Ipes, a leading provider of outsourced services to private equity in Europe, is providing administration services to HgCapital and has supported its recent close.
HgCapital held a final close on the HgCapital 8 Fund and, separately, a first and final close on The Mercury 2 Fund, both at their respective hard capitalisations raising a total of £3.1 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, commented: "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, 7 realisations and 3 refinancings, in total representing investment activity of c. £950 million and returning c. £1 billion of investment proceeds to investors.
HgCapital’s second Mercury fund extends the firm’s reach across Northern Europe to back smaller technology businesses and capitalises on HgCapital’s 20-year sector expertise and leading track record in the TMT sector.
The Mercury team have invested in 12 leading European technology businesses (including Allocate Software, Intelliflo and Sequel Business Solutions) and the current portfolio of investments delivered aggregate revenue and EBITDA growth of 13% and 41% respectively during 2016. The Fund saw its first realisation last summer, the sale of Relay Software at a c. 40% IRR and a 2.1x investment multiple.
You can find out more about HgCapital here.