%
- Many levers of value creation, including highly accretive M&A, new product offerings, team hires, outsourcing and geographic expansion
Business Description
- Founded in 1983, BPL is the world’s leading insurance broker specialising in credit and political risk insurance (CPRI) for financial institutions, multinational corporations, global investors and public agencies
- BPL currently manages annual premium volumes of approximately US$700 million
- BPL is headquartered in London, with presence across the world and in all the major insurance hubs – London, New York, Paris, Geneva, Hong Kong and Singapore
Investment Highlights
- Leading “category-A” independent specialty broker, with 40-year track record in CPRI and market leading position as the largest specialist broker in the sector
- Outstanding management team of highly experienced, well respected industry leaders with an ability to attract the best broking talent in the market
- Market-leading growth, and well positioned to benefit from regulatory tailwinds as CPRI becomes increasingly recognised globally
- Highly attractive financial profile, with strong visibility over future revenues through fully contracted income on multi-year policies
- Multiple value creation levers to accelerate growth by leveraging PCP’s experience in the insurance distribution space
- Transaction remains subject to regulatory approvals, expected to be received in Q4’25
COUNTRY
Head Office in the UK with additional locations in France, US, Switzerland, Singapore, and Hong Kong
SUB-SECTOR
Insurance Distribution
Insurance Services
HEADQUARTERS
London, UK
YEAR INVESTED
2025
COUNTRY
Head Office in the UK with additional locations in France, US, Switzerland, Singapore, and Hong Kong
SUB-SECTOR
Insurance Distribution
Insurance Services
HEADQUARTERS
London, UK
YEAR INVESTED
2025
Business Description
- Founded in 1983, BPL is the world’s leading insurance broker specialising in credit and political risk insurance (CPRI) for financial institutions, multinational corporations, global investors and public agencies
- BPL currently manages annual premium volumes of approximately US$700 million
- BPL is headquartered in London, with presence across the world and in all the major insurance hubs – London, New York, Paris, Geneva, Hong Kong and Singapore
Investment Highlights
- Leading “category-A” independent specialty broker, with 40-year track record in CPRI and market leading position as the largest specialist broker in the sector
- Outstanding management team of highly experienced, well respected industry leaders with an ability to attract the best broking talent in the market
- Market-leading growth, and well positioned to benefit from regulatory tailwinds as CPRI becomes increasingly recognised globally
- Highly attractive financial profile, with strong visibility over future revenues through fully contracted income on multi-year policies
- Multiple value creation levers to accelerate growth by leveraging PCP’s experience in the insurance distribution space
- Transaction remains subject to regulatory approvals, expected to be received in Q4’25