PriDe IV is the latest vintage in a series of funds focused on investing in Tier II capital instruments issued by small and mid-sized insurance companies with limited access to capital markets. The PriDe programme enables insurers to enhance their regulatory capital ratios, fund acquisitions, or internal growth, optimise their reinsurance programmes, and, where applicable, lower their weighted average cost of capital.
Alma Capital and Bury Street Capital played a pivotal role in PriDe IV’s success, raising a substantial portion of total commitments. Alma Capital raised 43% of total commitments through its distribution channels, while Bury Street Capital secured 31%.
According to Cohen & Company, the successful closing of PriDe IV comes during a sustained period of transactional activity, including the closing of six significant insurance-related transactions during the fourth quarter of 2025.
Cohen & Company has deployed approximately $5 billion across 226 insurance companies worldwide through various funds managed or advised by its subsidiaries. In Europe alone, Cohen & Company has deployed €1.8 billion in 72 insurance companies located in 18 countries.
The Reed Smith Paris team, which advised Cohen & Company and Alma Capital on the legal aspects of the structuring and establishment of the funds, was led by partner Baptiste Gelpi, assisted by paralegal Audrey Minnie.
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