H&F holds USD 24.4bn final close for 10th fund

Harriet Matthews and Greg Gille
15 July 2021

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San Francisco-headquartered Hellman & Friedman (H&F) has held a final close for Hellman & Friedman Capital Partners X on USD 24.4bn.

Simpson Thacher & Bartlett provided legal advice on the fundraise.

The GP has USD 80bn in assets under management following the fundraise, according to a statement.

The fund was registered in January 2021 with a USD 20bn target and a USD 22m hard-cap, according to Unquote Data.

H&F held a final close for its ninth flagship fund in October 2018 on USD 16bn. The fund was 73% deployed as of April 2021, according to Unquote Data.

In addition to San Francisco, H&F has offices in New York and London, and primarily invests in the US and Europe.

The fund adds to the sizeable amounts of dry powder raised by PE houses globally in recent months, even amid the turmoil of the coronavirus pandemic. CVC notably closed CVC Capital Partners VIII on EUR 21.3bn in July 2020, exceeding its target of EUR 17.5bn; more recently, Silver Lake Partners VI closed on USD 20bn; EQT raised EUR 15.6bn for EQT IX; Apax X closed on EUR 9.5bn; and Ardian Buyout Fund VII raised EUR 7.5bn.

H&F X is nevertheless very near the top of the largest PE vehicles ever raised. Blackstone Capital Partners VIII held a final close on USD 26bn in September 2019. Apollo's Fund IX closed in 2017 with an equally sizeable USD 24.7bn in commitments.

Investors
H&F said in a statement that the fund contains the GP's largest commitment yet to its own fund; it committed USD 1bn to its ninth fund.

H&F's predecessor vehicle had 183 LPs, according to Unquote Data. These include a range of US and Canadian public pension funds, as well as European fund-of-funds managers and insurance companies.

Investments
The fund will continue the strategy of its predecessor vehicles, making large-cap buyout deals in the US and Europe.

H&F's recent deals include its minority investment in vehicle glass repair specialist Belron, as reported.

The GP backed the EUR 2.5bn buyout of car classifieds platform AutoScout24 from parent company Scout24 in December 2019.

In addition, H&F has completed several large-cap deals in the US, including the USD 30bn buyout of healthcare supplies business Medline alongside Carlyle and Blackstone.

People
Hellman & Friedman – Patrick Healy (CEO); Susanna Daniels (partner, head of investor relations).