
Hellman & Friedman Exceeds $20B for Latest Flagship Fund
Private equity firm Hellman & Friedman exceeded $20 billion for its latest massive fundraise, two years after collecting more than $24 billion for its predecessor vehicle.
The firm is targeting $24 billion for Fund XI, with reports suggesting it could go higher than that to reach a hard cap.
More than 125 investors have backed Fund XI to date according to a filing H&F submitted to the US Securities and Exchange Commission.
Earlier this year H&F received a $600 million commitment for the fund from CalPERS, which comes just a couple of years after the firm picked up $24.4 billion for the final close of Fund X. That was followed by $300 million from Virginia Retirement System in April.
Fund X raised by the firm in 2021 easily outstripped its already impressive $16 billion Fund IX from 2018, and rivals mega-funds raised by private equity giants Blackstone, Carlyle and KKR in recent years.
Recent big investments from San Francisco-based H&F include teaming with Permira to take software company Zendesk private in a $10.2 billion deal completed in November 2022.
