European private equity major Hg has raised $11 billion for its latest fund, Saturn 3, significantly ahead of its original $8.5 billion and making it the largest European buyout fund to close so far this ear, according to a report by Private Equity International.
The fund which launched at the end of last year, reportedly closed in August. The $11 billion raised makes it 22% larger than the year’s next biggest European fund Nordic Capital‘s €9 billion Nordic Capital XI, which closed in October, and around 59% larger than BC Partners‘ €6.9 billion BC European Capital XI, which closed in January.
The fund is reportedly already around 28% invested across two transactions: business management software provider The Access Group and software vendor IFS.
