# Hg

Hg is an Asset Manager based in London, United Kingdom.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** London, United Kingdom
- **Region:** Europe
- **Address:** London, United Kingdom
- **Founded:** 2000
- **Assets under management:** Undisclosed
- **Website:** hgcapital.com
- **LinkedIn:** https://uk.linkedin.com/company/hgcapital

## Regulatory record

- **Reports private funds:** No

## About

Hg is a private equity firm focused on AI transformation and building businesses that redefine how people work. For over 25 years it has invested in and supported businesses transforming workplace automation and professional productivity. It focuses on enterprise businesses providing mission-critical systems, handling deep proprietary data and executing complex, regulated workflows. Its portfolio includes 60+ companies and it operates a value creation team of 100+ AI experts.

## Sectors

- Enterprise Software
- FinTech
- Healthcare Services
- InsurTech
- Digital Health

## Offices

- Munich
- New York
- San Francisco

## People

- Nic Humphries — Senior Partner
- Matthew Brockman — Managing Partner
- Luke Finch — Partner

## Questions

### Who runs investment decisions at Hg?

A partnership of roughly a dozen senior partners shares decision-making authority across the three principal fund strategies. Nic Humphries led Hg’s transformation into a software specialist and remained senior partner throughout the firm’s scaling era. Matthew Brockman and Luke Finch serve as managing partner and partner, respectively, with day-to-day leadership of the Genesis and Mercury funds.

### How does Hg source proprietary deal flow?

Hg deploys a dedicated origination and relationship team, Hg RISE, to build pre-auction familiarity with vertical-software founders across Europe and North America. The firm also converts minority positions into control transactions through its ‘pass the baton’ approach, where an earlier-vintage fund retains residual ownership while a later fund acquires majority control. This layered holding pattern generates visibility into a company’s owner-operators well ahead of a full exit.

### Does Hg participate in fund commitments or only direct deals?

Hg invests directly into portfolio companies through its three closed-end fund strategies; it does not operate as a fund-of-funds or allocate to external managers. The Mercury strategy occasionally takes minority growth positions, while Saturn and Genesis pursue majority buyouts. The firm does not publicly raise open-ended permanent-capital vehicles.

### Which sectors does Hg explicitly avoid?

Hg has historically avoided consumer-facing technology, hardware, and life-sciences investment. The firm concentrates exclusively on B2B subscription-software models in sectors such as accounting, payroll, legal, healthcare SaaS, and insurance technology. It rarely invests in asset-heavy service businesses even when they share a software distribution model.

### How is Hg related to Mercury Private Equity?

Hg was originally the European arm of Mercury Private Equity, a UK-based manager. The partnership separated from Mercury early in the 2000s under the leadership of Nic Humphries and subsequently rebranded as Hg, adopting a software-only mandate well before specialist managers became common. The Mercury name survives today only as the label for Hg’s lower-mid-market growth fund.

## Related profiles

- [HFPX](https://altss.com/profile/hfpx)
- [HGGC](https://altss.com/profile/hggc)

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Last updated: 2026-08-11T15:06:57.816Z

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