Ipes, a provider of outsourced services to private equity firms in Europe, is providing administration services to HgCapital and has supported its recent close of the HgCapital 8 Fund and, separately, a first and final close on The Mercury 2 Fund.
Both closing are at their respective hard capitalisations raising a total of GBP3.1 billion.
Both funds were significantly oversubscribed and received strong support from existing investors.
HgCapital is currently partnering in 30 investments across the larger buyout and Mercury funds, with examples including Visma, IRIS, JLA, Sovos Compliance and CogitalGroup.
Barry McClay, Ipes head of fund administration, says: “We are delighted to have supported HgCapital through their final close. The fact both funds were significantly oversubscribed shows the confidence the market has in Hg’s investment and management capabilities.”
This fundraising progress follows a period of significant activity in 2016, during which HgCapital completed 10 new investments, seven realisations and three refinancings, in total representing investment activity of circa GBP950 million and returning circa GBP1 billion of investment proceeds to investors.
HgCapital’s second Mercury fund extends the firm’s reach across Northern Europe to back smaller technology businesses.
