Warburg Pincus, the New York-headquartered global growth investor, has made a $100 million investment in Miami International Holdings Inc, the parent company of the Bermuda Stock Exchange.

Making the announcement, MIH said that, subject to certain conditions, Warburg Pincus may expand its investment in the company to support additional growth.

MIH said the growth investment will accelerate the next phase of MIAX's global expansion as it executed on its strategy of building a diversified revenue stream across multiple asset classes and geographies.

Among other uses, it said, the investment will fund the construction and fit-out of a physical trading floor in Miami, Florida for MIAX Sapphire, MIH's fourth national securities exchange for trading US multi-listed options.

MIAX Sapphire will operate both an electronic exchange and physical trading floor. The electronic exchange launched on August 12 with the trading floor in Miami scheduled to go live in 2025.

Thomas P. Gallagher, chairman and chief executive of MIH as well as chairman of the BSX, said: “We are pleased to welcome Warburg Pincus as a strategic partner and look forward to leveraging its highly respected expertise and deep network of relationships in global financial services.

“Together with our exchange member firms we believe we have assembled a group of the top financial partners in the world.

“The investment will provide MIH with additional funding to expand strategic partnerships in financial futures and proprietary products and will also provide capital to pursue acquisitions in the US and internationally to accelerate our continued growth.”

The company said the investment would also support further growth and expansion of MIH’s agricultural and financial futures businesses on its two US futures exchanges, Minneapolis Grain Exchange and MIAXdx including the development of new matching engine and clearing technology using MIH’s proprietary technology.

Additionally, the investment will fund the company’s expansion plans into international markets including the development and trading of new proprietary and other financial products.

The investment was led by the Capital Solutions team of Warburg Pincus.

Gaurav Seth, managing director, head of Capital Solutions, Americas at Warburg Pincus, said: “Tom Gallagher and the leadership team at MIAX have successfully engineered a technology-driven family of exchanges that set a new standard of reliability and excellence in the US options trading industry.

“Our investment, along with ample dry powder to help support future growth, reflects our confidence in MIAX’s potential. We are thrilled with MIAX’s progress to date and excited about the significant opportunities for MIH.”

Lee Becker, managing director and member of the Capital Solutions team at Warburg Pincus, will join the board of directors of MIH.

Mark Messing, vice-president at Warburg Pincus and member of the Capital Solutions team, will attend board meetings as a visitor.

Appleby served as special financing counsel in Bermuda to Warburg Pincus and BeesMont Law served as legal counsel in Bermuda to the BSX.

Warburg Pincus said it has more than $83 billion in assets under management. The firm’s active portfolio of more than 225 companies is highly diversified by stage, sector, and geography.

The company also has offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore.