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Alternative Assets  + Private Equity  |  July 10, 2023
Hellman & Friedman Exceeds $20B for Latest Flagship Fund
Joe Palmisano
By: Joe Palmisano

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.

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Hellman & Friedman

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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