Hellman & Friedman
Private equitySan Francisco · Growth–Late Stage
Investment thesis
H&F pursues a disciplined investment approach focused on acquiring distinctive, market-leading companies where the firm can apply its substantial operational expertise and experience. The firm invests heavily in the growth of its portfolio businesses and partners with differentiated management teams to navigate complex market dynamics, particularly in software, healthcare, financial services, consumer and retail, and business services.
Source: firm website, verified Aug 18, 2026.
What they invest in
from 2 of 3 portfolio companiesEnterprise Software ×2B2B Marketplaces ×1Fintech ×1Media & Entertainment ×1SaaS ×1
HQs:Italy×1
Investments · 3 tracked
founders shown can be your intro pathHyve operates industry-leading B2B events and tech-enabled commercial products across "Super Verticals" including healthcare, ecommerce, supply chain, marketing, edtech and financial services.
B2B MarketplacesEnterprise SoftwareMedia & Entertainment
AI services firm introduced with Anthropic and Blackstone
TeamSystem provides digital business management software for companies and professional practices, including electronic invoicing, digital signatures, and credit assignment services.
Enterprise SoftwareFintechSaaS
Co-investorsCapitalGPalamon Capital PartnersSilver Lake Partners
Portfolio news
latest coverage across their companiesTeamSystem · secondarylink.com · Jul 28, 2026
Fund performance · per public LP disclosures · 18
as of Sep 2025| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| H&F Spock 1, L.P.LPs: Los Angeles County Employees Retirement Association, New Mexico Public Employees Retirement Association, Los Angeles City Employees' Retirement System | 2024 | — | -12.9% | 0.81x | 0.00x |
| Hellman & Friedman Capital Partners XI, L.P.LPs: Washington State Investment Board, Empire State Development – New York Ventures, Oregon Public Employees Retirement System +11 more | 2022 | — | — | 0.00x | 0.00x |
| H&F Samson Brunello 1, L.P.LPs: New Mexico Public Employees Retirement Association | 2021 | — | — | 3.63x | 1.02x |
| Hellman & Friedman Capital Partners X, L.P.LPs: Washington State Investment Board, California Public Employees' Retirement System, Empire State Development – New York Ventures +18 more | 2021 | — | 5.5% | 1.16x | 0.15x |
| Hellman & Friedman Partners XLPs: California State Teachers' Retirement System | 2021 | — | 6.0% | 1.16x | 0.14x |
| H&F Arrow 1LPs: New Mexico Public Employees Retirement Association, Los Angeles City Employees' Retirement System | 2020 | — | — | 2.64x | 0.00x |
| H&F Samson Hockey 1, L.P.LPs: New Mexico Public Employees Retirement Association | 2020 | — | — | 2.68x | 1.00x |
| H&F Samson Hockey 1, LP (Hub)LPs: California State Teachers' Retirement System | 2020 | — | 33.7% | 2.66x | 1.00x |
| H&F Samson Shield 1, L.P.LPs: New Mexico Public Employees Retirement Association | 2020 | — | — | 1.56x | 0.19x |
| Hellman & Friedman Capital Partners IXLPs: Washington State Investment Board, California Public Employees' Retirement System, California State Teachers' Retirement System +12 more | 2019 | — | 13.1% | 1.68x | 0.19x |
| Hellman & Friedman Capital Partners IX PELPs: Maine Public Employees Retirement System | 2018 | — | 34.6% | 1.27x | 0.00x |
| Hellman & Friedman Investors IX, L.P.LPs: Minnesota State Board of Investment | 2018 | — | 13.4% | 1.77x | 0.21x |
| Hellman & Friedman Capital Partners VIIILPs: Washington State Investment Board, California Public Employees' Retirement System, Empire State Development – New York Ventures +9 more | 2016 | — | 10.4% | 1.70x | 0.74x |
| Hellman & Friedman Capital Partners VIII PELPs: Maine Public Employees Retirement System | 2014 | — | 25.4% | 1.95x | 0.29x |
| Hellman & Friedman Capital Partners VIILPs: Washington State Investment Board, California Public Employees' Retirement System, Empire State Development – New York Ventures +10 more | 2011 | — | 24.8% | 3.31x | 3.24x |
| Hellman & Friedman Capital Partners VII PELPs: Maine Public Employees Retirement System | 2009 | — | 25.1% | 2.60x | 2.22x |
| Hellman & Friedman Capital Partners VI LPLPs: California Public Employees' Retirement System, Washington State Investment Board, California State Teachers' Retirement System +4 more | 2007 | — | 12.9% | 1.80x | 1.80x |
| Hellman & Friedman Capital Partners V LPLPs: California Public Employees' Retirement System, Washington State Investment Board, Florida State Board of Administration +2 more | 2004 | — | 27.9% | 2.70x | 2.66x |
Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).
Frequently asked questions
- What stage does Hellman & Friedman invest at?
- Hellman & Friedman invests at the Growth, Late Stage stages.
- What sectors does Hellman & Friedman focus on?
- Hellman & Friedman focuses on B2B Marketplaces, Consumer, Data & Infrastructure, EdTech, Enterprise Software, Fintech, Healthtech, InsurTech, Marketing Tech, Media & Entertainment, Medical Devices, SaaS.
- Where is Hellman & Friedman located?
- Hellman & Friedman is headquartered in San Francisco, US.
- Does Hellman & Friedman lead rounds?
- Yes, Hellman & Friedman leads investment rounds.
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