HgCapital Seeks $2.8 Bln for New European Fund

HgCapital LLP is seeking 1.75 billion British pounds ($2.8 billion) for its next fund that will make private equity investments in Europe, according to a summary of terms viewed by Bloomberg News.

HgCapital 7’s hard cap is 2 billion British pounds, slightly more than the close to 1.9 billion British pounds the prior fund gathered in 2010, according to the summary.

The London-based firm is entering a market in which a number of European buyout shops are competing for a limited pool of investor capital. Nordic Capital is seeking 25 percent less than the 4 billion euros it originally targeted for its latest buyout fund. Permira, which has been fundraising for more than a year, is targeting 6.5 billion euros. British private equity firm Cinven Ltd. has gathered 80 percent of its 5 billion euro target for its latest fund.

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