The investment round is being led by funds and accounts advised by T. Rowe Price Investment Management, Alpha Wave Global, and Temasek, with participation from both new and existing institutional investors. The capital will support HUB’s continued growth strategy, including acquisitions, debt repayment, and general corporate purposes.

HUB’s valuation has seen a meteoric rise over the past decade, from $4.4 billion in 2013 when Hellman & Friedman (H&F) first invested, to $10 billion in 2018 following Altas Partners’ entry, and $23 billion in 2023 after Leonard Green & Partners (LGP) took a minority stake. With annual revenue rising from $1.1 billion in 2013 to $4.8 billion in 2024, HUB has firmly established itself as a powerhouse in the global insurance market.

“This transaction is another milestone in HUB’s long-term commitment to strategic growth,” said Marc Cohen, Chairman and CEO of HUB International. “Our focus on middle market specialization, innovation, and M&A has delivered strong organic performance and a differentiated client offering.”

The capital raise is also tied to HUB’s Liquid Private Placement, launched in 2023 alongside LGP’s investment, which provides regular liquidity opportunities for shareholders. However, a low appetite for selling among current investors has allowed most of the new investment to be used as primary capital, rather than for secondary redemptions.

H&F will retain a controlling interest, with HUB’s management maintaining significant equity. Altas and LGP remain key minority shareholders with board representation.

“Our long-standing relationship with HUB reflects the caliber of the organization,” said Hunter Philbrick, Partner at Hellman & Friedman. “As the world’s fifth-largest broker and a middle market leader, HUB’s focus continues to drive exceptional growth.”