Hellman & Friedman is targeting more than $30 billion for its next flagship fund, a record for the private equity firm, according to people familiar with the matter.
The firm has begun pre-marketing to potential investors ahead of plans to formally launch fundraising efforts during the fourth quarter, one of the people said, asking not to be identified discussing private talks.
Terms, including the size of the fund, aren’t finalized and could still change. A representative for San Francisco-based Hellman & Friedman declined to comment.
The firm, led by Chief Executive Officer Patrick Healy and Executive Chairman Philip Hammarskjold, said in July that it raised $24.4 billion for its largest-ever fund, Hellman & Friedman Capital Partners X. Hellman & Friedman said at the time it had committed $1.8 billion, making it the vehicle’s largest investor. Pension funds including the California Public Employees’ Retirement System and California State Teachers’ Retirement System committed $1 billion and $600 million to the fund, respectively, data compiled by Bloomberg show.
Founded in 1984, the firm has offices in San Francisco, New York and London, and focuses on making large equity bets in growing technology companies. Its recent transactions include an investment in Splunk Inc. this month and the purchase of Athenahealth Inc. in conjunction with Bain Capital, a deal that was completed last month.
Hellman & Friedman was also part of a group of private equity firms that agreed to buy medical-supply company Medline Industries Inc. last year for about $34 billion, one of the biggest leveraged buyouts ever.
