Hellman & Friedman, a private equity investment firm based in San Francisco, has completed the closing of Hellman & Friedman Capital Partners VII, a USD8.8bn fund and the largest in the firm’s history.
With the closing of HFCP VII, Hellman & Friedman has raised over USD25bn of committed capital since its first partnership in 1987.
The firm has also completed a management transition plan that was previously announced to limited partners in mid-2008.
Philip Hammarskjold has been appointed chief executive officer, succeeding Brian Powers (pictured) who will become the firm’s chairman.
Patrick Healy has been named deputy chief executive and Warren Hellman has transitioned from chairman to founder.
All four, along with Thomas Steyer, will continue to serve on the firm’s investment committee. The management changes are effective immediately.
"We are very pleased to announce the closing of our seventh fund, especially in this very challenging fundraising market," says Powers. "We are grateful for the continued support of our longstanding limited partners, who have once again entrusted us to manage their capital. We are also pleased to welcome a number of new partners to the fund with whom we look forward to building long-term relationships."
Through HFCP VII, Hellman & Friedman will continue to pursue the same investment approach it has developed over the past 25 years and will focus on large-scale equity-related investments of USD300m to USD1.2bn, primarily in the US and Europe.
"We believe our philosophy of investing in support of outstanding management teams in strong business franchises with defensible market positions has served us well, particularly in these challenging economic times," says Hammarskjold. "Our focused strategy and differentiated approach to the business has allowed us to spend time on the things that matter most – helping to build great companies and earn attractive returns for our limited partners."
