Performance watch: Hellman & Friedman

PEI maps performance by internal rate of return and multiple on invested capital across the firm's private equity funds.

Hellman & Friedman is seeking $23 billion for its 11th flagship vehicle, according to documents prepared for investment staff at Minnesota State Board of Investment and Massachusetts Pension Reserves Investment Management Board.

Capital raising for Hellman & Friedman Capital Partners XI comes just over a year after the firm held a $24.4 billion final close for Hellman & Friedman Capital Partners X.

New York State Common Retirement Fund, Tennessee Consolidated Retirement System and Houston Firefighters’ Relief and Retirement Fund have backed HFCP XI, PEI Group data shows.

HFCP XI will follow the same strategy as the San Francisco-headquartered firm’s previous vehicles, investing between $400 million and $4 billion in equity in mid- to large-cap companies in US and Europe. Target sectors are technology, healthcare, consumer services and retail, financial services and information, and other business services, according to MSBI documents.

The vehicle will have a six-year investment period and a 10-year term, subject to a two-year extension with the approval of LPs or the advisory board.

Hellman & Friedman declined to comment.

The interactive chart below shows the firm’s previous fund performances, based on publicly available limited partner data. The bubbles are sized proportionately to the size of the fund; toggle between the tabs to see how they have fared by net internal rate of return and multiple on invested capital.

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