US private equity firm Hellman & Friedman has raised an US$8.8bn fund and co-founder Warren Hellman stepped down as chairman.
The San Francisco-based firm said in a statement the fund would focus on large-scale equity-related investments of US$300m to US$1.2bn billion, primarily in the United States and Europe.
Hellman will stay on as a member of the firm’s investment committee, H&M said.
As part of a previously announced management transition plan, Philip Hammarskjold will succeed Brian Powers as chief executive.
The management changes are effective immediately.
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