Gracie Point has secured closed a $75m issuance of preferred equity with investments from affiliates of Hudson Structured Capital Management (HSCM) and Kuvare.
According to Coverager, the transaction will also see HSCM Bermuda managing partner Michael Millette and Kuvare CEO Dhiren Jhaveri join the Gracie Point board.
Launched in 2010, Gracie Point is a boutique specialty finance business that offers loan programs designed for the life insurance markets. The company offers high-net worth and institutional clients cost-effective ways to finance their premium payments through access to multiple capital sources such as bank lending and capital-markets driven products.
Gracie Point’s funding platform provides its customers with premium finance loan programs, long-term sustainable sources of capital and a fully-integrated solution.
Gracie Point CEO Harish Raghavan said, “Our growth is accelerating globally. HSCM Bermuda and Kuvare will be excellent partners, providing both capital and insight. This capital raise allows us to fund investments in our organization and pursue strategic acquisitions.”
Millette added, “We have had a long-standing relationship with Gracie Point and are pleased to support the Company as it achieves its global objectives; the potential is significant.”
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