The story
Hg began life as Mercury Private Equity, the private equity arm of Mercury Asset Management plc, a long-established UK-based asset management firm. Mercury Asset Management was acquired by Merrill Lynch in 1997. In December 2000, the executives of Mercury Private Equity negotiated independence from Merrill Lynch, and HgCapital (as it was then known) was established as a fully independent partnership wholly owned by its Partners and employees, who together work with a common purpose and culture.
In February 2017, the company raised its 8th £2.5 billion core fund and its 2nd £575 million Mercury fund, targeting smaller technology buyouts. Both funds were closed on their hard-caps and were more than 3x oversubscribed versus their targets, receiving strong re-ups from existing investors. The company raised its 1st time £1.5B Saturn large-cap fund in March 2018 and in 2020 raised $11B across three funds, Mercury 3, Genesis 9 and Saturn 2.
In 2021, Hg secured a majority investment in Serrala, a German provider of financial-automation and payments software.
In 2022, the company raised $11 billion for its largest fund, Saturn 3. In 2023, the firm reached the €6.75 billion hard-cap for mid-market fund Genesis 10 and held a final close on Hg Mercury 4 at over €2.4 billion.
In June 2024, Hg ranked 10th in Private Equity International's PEI 300 ranking among the world's largest private equity firms. In 2024 Hg Wealth raised €500m from its friends and family network into its fund. Later in the year, Hg Wealth signed a partnership with UBS. In the same year, Hg acquired audit, risk and ESG software firm Auditboard for over $3bn, as well as Focus Group, a UK-based business technology provider.
In October 2025, Hg sold GTreasury, a treasury management software company it had backed since 2023, to Ripple Labs for approximately US$1 billion. The platform was subsequently relaunched as Ripple Treasury.
From Wikipedia’s article on Hg (equity firm), shared under CC BY-SA 4.0.4