HgCapital Aims for Up to $1bn With Debut Debt Fund

HgCapital LLP is pitching a new fund that would provide debt to the private-equity portfolio companies that the London-based firm backs.

The fund would invest in eight to 10 portfolio companies across two fund strategies of HgCapital.

The new credit fund, Hg Titan I LP, is targeting $600m and is expected to collect up to $1bn of investor commitments, according to presentation materials prepared for a May investment advisory council meeting of the Connecticut Retirement Plans and Trust Funds. The pension system is considering a commitment of up to $75m to the Titan fund.

Hg is a private equity firm targeting technology buyouts primarily in Europe and the US. Hg focuses on investments in technology and services sectors. It invests out of its 8th $3.5bn core fund and its 2nd $816m Mercury fund, targeting smaller technology buyouts, both raised in February 2017.

Source: Wall Street Journal