HgCapital has achieved a 36% IRR and 2.3x money multiple on its exit from payroll and HR software business Personal & Informatik (P&I) to Permira.
As part of the deal, HgCapital retained a minority stake worth €70m. The exit marks the first realisation from HgCapital 7 fund, which has now returned 25% of its invested cost, according to the GP....
LP has previously made investments in CVC's European funds, as well as many mid-market funds
First funding round will support the group's expansion overseas
Shares are placed at €31.60 apiece, which would bring total proceeds up to €411m
Allianz will secure a minority stake, and a representative will join the management board