Profile

Hg is an investor in European and transatlantic technology and services businesses. We are an AI leader in private equity, helping to build sector-leading enterprises that supply critical applications or workflow services to deliver intelligent automation for their customers. 

We take an active approach to value creation, combining deep end-market knowledge with world-class operational resources to support entrepreneurial leaders looking to scale and drive AI transformation. 

With a vast European network and strong presence across North America, Hg has over $110 billion in assets under management and more than 400 employees. Our portfolio spans around 60 businesses worth over $190 billion in aggregate enterprise value, employing more than 140,000 people and consistently growing revenues at more than 18% annually.

For more information, visit hgcapital.com and sign up for monthly highlights at hgcapital.com/monthly-update.

Awards

2025 Top Private Equity Firms, Top 40 Under 40 Growth Investors

2024 Top 40 Under 40 Growth Investors, Top Private Equity Firms

2023 Top Private Equity Firms

2022 Top Private Equity Firms

2021 Top Software Investors

2019 Top Software Investors

Features

Alan Cline, Partner and Head of North America at Hg, speaks at GrowthCap Forum in Jackson Hole, WY

Alan was a featured speaker at the 2025 Jackson Hole Classic. He is a Partner and Head of North America at Hg, where he leads the firm’s activities across the U.S. and Canada and serves on its Senior Leadership Team. Prior to joining Hg, he spent nearly 20 years at Vista Equity Partners, where he built the Foundation Fund.

A Global Leader in Software Investing: Hg’s Matthew Brockman

GrowthCap’s RJ Lumba spoke with Matthew Brockman on November 23, 2022. Matthew is Managing Partner, Chair of the Investment Committees and a member of the Board at Hg. He focuses on the day to day leadership of the firm and also the Genesis and Mercury fund teams. Matthew joined Hg in 2010 and originally led the development of the software focused Mercury funds, acting across many of the investments in that fund including Allocate, Intelliflo and Sequel Business Solutions.

Key People

Steven Batchelor, Managing Partner and Co-CEO

Steve is Managing Partner and Co-CEO of Hg, leading the firm alongside Jean-Baptiste (“JB”) Brian. Together they oversee the firm’s strategy, operations and culture, supporting Hg’s continued growth as the leading transatlantic investor in software, services, and data businesses.

In addition to his leadership role, Steve continues to oversee all client (LP)-facing activities and serves on the Hg Board, Realisation Committee and Valuation Committee. He has been instrumental in developing Hg’s active approach to private equity fund management, ensuring the firm maintains a balance between investment and realisation while keeping LP perspectives at the forefront.

Jean-Baptiste Brian, Managing Partner and Co-CEO

JB is Managing Partner and Co-CEO of Hg, leading the firm alongside Steven Batchelor. Together they are responsible for guiding Hg’s long-term strategy and operations, reinforcing its position as the leading transatlantic investor in software, services, and data businesses.

JB is also Head of the Genesis Funds and member of the Investment Committee, focusing on investments in software businesses, with a particular interest in Legal and Compliance as well as ERP and Payroll. He currently sits on the boards of Litera, Septeo, Revalize, Ideagen and iValua.

Nic Humphries, Senior Partner and Executive Chairman

Nic is the Senior Partner and Executive Chairman of Hg and Head of the Saturn fund. He has ultimate responsibility for Hg’s strategy, management and governance. He focuses on larger software investments that provide daily-use mission critical applications for accountants, tax/compliance professionals and designers/engineers/scientists.

Matthew Brockman, Chief Investment Officer and Chair of Hg’s Investment Committee

Matthew is Chief Investment Officer and Chair of Hg’s Investment Committee, playing a central role in the firm’s investment activities and strategy, with a particular focus on driving Hg’s approach to AI, as a key pillar of future growth as this technology continues to transform the software and services industries.

Funds Raised

In June 2025, Hg was ranked among the top 10 largest global private equity fundraisers in Private Equity International’s PEI 300, which tracks fundraising totals of the industry’s biggest firms over the past five years. Hg was also ranked among the top three largest European-headquartered firms. The list tallied Hg’s fundraising at more than $72 billion over the five-year period. Today, the firm manages more than $110 billion in total assets.

History of Hg’s Funds:

Hg’s Genesis fund family represents the firm’s longest-standing mid-market buyout strategy. Hg has raised successive Genesis funds over more than two decades, including Genesis 7 in 2013, Genesis 8 in 2017, Genesis 9 in 2020, Genesis 10 in 2022, and Genesis 11 in 2026, with each generation targeting mid-market European Software & Services companies.

To further strengthen its activity in the software and services sector, Hg expanded its platform in 2012 with the launch of Mercury, focused on lower mid-market businesses. The firm believed this segment included hundreds of highly attractive companies underserved by specialist investors. Hg successfully raised Mercury 1 in 2012, Mercury 2 in 2017, Mercury 3 in 2021, and Mercury 4 in 2023. The firm’s thesis—that expanding the platform would both unlock compelling transaction opportunities and deliver strong returns for investors while reinforcing Hg’s broader market position—has been fully proven out.

This success with Mercury led Hg to consider how best to approach the growing opportunity in the upper mid-market segment of the European software and services space. Over the past two decades, Hg has closely followed companies scaling into this category and observed rapid sector growth. From 2013 to 2023, the number of software and tech-enabled services transactions in Europe grew at a 20% CAGR. These companies required enterprise values and equity commitments beyond the typical range of the Genesis strategy. However, rather than increasing the size of Genesis—potentially diluting its focus or creating a portfolio too large for Hg’s hands-on approach—Hg established the Saturn franchise to pursue investments requiring more than 20% (the underwriting limit) of Genesis.

To date, Hg has raised £1.5 billion for Saturn 1 in 2018, $5.0 billion for Saturn 2 in 2020, $11 billion for Saturn 3 in 2022, and most recently $14 billion for Saturn 4 in 2025.

Given Hg’s focus on high-growth, high-margin software and services companies, its portfolio has become one of the most active sources of junior capital creation in Europe. To capture some of these opportunities for clients, Hg launched Titan 1 in 2021, a supplementary vehicle that invests in captive junior debt opportunities across the Hg portfolio—primarily within the Saturn and Genesis strategies—alongside leading third-party financing providers. The firm raised $1.2 billion for Titan 1 in 2021 and $1.6 billion for Titan 2 in 2024.

Key Investments

Hg has led over 138 investments in the software and services sector and is currently invested in over 55 businesses, with its large-cap strategy, Saturn, now invested in the top three biggest software buyouts in Europe (Access Group, IFS and Visma).

OneStream: Invested 2026
Sector: Legal & Regulatory

OneStream is a leading enterprise Finance platform that unifies financial and operational data, embeds AI for better decisions and productivity and empowers the CFO to become a critical driver of business strategy and execution.

Visma: Invested 2006
Sector: Tax & Accounting

Visma is a leading provider of mission-critical business software for a more efficient and resilient society. By simplifying and automating the work of companies and organisations of all sizes, Visma aims to improve people’s everyday lives.

GGW: Invested 2021
Sector: Insurance

GGW Group is a leading European P&C insurance broker and MGA group serving SME customers.

IRIS: Invested 2011
Sector: Tax & Accounting

IRIS serves over 100,000 customers and three million users in the Accountancy, Education, HR and SME payroll/book-keeping segments, across both the UK and North America. The company delivers a suite of established and trusted software solutions which provide business critical systems of record with frequent regulatory and compliance driven updates. 

P&I: Invested 2013
Sector: ERP & Payroll

Founded in 1968, P&I is a provider of integrated software solutions for human resources management to the German and European Mittelstand.

team.blue: Invested 2019
Sector: Tech Services

team.blue was created in 2019 by the merger of Combell Group, TransIP and Register Group and offers digital presence and enablement tools such as domain hosting, email and other adjacent applications such as consent management to over 2.5 million SME, SoHo (small offices/home office) and developer customers across Europe.

Capital Responsibility

Hg is dedicated to improving the future of millions of investors by building sustainable businesses. Sustainability is embedded into the firm’s business practices, as well as the way it invests and manages its portfolio, with Sustainability considerations integrated throughout the entire deal process—from screening to exit.

A portion of Hg’s annual profits and carried interest is channeled into meaningful change through The Hg Foundation and the firm’s internal charity committee, converting financial success into social progress.

Launched in 2020, The Hg Foundation supports under-represented groups in accessing high-quality jobs in tech by funding education and employment programs across the UK, Europe, and North America. Since its inception, the Foundation has committed approximately $45 million and now directly supports more than 80,000 young people and adults through over 30 partnerships.

This culture of giving extends across the organization. In FY25, Hg employees collectively donated approximately $220,000, supporting 457 causes through the firm’s charitable giving platform, Hg Giving, provided by Benevity.

In 2024/25, Hg refined its Sustainability Diagnostic for portfolio companies to focus on the most material topics. The assessment was streamlined to make it easier for portfolio companies to complete and to concentrate efforts where they matter most.

Hg’s seventh annual Sustainability Diagnostic saw the average portfolio score rise once again. With more than 300 assessments completed, the firm has established a robust set of benchmarks and metrics tailored specifically to technology and software businesses. The Diagnostic enables Hg to monitor risks and identify opportunities across the portfolio, ensuring areas for improvement are addressed while advantages are realized. Each assessment results in a practical improvement plan that outlines clear areas of focus for the following 12 months.

Hg’s commitment to diversity and inclusion is reflected in its talent strategy and organizational culture. The firm uses inclusive hiring practices to ensure candidate pools reflect the diversity of the communities in which it operates. Special attention is given to cognitive diversity—the variation in perspectives, problem-solving approaches, and thinking styles—recognizing that teams with diverse thinking make better decisions and drive innovation.

As an early signatory to the Initiative Climat International and one of the first private equity firms with Science Based Targets Initiative (SBTi)-approved carbon reduction goals, Hg is committed to reducing emissions across both its operations and portfolio. As of May 2025, approximately one-third of invested capital is in companies that have committed to the SBTi, with seven companies having approved science-based targets.

To support progress, Hg developed a specialized carbon reduction toolkit for software and services businesses, launched at its 2024 Sustainability Forum. The toolkit offers portfolio companies practical guidance for developing effective carbon reduction plans tailored to their specific operations.

CEO Reviews

Richard Hanscott, CEO, Commify

“With Hg’s backing in recent years we have built a highly differentiated market leading business, with material investment in both M&A and our business messaging platform.”

Dr. Jörg Rahmer and Christian Götz, executive board at F24

“We also want to thank Hg for their support and trust over the past years. They have been instrumental in our success story.”

Tobias Warweg, CEO of GGW Group

“We warmly welcome back the team at Hg, who were so supportive to us as an investor as we started GGW. Now… we’re looking forward to working together as we continue to grow in Germany and expand further across Europe.”

Stephan Sieber, Chief Executive Officer at Transporeon

“The past three years has significantly accelerated Transporeon forward in our mission to bring transportation in sync with the world. Innovation in our products and an expansion of the business has meant we have built a remarkable platform in a rapidly growing sector, with solutions that are in high demand globally. This would not have been possible without the software expertise delivered by Hg. The management team thank everyone at Hg and Transporeon who have worked hard together to put us in this very advantageous position”.