HgCapital 6 LP is a £1.75 billion ($3.1 billion) fund, with no established hard cap. HgCapital expects to invest the fund in 15 to 20 companies, located mainly in the United Kingdom, Germany and the Benelux region, making an average equity investment of £80 million to £120 million. Industry-wise, the vehicle targets the telecom, media, technology, industrials, health care, consumer, leisure and service sectors.
The pledge marks Texas’s first commitment to London-based
In September, the pension fund pledged $50 million to
Consultant Altius Associates is helping Texas identify funds to invest in, including buyout, growth equity, mezzanine, secondaries, turnaround/restructuring and distressed debt funds. The pension fund made its first private equity pledge in 1998 but did not make its second until 2007. It now has commitments to about 20 private equity funds. The actual allocation to private equity stood at 0.6 percent, as of Sept. 30, a long way from its 8 percent target, which it anticipates reaching in 2015.