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United States: Proskauer Advises Hg On Closing £1.5 Billion Hg Saturn 1
October 26, 2018 (London) – International law firm
Proskauer advised Hg on the raising of Hg Saturn 1 ("Hg
Saturn"), which closed on its hard-cap of £1.5
billion.
Hg Saturn, a software‑focused, large‑cap European
buyout fund will invest in companies with an enterprise value of
approximately £1 billion and above and is a natural extension
of Hg's core technology focus.
The fund received strong support from existing Hg investors, as
well as new investors. This closing marks the third fund the Firm
has closed for Hg since 2017, following the successful fundraisings
of Hg 8 and Hg Mercury 2, which closed on a combined £3.1
billion.
"We are delighted to have worked with Hg on developing,
implementing and raising Hg Saturn. We strive to work with our
clients to innovate and succeed, and in this case help Hg continue
to be one of the leading investors and owners of technology
business in Europe. It was a privilege to continue our longstanding
partnership with them," said Nigel van Zyl, head of
Proskauer's Private Funds Group in London.
"Proskauer's funds team are a well-oiled machine who
have supported us throughout our fundraisings on Hg8, Mercury2 and
now Hg Saturn," said Andrew Jessop, General Counsel at Hg.
"Their innovation and skill helped us take the genesis of an
idea and make it a reality. We are grateful to them."
The fundraise was led by partners Nigel van Zyl and Andy Shore
and a broad team in London and the U.S. including partner David
Tegeler and associates Chris Elson, Prishi Govender, James May,
Alexandra Chirea, Charlotte Baker and Galen Lewis (Corporate);
partners Catherine Sear and Mary Kuusisto, senior counsel Matthew
Pincus, and associates Richard Miller, Rebecca Wallis and Emily
Cummins (Tax); and special counsels John Verwey and Tony Drenzek
and associate Amar Unadkat (Regulatory).
Proskauer offers a full suite of services for the investment
management industry, with a market-leading global team dedicated
solely to advising asset managers, investment funds and their
advisers, financial institutions and institutional investors across
the asset class. The cross border team of over 130 lawyers is based
in the U.S., UK, Asia and Latin America and includes specialists in
tax, ERISA, regulation, financial services, employment, insurance,
fund finance, litigation and risk management who understand the
unique technical and commercial issues relevant to investment
managers.
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