Continuing a busy past seven days for private equity fundraising, HgCapital has closed two separate buyout vehicles with a combined £3.1 billion in commitments. The British firm has raised £2.5 billion for HgCapital 8, which began courting LPs in September, and £575 million for HgCapital Mercury 2, which launched in November.
Both funds will be used to invest in European tech businesses, with the Mercury vehicle focused on smaller companies than HgCapital’s flagship fund. Both were also more than 3x oversubscribed, according to the firm.
The announcements cap a week that saw the unveiling of a handful of the biggest buyout funds of 2017. Permira closed its sixth flagship fund on €7.5 billion a week ago, the largest new PE vehicle raised in any geography so far this year and one of the 15 largest in Europe this millennium, according to the PitchBook Platform. On Wednesday, meanwhile, Veritas Capital closed its sixth fund on $3.6 billion, the largest pool collected by a US firm so far this year.