Gracie Point raises $75 million
NYC-based Gracie Point announced it closed a $75 million issuance of preferred equity. Lead investors were affiliated with Hudson Structured Capital Management (doing its re/insurance business as HSCM Bermuda), which has been a long-term investor in Gracie Point, and affiliates of Kuvare.
Established in 2010, Gracie Point offers high net worth and institutional clients cost-effective ways to finance their premium payments for single life, multi-life, new business or in-force policies with access to financing solutions.
“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.” – Harish Raghavan, CEO of Gracie Point.
Following this transaction, Michael Millette, Managing Partner at HSCM Bermuda, will become a Board Member at Gracie Point. Also, Dhiren Jhaveri, CEO of Kuvare, will join the Gracie Point Board. Michael Millette commented, “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.” Dhiren Jhaveri said, “we are excited to become a strategic partner to Gracie Point, and look forward to collaborating with Gracie on funding and distribution capabilities to accelerate its long term growth.”