Gracie Point Holdings, LLC recently closed a $75 million issuance of preferred equity from lead investors affiliated with Hudson Structured Capital Management (HSCM) Bermuda Ltd. and affiliates of Kuvare Holdings, Gracie Point announced in a press release.
According to the release, Gracie Point has experienced a large increase in demand throughout the North American and Asian markets, including more than doubling the number of loans in Gracie Point's portfolio in 2020, creating the need for equity.
"We have had a long-standing relationship with Gracie Point and are pleased to support the company as it achieves its global objectives," Michael Millette, managing partner at HSCM Bermuda, said in the release. "The potential is significant."
Gracie Point's proceeds from the equity issue will fund continued growth and expansion, in addition to strategic acquisitions, for accelerated global growth that will include combining insurance, financing and loan servicing, Gracie Point CEO Harish Raghavan said in the release.
Millette will become a board member at Gracie Point, as will Kuvare CEO Dhiren Jhaveri, the press release said.
UBS Investment Bank acted as financial advisor and placement agent for Gracie Point during the acquisition, according to the release.