Hg: The $110B Software Specialist Behind Visma, IRIS and Hyperion

The firm

Hg, founded in 2000, is a London-based private equity firm laser-focused on software and tech-enabled services. It now manages over $110 billion in assets across roughly 60 portfolio businesses worth over $195 billion in aggregate enterprise value — employing more than 140,000 people and growing revenues at 16%+ annually. Hg operates from six offices (London, Munich, New York, San Francisco, Paris and Singapore) with 400+ employees. Its predecessor was Mercury Private Equity, the private equity arm of Mercury Asset Management. A listed vehicle, HgCapital Trust plc (HGT.L), gives public investors exposure to Hg's portfolio.

Thesis and sweet spot

Hg is a specialist, not a generalist: it backs entrepreneur-led, sector-champion software and services businesses and takes an active approach to value creation, combining deep end-market knowledge with a dedicated portfolio team of operational experts. It now positions itself as an AI leader in private equity — with 1,600+ GenAI projects live across the portfolio, 100+ agentic products launched, and approximately $260 million of budgeted EBITDA impact from AI initiatives. Funds are structured across buyout vehicles including Hg Saturn, which targets large-cap software champions.

Notable portfolio

Hg's portfolio reads like European SaaS royalty: Visma, IRIS Software, LucaNet, Access Group and P&I. In insurance distribution it backed Hyperion in a $5 billion transaction, and in 2026 it sold Gen II Fund Services to KKR for more than $5 billion. Other recent investments include Sovos, Argus Media, Managed Markets Insight & Technology and Greek ERP leader EnterSoftone.

People

Senior leadership includes Senior Partner Nic Humphries and a partnership bench of software-sector specialists with dedicated operational teams — Hg employs more than 400 people, including a large cohort of portfolio operators who work embedded with management teams.

Programs, credits and how to engage

Hg does not run a startup accelerator or credits programme; it invests large growth and buyout cheques (typically $100M+) in established software businesses. Founders engage through Hg's investment team, its portfolio operating network, or by building a relationship early — the firm is known for courting founders for years before investing.