H&F’s Hub Lands $29 Billion Valuation in $1.6 Billion Round

Hellman & Friedman-backed Hub International Ltd. has raised $1.6 billion in fresh equity in a funding round that values the insurance brokerage at $29 billion.

The round is being led by T. Rowe Price Investment Management Inc., Alpha Wave Global and Temasek, and includes participation from other new and existing investors, Hub said in a statement Monday.

H&F, Hub’s majority owner, had been working with Morgan Stanley and Goldman Sachs Group Inc. on the so-called liquid private placement that targeted raising more than $1 billion from long-only institutions and private equity limited partners, Bloomberg News reported in ...