The Public Sector Pension Investment Board is investing in Alliant Insurance Services Inc., a U.S.-based independent insurance broker.

The new cash infusion will aid in the insurance broker’s planned expansion. Along with the PSP, funds managed by private equity firm Stone Point Capital will make additional investments.

Read: PSP takes majority stake in Australian farm business

“Alliant is one of the nation’s leading insurance brokerage platforms, with proven leadership, broad industry reach and operational strength,” said Martin Longchamps, managing director at PSP Investments, in a news release. “We embrace the opportunity to work alongside Alliant in facilitating its continued growth and expansion.”

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