Hellman & Friedman to Pledge Over $1 Billion to Its Own Private-Equity Fund

Hellman & Friedman LLC plans to commit over $1 billion to its latest fund, Allen Thorpe, a partner at the San Francisco-based firm, told a group of public pension trustees.

The fund, Hellman & Friedman Capital Partners X LP, has a $20 billion target, according to David Felix, director of alternative investments at the Pennsylvania State Employees’ Retirement System. Both Mr. Felix and Mr. Thorpe spoke at the public pension manager’s investment committee meeting on Tuesday.

At $20bn, the new fund would be 21% larger than its predecessor, which closed on $16.5bn in 2018. The firm committed $1.1bn to that fund, according to documents presented at the meeting.

Hellman & Friedman typically focuses its investment strategy on large private equity transactions, and works with a small number of portfolio companies in which it has strong conviction, Thorpe said. The private equity firm will target up to 15 investments through its new fund, committing between $400m and $4bn per portfolio company in transactions across North America and Europe, according to Elio. He added that the firm targets seven sectors, which include software, internet and media, financial services, and healthcare.

Source: Wall Street Journal