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HGGC officially hits fundraising trail for $1bn second vehicle

3 Mar 2014

money dollar lend borrowMid-market buyout house HGGC has plumped for a $1bn target for its second fund following months of speculation the vehicle was set to launch.

HGGC returned all of the $1.1bn of capital from its debut vehicle last year, but still holds eight of the 13 platform investments made using the 2009 fund.

The new target was revealed in a filing with the US securities regulator, which shows that Evercore Group is acting as a placement agent.

Last month HGGC reportedly entered exclusive talks with technology-focused private equity giant Silver Lake to buy IT management company Serena Software.

HGGC had 30 days to negotiate the finer points of the deal according to Reuters, which cited four people with knowledge of the matter.

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