On December 21, 2022, Peloton Capital Management (PCM), a Canadian private equity firm, announced the first close of its second fund, PCM Fund II, with C$425 million in aggregate commitments, reaching over 65% of its fundraising target. This funding enables PCM to continue investing in multi-location services businesses across the U.S. and Canada. The firm received support from Stephen Smith, Chairman of PCM, and commitments from leading institutional investors, financial institutions, and family offices.

Steve Faraone, Managing Partner of PCM, expressed gratitude for the investors' confidence in their team and strategy, emphasizing their commitment to delivering outstanding results.

Following the fund's first close, PCM announced a new investment partnership with Billyard Insurance Group (BIG), an independent insurance broker based in Welland, Ontario, with over 70 locations across Canada. PCM's capital will support BIG's expansion and enhance the innovative tools, technology, and training for its broker partners.

Mike Murray, Managing Partner of PCM, highlighted their extensive experience in insurance distribution and their search for a Canadian platform like BIG. Stephen Billyard, President and Founder of BIG, praised PCM's sector expertise and successful partnership track record, expressing excitement for the next phase of BIG's growth.