Hg makes raft of senior promotions

The promotions follow the successful double closing of HgCapital 8 and Mercury 2.

HgCapital has strengthened its executive team through a series of senior promotions, according to a statement from the firm.

The promotions follow the successful double closing of HgCapital’s latest flagship fund, HgCapital 8, and its second Mercury fund, which focuses on investments in the TMT and tech-enabled services industries.

The promotions include three to partner: Steven Batchelor, who heads the firm’s client services team and who led the two fundraisings over the past year; Jonathan Boyes within the firm’s TMT team, and David Issott in its Mercury team.

The firm has also promoted partners Matthew Brockman and Justin von Simson to managing partner, joining Matthew Rourke, managing partner and head of the services team.

Following these promotions, HgCapital has 16 partners and a total team of 120 people, based in London and Munich.

HgCapital 8 held a final close on its £2.5 billion hard-cap ($3.1 billion; €2.94 billion) having attracted investor demand in excess of £7 billion, while Mercury 2 closed on its £575 million hard-cap and was also more than three times oversubscribed.

HgCapital 8 officially launched in September 2016 with a target size of £2 billion and held a first close in December on £1.9 billion.

The fund received a re-up rate of around 90 percent. HgCapital Trust, the listed entity that invests only in HgCapital’s funds, is understood to have committed £350 million to the vehicle.

HgCapital made a GP commitment of at least 2 percent to each vehicle, as reported by Private Equity International.