On October 6, 2025, HGGC, a values-driven, partnership-focused middle-market private equity firm with over $8 billion in assets under management as of June 30, 2025, completed an investment in Sterling Brokers (“Sterling”), a leading Canadian benefits brokerage and third-party administrator. Founded in 2014, Sterling provided a comprehensive suite of group benefits solutions to Canadian and multinational corporations through its proprietary technology platform, which integrated with HRIS and payroll systems to connect employers and insurance carriers seamlessly. Sterling’s model combined high-touch client service with tech-enabled benefits administration capabilities, simplifying plan management and expanding access to insurance products from top Canadian carriers.

The transaction terms were not disclosed.

Carlyle Direct Lending and Northleaf Capital Partners provided debt financing in support of the transaction, with Carlyle serving as administrative agent. HGGC was advised by Santander, Kirkland & Ellis LLP, and Stikeman Elliott LLP, while Sterling’s deal advisors included BMO Capital Markets (financial) and Mintz (legal).