Hg

Private Equity / Software and Services Investmenthgcapital.com

Company typePrivate
Founded2000
HeadquartersLondon, United Kingdom
Headcount1–10
GTM typeB2B
OfferingServices

Hg firmographics

Firmographics

Name: Hg
Legal name: HgCapital LLP
Website: http://www.hgcapital.com
Company type: Private
Founded year: 2000
Operating status: Operating
Headcount range: 1–10 employees
Ownership category
akta.pro rank

Hg industry classification

Industry

Product category: Private Equity / Software and Services Investment
NAICS: Portfolio Management and Investment Advice (52394), Other Financial Vehicles (52599)
SIC: Investment Advice (6282)
akta.pro primary industry: Global Equity (Active) (FSAAAIAD)
akta.pro secondary industries: Large-Cap Equity (Active) (FSAAAIAA), Impact / ESG Multi-Manager Platforms (FSANAGAJ), ESG Data, Ratings & Research (Providers, Methodologies, Analytics) (FSAAALAJ)

Keywords

Private equity investing
Software services investment
Enterprise software buyout
AI transformation investing
Portfolio value creation

Where Hg is headquartered

Location

Headquarters

HQ city: London
HQ country: United Kingdom
HQ region: Europe

Offices6 records

Markets served

Hg business model

Business model

GTM type: B2B
Offering type: Services
Cost components: Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

Asset management fees on ~$110bn AUM: Recurring management fees earned on c.$110 billion of assets under management invested across Hg Saturn, Hg Genesis, and Hg Mercury funds on behalf of 200+ Limited Partner clients globally. Hg Pooled Management Limited is the FCA-authorized manager of record.
Performance fees and carried interest: Performance-based economics from Hg's software and services portfolio, which has delivered 3.3x MOIC on realised investments and $30bn of proceeds returned since 2001 at 3.0x gross MOIC and 31% gross IRR. AI-enabled exits at GTreasury and Intelerad were executed at ~100% average uplift to book value.
Hg Wealth private investor services: Alternative investment services and bespoke fund access offered exclusively to private banks, family offices, individuals in Hg's network and their advisors, and other eligible non-US investors seeking exposure to Europe's largest portfolio of software and technology businesses.
HgCapital Trust (HGT) listed equity vehicle: FTSE 250-listed company on the LSE providing liquid listed-equity exposure to Hg's portfolio; the largest investor in Hg and the most liquid way for public investors to access the Hg portfolio. Reported NAV total return of 4.0% for 2025 with NAV per share of £5.62 and net assets of £2.6 billion.

Pricing tiers

Model	Billing	Price
Other	Multi-year contract	Fund investment terms (Saturn, Genesis, Mercury) - not publicly disclosed
Other	Pay-as-you-go	HgCapital Trust (HGT) listed equity - market-priced
Other	Multi-year contract	Hg Wealth bespoke private investor offerings

Go-to-market motion3 records

Distribution channels3 records

Marketing channels8 records

Hg product offering

Product offering

Core offering

Hg is a private equity investor that deploys long-duration capital into European and transatlantic software and services businesses through three fund strategies (Saturn, Genesis, Mercury), while providing a value-creation stack including an in-house AI incubator (Hg Catalyst), a proprietary AI analytics tool (Hg Retina), and a cross-portfolio executive collaboration platform (HIVE) to accelerate AI transformation across its 60+ portfolio companies.

Product overview

Hg operates a transatlantic investment and value-creation platform for software and services businesses, structured as a fund-plus-value-creation stack rather than a single unified product. The platform combines capital deployment through three distinct fund strategies (Saturn for large-cap scaling, Genesis for creating enduring mid-market businesses, and Mercury for transforming founder-built companies) with an in-house value-creation ecosystem including Hg Catalyst (the AI product incubator that embeds tiger teams in portfolio companies), Hg Retina (a proprietary AI benchmarking and analytics tool), and HIVE (the cross-portfolio executive collaboration platform serving 2,750+ senior executives across 60+ portfolio companies). Investor-facing offerings include HgCapital Trust plc (the FTSE 250-listed investment vehicle HGT.L) and Hg Wealth (alternative investment services for private investors, family offices, and eligible non-US investors). Hg's broader platform is anchored by a value-creation team of more than 100 AI professionals, a Responsible Investment framework (UNPRI signatory since 2012 with 5-star ratings), and The Hg Foundation ($45M donated since 2020 to tech education initiatives). Across a portfolio of ~60 companies, the platform manages c.$110 billion in assets and supports ~140,000 employees globally.

Differentiator

Problem solved

Functional benefit

Brands

Hg Catalyst: Hg's in-house AI product incubator that embeds tiger teams inside portfolio companies to build agentic AI products.
HIVE
Hg Retina
Hg Wealth
Hg Saturn
Hg Genesis
Hg Mercury

Products and services

Hg Saturn

Quantifiable outcome

More than 10% of bookings (and 25%+ in several cases) coming from AI products built in the last year; some companies seeing a quarter or more of new bookings from AI products.
+10 more outcomes

Companies that use Hg

Customer profile

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Hg technology and API

Technology

Technology focussed No

API detail

Has API: No
API docs
API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability11 records

Feature5 records

Hg partnerships and signals

Strategic signal

Partnerships

Five partnerships are on record, tiered core.

AnthropiccoreStrategic or Co-development Partner · 1 May 2026Anthropic partnered with Hg Catalyst for a 200-engineer cross-portfolio hackathon in London, Paris, and New York, sharing best practice on building agents in production. Engineers and product leaders from Cognition, Stripe, Ramp, Datadog, and Pendo also participated.
OpenAIcoreTechnology or Integration · 4 December 2025OpenAI announced Hg as a new ChatGPT Enterprise customer at the FT Global Banking Summit alongside Revolut, Allica Bank, EQT, Permira, The AA, and LSEG. Hg is deploying OpenAI's enterprise AI platform internally to drive productivity across the firm.
Hg CatalystcoreStrategic or Co-development Partner · 17 November 2025Hg launched the Catalyst AI incubator to embed tiger teams inside portfolio companies and ship agentic AI products; the platform hosts portfolio hackathons and publishes the production-readiness rubric for agentic AI.
Brunswick GroupcoreGTM or Marketing PartnerRetained press and communications agency for Hg, with media enquiries handled via [email protected] alongside [email protected].
HIVE (Hg's collaboration platform)coreStrategic or Co-development PartnerHIVE is Hg's proprietary collaboration platform connecting 2,750+ senior executives across 20 live communities within the portfolio, supporting portfolio-wide knowledge sharing and leadership immersions.

Scale indicators17 records

Recent moves13 records

Expansion highlights6 records

Hg competitors and assessment

Company assessment

Direct peers

Vista Equity Partners: Vista Equity Partners is a US software-focused private equity firm with comparable scale and an enterprise-software-only investment thesis. Its operating-partner model and sector specialisation closely mirror Hg's value-creation approach.
EQT: EQT is a Stockholm-headquartered global private equity firm with deep European software and tech investing, including BPEA and EQT Growth. It competes directly with Hg for European mid-market and large-cap software assets and is referenced alongside Hg in enterprise AI adoption announcements.
Thoma Bravo: Thoma Bravo is the largest US software-focused private equity firm with comparable buyout strategies targeting enterprise software companies. It is the closest direct competitor to Hg given its similar vertical focus, AI-driven value creation playbook, and large-cap take-private execution.
Permira: Permira is a European-headquartered global private equity firm with a strong technology and services focus and similar buyout scale. It is identified as a co-backer of Hg-backed GGW and a fellow OpenAI ChatGPT Enterprise adopter, making it a direct competitor in European software take-privates.
Advent International: Advent International is a global private equity firm with a comparable software and business-services investment focus and similar transatlantic footprint. It competes with Hg for mid-to-large-cap enterprise software deals in Europe and North America.
Silver Lake: Silver Lake is a global technology-focused private equity firm specialising in large-cap technology buyouts and growth investments. It competes with Hg for the largest enterprise software and tech-enabled services transactions, particularly take-privates.
CVC Capital Partners: CVC Capital Partners is a major European-headquartered global private equity firm with broad sector coverage including technology. Its fund size and European heritage put it in direct competition with Hg for software/services transactions across Europe.
Bain Capital: Bain Capital is a global alternative asset manager with a substantial private equity franchise spanning technology, healthcare, and financial services. It is a comparable scaled PE competitor to Hg with overlapping target sectors and deal sizes.

Broad incumbents

KKR: KKR is a global alternative asset manager with significant private equity operations across software and technology. It was the seller in Hg's OneStream take-private, demonstrating direct transactional overlap, and is a leading capital partner across mega-deals in the same competitive set.
Blackstone: Blackstone is the world's largest alternative asset manager with private equity, private credit, and growth platforms. It participated in the $1.4bn private credit facility backing Hg's OneStream acquisition and competes broadly for software/services opportunities.

Market position

Strengths5 records

Weaknesses5 records

Key risks5 records

Key highlights6 records

Customer concentration

Hg compliance and trust

Trust signal

Compliance5 records

Hg financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Hg leadership team

Management profile

Number of profiles

Profiles10 records

Hg subsidiaries and ownership

Company hierarchy

Subsidiaries8 records

Hg funding detail

Funding detail

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

Hg M&A and investment

M&A and investment

M&A103 records

Investments63 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hg

What does Hg do?

Is Hg a public or private company?

Hg is a private company. It is classified as management employee owned and is currently operating.

When was Hg founded?

Hg was founded in 2000. It employs 1 to 10 people.

Where is Hg based?

Hg is headquartered in London, United Kingdom, in the Europe region.

How does Hg make money?

Four revenue lines are on record. Asset management fees on ~$110bn AUM is the primary driver. The others are performance fees and carried interest, hg Wealth private investor services and hgCapital Trust (HGT) listed equity vehicle.

Who are Hg's main competitors?

Direct peers on record are Vista Equity Partners, EQT, Thoma Bravo, Permira, Advent International, Silver Lake, CVC Capital Partners and Bain Capital. Broad incumbents are KKR and Blackstone.

Does Hg have an API?

No public API is recorded for Hg.

What industry is Hg in?

Hg's product category is Private Equity / Software and Services Investment. Its primary akta.pro industry code is FSAAAIAD, Global Equity (Active), with a secondary code of FSAAAIAA, Large-Cap Equity (Active). Its NAICS code is 52394 and its SIC code is 6282.