Great Hill Partners has closed its ninth flagship fund above its $5 billion target, just five months after launch, even as its $4.65 billion predecessor faces write-downs and a negative IRR from high-valuation 2021–2022 deals.
Despite those headwinds, LPs including ATRS, Illinois Municipal Retirement Fund and Tennessee Consolidated Retirement System re-upped, with ATRS citing expectations of recovery in underperforming investments. As part of the fund launch, four managing directors joined the firm’s executive committee, while longtime member Michael Kumin shifted to senior advisor.