Novatae's Parent Company Secures $1 Billion Investment from Goldman Sachs Asset Management
A defining moment in Novatae's growth journey has arrived, as our parent company secures a $1 billion investment from Goldman Sachs Asset Management ("Goldman Sachs"). Goldman Sachs and Charlesbank Capital Partners ("Charlesbank") are now co-lead equity investors. This move underscores our collective commitment to driving industry-leading expansion while meeting the evolving needs of the industry. Goldman Sachs is also spearheading significant subordinated debt financing to support the continued acceleration of our acquisition strategy and organic expansion.
With this infusion of capital, Novatae will focus on its mission to bring exceptional Managing General Agents (MGAs), program managers, and Lloyds coverholders into its fold. CEO Richard Kerr enthusiastically stated, "We are firmly dedicated to targeting and nurturing top-tier industry players. This substantial investment ensures our robust capitalization, bolstering our ability to provide innovative solutions and exceptional service to our valued partners."
Pending customary closing conditions and regulatory approvals, the transaction is scheduled to close in Q4 2023. Following closure, Charlesbank and Goldman Sachs will share equal representation on the Board of Directors of Novatae's parent company.
Novatae is looking forward to a new era of growth and innovation. Stay tuned for more updates as we continue redefining risk management and insurance possibilities.