HGGC managing partner and co-founder Richard Lawson has been promoted to chief executive officer.
Former CEO Gary Crittenden, who has held the position since April 2012, has assumed the role of chairman. The move comes as HGGC, formerly Huntsman Gay Global Capital, is expected to launch a fundraising process for its second fund, which will reportedly take place as early as next month. Huntsman Gay declined to comment on fundraising.
The timing of Lawson’s promotion coincides with HGGC returning all of the committed capital from its $1.1 billion debut fund, which closed in 2009. Earlier this month, the firm exited its investment in Munich-based e-commerce software company hybris, HGGC’s fifth portfolio company sale. The firm now has eight existing portfolio companies.
Last November, HGGC promoted three of its US-based investment professionals. Former senior vice presidents Jacob Hodgman, Hudson Smith and Neil White were promoted to principals.
HGGC focuses on mid-market buyouts, recapitalisations and growth equity transactions, and typically invests around $250 million per year. The firm completed two exits in 2012, selling utility servicer Power Holdings for $380 million in December and laboratory information services business Sunquest for $1.4 billion in August.
The firm was formed by Utah industrialist Jon Huntsman, the father of former Utah governor Jon Huntsman Jr., and former Bain Capital managing director Robert Gay. Among the firm’s managing partners is Steve Young, formerly the quarterback for the San Francisco 49ers, the professional football team.
HGGC is based in Palo Alto, California.