HGGC closes second fund at $1.33 bln

HGGC has closed its second fund at $1.33 billion, beating its $1 billion target.

The Palo Alto, California-based middle market private equity firm said it has already invested more than 20 percent of HGGC Fund II LP across four platforms. They include: AutoAlert, a provider of data mining analytics for the automotive market; Serena Software, a provider of IT application development and deployment solutions; Pearl Holding Group, which supplies underwriting, claims processing and policy management services to the insurance market; and, Sampling International, a data solutions provider.

In 2009, HGGC raised $1.1 billion for its initial fund, generating an average IRR of 19.10 percent and an average multiple 1.63x, as of June 30, 2014, according to data provider Bison.

HGGC said LPs of both funds include public and private pension funds, insurance companies, sovereign wealth funds, family offices and other financial institutions worldwide.

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