Hg opened a New York office to support the firms existing activities, specifically supporting three U.S.-headquartered software companies, and capitalize on new investment opportunities. The U.S. team will initially have 10 investment professionals, led by Ben Meyer, who joined last year from Temasek, and Gero Wittemann, who joined last year from CVC Capital Partners. Hg appointed Andrew Sukawaty as U.S. chairman.
Hg today announces the opening of its US office in New York, New York. Hg is a specialist private equity investor and the most active European based investor in software and services, having led over 100 investments in the sector in the last 25 years. On an aggregated basis, Hg’s portfolio represents the third largest and fastest growing technology company headquartered in Europe.
The firm has 170 people representing the largest technology investment team in Europe, with funds under management of $13 billion and a portfolio representing a combined enterprise value of $25 billion. Hg’s investment teams have a flexible investment approach, investing across three buyout funds, with deal sizes ranging from $100 million to over $5 billion.
Hg’s New York office marks the firm’s latest expansion as a leading investor in growing companies that provide critical software and services to businesses. The New York-based team will support Hg’s existing activities and capitalize on new investment opportunities presented by a local presence. Specifically, the team will support Hg’s three US-headquartered software companies with a combined EV of around $2.5bn and serving over 6,000 global customers, as well as numerous other portfolio companies with US operations. The team will also build on existing relationships with corporate leaders in US software and services, who have been serial acquirers of Hg portfolio companies.
The US team will initially comprise 10 investment professionals, led by two experienced investment partners. Ben Meyer joined Hg from Temasek where he was a senior member of the global team. Gero Wittemann joined from CVC Capital Partners where he was Managing Director. Andrew Sukawaty has been appointed as US Chairman; he brings extensive experience as an executive and has served as advisor to several private equity firms, including on two previous investments with Hg.
Ben Meyer, Partner at Hg, said: “Hg has developed a major presence in software and technology services private equity, establishing a platform of ubiquity and scale, a strong brand name and reputation, deep domain expertise, supportive operating capabilities and growth-oriented focus. I’m excited to help Hg continue this growth in the US.”
Gero Wittemann, Partner at Hg, said: “Hg has led half of the largest software buyouts in Europe over the last decade. The size of the US technology market, estimated to be around $3.2 trillion, materially increases the opportunity to invest more across Hg’s areas of focus, and represents both a logical and exciting new chapter in Hg’s growth.”
Andrew Sukawaty, US Chairman at Hg, said: “The Hg investment model includes partnering with the management teams of the businesses we invest in. We want to do things differently and that means working with businesses committed to change, with entrepreneurial leaders, driven by ambition, innovation and excellence. The partnership approach that Hg pursues is unique and one that we think will resonate well with US companies.”
Hg is a specialist private equity investor, committed to building businesses that change the way we all do business, through deep sector specialisation and dedicated portfolio management support. We are a leading European investor in software and services businesses, with increasing global presence, having built a team of 170 people over 25 years.
Hg partners with the businesses and management teams we invest in. We have 35 operational professionals providing practical support to management teams to help them realise their growth ambitions. We share best-practice ‘playbooks’ and leverage Hg’s executive and portfolio network as a powerful tool for knowledge sharing across comparable businesses.
Based in London, Munich and New York, Hg has funds under management of around $13 billion serving some of the world’s leading institutional and private investors. For further details, please see www.hgcapital.com