Mid-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.
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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