PriDe IV Exceeds Expectations, Becoming Cohen & Company Asset Management's Largest European Vintage to Date at Euro481.5 Million
MWN-AI** Summary
Cohen & Company Inc. has announced the successful closing of its PriDe IV funds, amassing a record €481.5 million in commitments, marking it as the largest vintage in the firm's history dedicated to investing in Tier II capital instruments for small and mid-sized insurance companies in Europe. The final closing of PriDe IV was met with optimism, highlighting the ability of these funds to bolster regulatory capital ratios, fund acquisitions and internal growth, and facilitate better reinsurance strategies for participating insurers.
Lester Brafman, CEO of Cohen & Company, expressed gratitude to investors for their trust in the firm's extensive capabilities within the insurance industry, emphasizing the significance of this funding within a challenging market backdrop. Paul Vernhes, Managing Director for the European Asset Management platform, underscored the achievement as a testament to Cohen & Company’s leadership as a regulatory capital provider. Noteworthy contributions came from Alma Capital and Bury Street Capital, with Alma raising 43% and Bury Street securing 31% of the total commitments for the PriDe IV funds. Leaders from both firms lauded the efficient execution and strategic attractiveness of the investment opportunity.
Cohen & Company’s commitment to the insurance market is further enhanced by its busy transactional activity, having closed six insurance-related transactions in the latter quarter of 2025. Overall, the firm has deployed approximately $5 billion across 226 insurance entities globally, with significant efforts concentrated in Europe where €1.8 billion has been invested across 72 companies. The establishment of PriDe IV, assisted by a Reed Smith legal team, reinforces the company's robust infrastructure and dedication to navigating complex market landscapes.
MWN-AI** Analysis
Cohen & Company Inc.'s recent announcement regarding the successful final closing of its PriDe IV fund at €481.5 million marks a pivotal event not just for the firm but for the broader European investment landscape. This being their largest European vintage, it underscores increasing investor confidence despite a challenging market environment.
PriDe IV's focus on Tier II capital instruments for small and mid-sized insurance companies is particularly significant. By enhancing regulatory capital ratios, these funds allow insurers to pursue vital growth strategies without the burden of traditional capital markets. For investors, this represents a unique opportunity to engage with a specialized market that is often less accessible, potentially yielding attractive risk-adjusted returns.
From a market perspective, such investments in the insurance sector are timely. The ongoing evolution of regulatory frameworks across Europe has created a fertile ground for innovative funding solutions. Investors should consider the robust structure of Cohen & Company's approach, which integrates deep sector expertise with a clear strategic vision—demonstrated by their $5 billion deployment across 226 insurance companies globally.
Additionally, the partnerships with Alma Capital and Bury Street Capital, which contributed 74% of the fundraising effort, indicate strong market demand for such targeted investment strategies. This collaborative approach enhances the credibility and attractiveness of PriDe IV, providing a solid foundation for future investment performance.
However, potential investors should remain cautious. The insurance subordinated debt market, while attractive, does have inherent risks including regulatory shifts and market volatility. Therefore, it is advisable for investors to conduct thorough due diligence and align such investments with their risk tolerance and overall portfolio strategy. With the right approach, investing in funds like PriDe IV could serve as a valuable asset in diversifying and strengthening an investment portfolio within the current economic climate.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
PARIS, Feb. 23, 2026 (GLOBE NEWSWIRE) -- Cohen & Company Inc. (NYSE American: COHN) today announced that its controlled subsidiary, Cohen & Company Financial (Europe) S.A. (“CCFESA”), has successfully completed the second and final closing of its PriDe IV funds, with total commitments of €481.5 million. 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 Program enables insurers to enhance their regulatory capital ratios, fund acquisitions or internal growth, optimize their reinsurance programs, and/or lower their weighted average cost of capital.
Lester Brafman, CEO of Cohen & Company, said, “We thank our investors for their confidence in our established expertise in navigating the insurance industry’s regulatory capital framework. This funding is a continuation of our extensive involvement in the global SME insurance market.”
Paul Vernhes, Managing Director of Cohen & Company’s European Asset Management platform, added, “The successful final closing of PriDe IV, our largest vintage ever in this space, solidifies our leading position as a regulatory capital provider to small and mid-sized insurance companies in Europe. This achievement, secured despite a challenging market environment, highlights the robustness of insurance subordinated debt, the attractiveness of our funding solutions for issuers, and investors’ continued confidence in Cohen & Company’s deep expertise in the global insurance market.”
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%, underscoring strong collaboration and a shared vision.
Henri Vernhes, Founder and CEO at Alma Capital, commented, “We are proud to continue our long-term partnership with Cohen & Company on this landmark fund. The strong performance and clear strategy presented by the PriDe IV team made it an attractive opportunity for investors, and we are confident in its future success.”
Robert Drake, Managing Director at Bury Street Capital, added, “Our participation in PriDe IV reflects our commitment to investing in high-caliber opportunities that deliver significant value. We look forward to the continued success of this partnership.”
The successful closing of PriDe IV comes as Cohen & Company continues to manage a busy period of transactional activity, including the closing of six significant insurance-related transactions during the fourth quarter of 2025.
Cohen & Company has been a leading investment specialist in the insurance market, having 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 different countries.
A Reed Smith team led by Baptiste Gelpi (Partner, Paris) with Audrey Minnie has assisted Cohen & Company and Alma Capital in setting up PriDe IV funds. “We are delighted to have assisted our clients in setting up this new vintage and its series of funds. It shows that a robust legal framework is the bedrock of success, no matter the legal complexity.”
This communication is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or of any fund or account.
About Cohen & Company
Cohen & Company is a financial services company specializing in an expanding range of capital markets and asset management services. Cohen & Company’s operating segments are Capital Markets, Asset Management, and Principal Investing. The Capital Markets segment consists of sales, trading, gestation repo financing, new issue placements in corporate and securitized products, underwriting, and advisory services, operating primarily through Cohen & Company’s subsidiaries, Cohen & Company Securities, LLC (“Cohen Securities”) in the United States and Cohen & Company Financial (Europe) S.A. in Europe. A division of Cohen Securities, Cohen & Company Capital Markets (“CCM”) is the Company’s full-service boutique investment bank providing capital markets and SPAC advisory services to corporations, financial sponsors, investors, and institutions. The Capital Markets business segment also includes investment returns on financial instruments that the Company has received as consideration for investment banking and new issue services provided by CCM. The Asset Management segment manages and services assets through investment funds, managed accounts, joint ventures, and collateralized debt obligations. As of December 31, 2025, the Company had approximately $1.4 billion of assets under management in primarily fixed income assets in a variety of asset classes including European bank and insurance trust preferred securities, debt issued by small and medium sized European, U.S., and Bermudian insurance and reinsurance companies, and servicing commercial real estate loans. The Principal Investing segment is comprised primarily of investments the Company has made for the purpose of earning an investment return rather than investments made to support its trading or other capital markets business activity. For more information, please visit www.cohenandcompany.com.
About Alma Capital
Alma Capital is one of the largest independent fund platforms with circa 3 billion € AUM, offering liquid alternative and long only UCITS as well as private assets strategies. We select independent and talented fund managers with proven track records and create EU regulated format funds on our platform. Our senior experienced sales team actively covers institutional and professional investors in major European markets.
About Bury Street Capital
Bury Street Capital (BSC) was established in 2005 and is a trusted partner to institutional alternatives managers and investors. The firm’s high-quality fund management client base and technical strengths have helped it develop close relationships with many of the world’s largest and most sophisticated investors. Increasingly BSC spends time with these very large investors devising strategies that specifically suit their investment goals and structures that meet their requirements from all perspectives.
About Reed Smith LLP
Reed Smith is a dynamic international law firm, dedicated to helping clients move their businesses forward. Our long-standing relationships, international outlook, and collaborative structure make us the go-to partner for speedy resolution of complex disputes, transactions, and regulatory matters.
| Contact: | |
| Investors - | Media - |
| Cohen & Company Inc. | Joele Frank, Wilkinson Brimmer Katcher |
| Joseph W. Pooler, Jr. | Joseph Sala or Zach Genirs |
| Executive Vice President and | 212-355-4449 |
| Chief Financial Officer | |
| 215-701-8952 | |
| investorrelations@cohenandcompany.com | |
FAQ**
How does Cohen & Company Inc. (COHN) plan to utilize the €481.5 million raised through the PriDe IV funds to benefit small and mid-sized insurance companies in Europe?
What factors contributed to Cohen & Company Inc. (COHN) achieving the largest vintage ever for the PriDe IV funds, despite a challenging market environment?
In what ways will the successful closing of PriDe IV enhance Cohen & Company Inc. (COHN)'s reputation as a leading regulatory capital provider in the insurance market?
How did collaboration with partners like Alma Capital and Bury Street Capital impact the fundraising efforts for Cohen & Company Inc. (COHN)'s PriDe IV funds?
**MWN-AI FAQ is based on asking OpenAI questions about Cohen & Company Inc. (NYSE: COHN).
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