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Hg closes Fund VII debut deal

The firm has acquired 91.85% of software provider P&I Personal & Informatik from The Carlyle Group.

In a secondary buyout, HgCapital has invested in HR services software provider P&I Personal Informatik for an undisclosed amount, according to a company statement. The firm acquired the business from global private equity firm The Carlyle Group.

The investment is Hg’s first from its seventh private equity vehicle, which closed at its £2 billion (€2.4 billion; $3.3 billion) hard cap in April this year, according to the firm.

Hg, which is a sector-focused European firm, has made three software investments in 2013, including e-conomic, a European software as a service business serving SMEs, and Intelliflo Limited, which provides front and back office software to financial advisors, advisor networks and brokers.

P&I offers payroll and HR-related software to mid-market companies and the public sector in Germany and the surrounding region. The company serves almost 4,000 direct and 15,000 indirect customers and generated revenue of €82 million in FY 2013, according to the statement.

“We have been following the progress of P&I for over 10 years and have built a strong relationship with the outstanding management team in that time. We are delighted to have been selected as their preferred partner to take the business on to its next phase of expansion. We look forward to working with the management team lead by Vasilios Triadis as they continue to grow the business,” Kai Romberg, partner at HgCapital, said in a statement.

Nic Humphries, managing partner at Hg, added, “P&I is the maiden investment of HgCapital’s £2 billion HgCapital 7 fund. HgCapital has a proven track record in the European software sector of supporting management teams to grow industry champions and P&I is a valuable addition to our select group of investments in the sector.”