INVESTING/PORTFOLIO STRATEGIES

HgCapital closes HgCapital 8 at £2.5 billion

HgCapital has closed European sector-focused private equity fund HgCapital 8 at £2.5 billion ($3.12 billion) after just five months fundraising, a news release said.

The private equity firm began fundraising in September and closed the fund at its hard cap. The fund makes investments in large European companies.

Investors in the fund include the $51 billion Pennsylvania Public School Employees' Retirement System, Harrisburg, and $25.6 billion Texas Employees Retirement System, Austin.

At the same time, HgCapital closed HgCapital Mercury 2 a £575 million at its hard cap. The fund, which will invest in smaller technology businesses in Northern Europe, closed in three months. The fund was launched in November.

The largest commitment to both funds came from HgCapital Trust, the listed investment trust managed by HgCapital.

Tom Eckersley and Jamie Dunkley, HgCapital spokesmen, could not be immediately reached by press time.