Updated HGGC Thoughts (2024)
Anyone have updated thoughts on the fund? Have heard they are growing pretty fast and interested in them as they do their off cycle process.
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From public info they look to be growing steady as u mentioned with fund size…I believe it’s a smaller team so pretty impressive given deal team head count. WSO data has comp at/maybe above little above street in some cases…think ASO 1 comp was 150/150 around 2020-22.
Just from what i’ve seen online they have had some nice recent exits. Also impressive they had oversubscribed fund in 2022 with all the mayhem.
This is very anecdotal so take it with a grain of salt, but what I was told is that as a firm HGGC has some legacy / founding partners that are still sucking up carry dollars so if you are looking at this as a career track role, it might be worth poking around to find out if that is true or not.
Also have a very "mormon" culture, if you're more of a family-oriented person then that's probably a plus, if you're a partier though that's probably not as much of a cultural fit.
It sounds like you've never been to the Bay area. I can't speak to the specific "mormon" culture of the firm that you're referencing, but as someone in PE in SF, this is pretty much the orientation of everyone both in the city and on the Peninsula. The majority of people are family / outdoor activity oriented. The lifestyle I live now, along with my friends, is night and day vs. my experience in NYC where I was going out at every free moment.
They just raised Fund V at $3.5B. how does this change the outlook of the fund?
They raised 3.2bn. Great sign for them, as it was significantly greater than their target. It seems like these past years have been when winners and losers in MM world are being determined; a lot of similar 2-4bn fund size firms that haven't raised since 2021. Very strong signal of things going right.
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