Hg closes Saturn 2, Mercury 3 and Genesis 9 on hard-caps

Of the three funds, Saturn 2, has an investment strategy focused on companies with the largest enterprise values. It held a first close on $4bn in March 2020. The fund's portfolio currently includes, enterprise software business Visma, and a minority stake in insurance broker Hyperion. LPs in the fund include The State of Connecticut Retirement Plans and Trust Funds, Teacher Retirement Syste of Texas and the Pennsylvania Public School Employees Retirement System, each with a commitment of $50m or more, according to Unquote Data.

Hg Mercury 3 was announced in March 2020 with a target of €1.1bn. It held its first close that month on €1bn. The fund targets smaller-cap companies with enterprise values of £50-250m, typically investing £30-60m. The fund's LPs include Capital Dynamics, Israeli insurance company Harel Group, MetLife Investments and the Ohio state University Endowment, according to Unquote Data. One current portfolio company is software company Evaluate.

Hg Genesis 9 held a first close in March 2020 against its target of €3.3bn. It will target mid-market companies with enterprise values of €500m-1.5bn and will typically invest €200-600m in software and technology services across Europe. LPs in the fund include Hamilton Lane, Pennsylvania Public School Employees Retirement System and Teacher Retirement System of Texas, each with a commitment of €100m or more, according to Unquote Data.

Proskauer provided legal advice and Rede Partners acted as placement agent for the three funds.

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