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Alternative Market Briefing

HgCapital closes two funds on GBP3.1 billion

Friday, February 17, 2017

Bailey McCann, Opalesque New York:

European private equity firm HgCapital has closed two funds on GBP3.1 billion. Both funds - HgCapital 8 and Mercury 2, were oversubscribed.

HgCapital 8 closed with GBP2.5 billion after only 5 months in market, having launched in September 2016. HgCapital Mercury 2 closed with GBP575 million after just 3 months in market.

HgCapital's second Mercury fund extends the firm's reach across Northern Europe, investing in small to medium-sized technology businesses. The Mercury team have invested in 12 European technology businesses so far, including Allocate Software, Intelliflo and Sequel Business Solutions. The current portfolio of investments delivered aggregate revenue and EBITDA growth of 13% and 41% respectively during 2016. The Fund saw its first realisation last summer, the sale of Relay Software at a c. 40% IRR and a 2.1x investment multiple.

HgCapital 8, like predecessor flagship funds will invest in technology companies of all sizes throughout Europe.

HgCapital is currently partnering in 30 such investments across the larger buyout and Mercury funds, with examples including Visma, IRIS, JLA, Sovos Compliance and CogitalGroup. This fundraising progress follows a period of significant activity in 2016, during which HgCapital completed 10 new investments, 7 realisations and 3 refinancings; in total representing investment activity of c.GBP950 million and returning c. GBP1 billion of investment proceeds to investo......................

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