Hellman & Friedman

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Hellman & Friedman LLC
Type Private Ownership, LLC
Founded 1984
Headquarters San Francisco, California
Industry Private Equity
Products Leveraged Buyout
Employees 45+ (2008)
Website www.hf.com

Hellman & Friedman (H&F) is a private equity firm, founded in 1984 by Warren Hellman [1][2] and Tully Friedman[3], that makes investments primarily through leveraged buyouts and minority growth capital investments.

H&F has focused its efforts on several core target industries including media, financial services, professional services and information services. The firm tends to avoid asset intensive or other industrial businesses (e.g., manufacturing, chemicals, transportation).

H&F is based in San Francisco, with offices in New York and London. As of 2008, H&F employed approximately 45 investment professionals, including 14 managing directors, 8 directors, 6 prinicpals and 13 associates as well as senior advisors and general counsels.

[edit] Investments

A core element in the H&F’s strategy is investing ‘growth’ opportunities whether it is an industry sector or a specific company and as a result H&F will invest in a variety of structures, frequently making minority investments with only limited controls. H&F views its willingness to accept minority positions as a competitive advantage while acknowledging the inherent risks associated with a minority position. Additionally, H&F has taken a number of unconventional steps to finance and close transactions, including arranging and syndicating the financing for several investments including Getty Images and Goodman Global.[4]

Since closing its sixth private equity fund in 2007, H&F has been active in making new investments:

[edit] Investment Funds

H&F invests through a series of private equity funds (structured as limited partnerships) and its investors include a variety of pension funds, endowments and other institutional investors:

  • 1984 — Hellman & Friedman I
  • 1991 — Hellman & Friedman II ($826 million)
  • 1995 — Hellman & Friedman III ($1.5 billion)
  • 2000 — Hellman & Friedman IV ($2.2 billion)
  • 2004 — Hellman & Friedman V ($3.5 billion)
  • 2007 — Hellman & Friedman VI ($8.4 billion)[13]

Source: Private Equity Intelligence[14][15]

[edit] References

  1. ^ BusinessWeek Resume: F. Warren Hellman
  2. ^ A Casual Approach to Success: Warren Hellman (Harvard Business School Bulletin)
  3. ^ Tully Friedman resigned from Hellman & Friedman in 1997 to form Friedman Fleischer & Lowe, a competing San Francisco-based private equity firm
  4. ^ Financing without banks (WSJ.com, February 25, 2008)
  5. ^ Getty Images Agrees to Be Acquired by a Private Equity Firm (New York Times, February, 26, 2008)
  6. ^ DoubleClick Agrees To Be Acquired By Hellman & Friedman (New York Times, 2007)
  7. ^ Closing Letter to Counsel for Hellman & Friedman Capital Partners (Federal Trade Commission)
  8. ^ Maker of Heating Systems Is Bought for $1.8 Billion (New York Times, October 23, 2007)
  9. ^ World Business Briefing | Europe: Britain: Hedge Fund Manager Acquired (New York Times, 2006)
  10. ^ The Deal That Even Awed Them in Houston (New York Times, November 23, 2005)
  11. ^ Buyout Bid For Parent Of Nielsen (New York Times, 2006)
  12. ^ Firm Pays $240 Million For 9.8% Stake in Nasdaq (New York Times, 2001)
  13. ^ Hellman & Friedman closes $8.4 bln equity fund (Reuters, 2007)
  14. ^ Private Equity Intelligence
  15. ^ Hellman & Friedman - About the Firm