Hellman & Friedman, the San Francisco-based buyout house, has announced the final close of its fifth fund, Hellman & Friedman Capital Partners V (HFCP V), on $3.5 billion (€2.83 billion).
According to a statement, the majority of capital committed to the new fund came from return backers, “leaving little capacity for selected new investors.” These returning limited partners include the New York State Teachers’ Retirement System, CalPERS and OMERS.
The new fund, like its predecessors, will continue to make equity investments of between $100 million and $750 million, primarily in the US and the developed markets in Europe and Australia, the statement said.
Hellman also announced the opening of a London office headed by managing director Patrick Healy. According to the statement, the new location is meant to “help the firm monitor and build its existing European investments and continue to seek investment opportunities in the United Kingdom and continental Europe.”
Out of its fourth fund, Hellman has already funded four significant European transactions, the most recent of which was acquisition in May of a minority stake of just under 50 percent in Delaware International Advisers Ltd (DIAL), a fund management firm operating out of London. DIAL, with $19 billion (€15.6 billion) of assets under management, offers US investors non-US focused investment services primarily in long-only equity and fixed income strategies.
The firm also invested in Formula One Holdings in the UK, and Axel Springer and ProsiebenSat.1 Media in Germany.
Prior to launching the fifth fund, Hellman raised and managed approximately $5 billion of capital, which it invested in more than 45 companies beginning in 1987. The firm was founded in 1984 and has an additional office in New York.