The history of Hg is a story of transformation: of companies, markets and technology itself.

From our birth on the eve of the SaaS evolution to the latest great platform shift, we have grown by staying close to where innovation happens fastest. Along the way, our culture of discipline, entrepreneurship and collective success has been the constant.

2025 saw Hg celebrate it's 25th year and as AI reshapes how software is built, it feels as though we've spent those 25 years growing up for just this moment - bringing earned industry experience to bear alongside technical expertise. The same ingredients that got us here plus some new ones.

25 years building the foundations. Now we're forming the future.

2000:

Hg is born. Founders Ian Armitage and Frances Jacob spin Mercury Asset Management out from Merrill Lynch, creating an independent firm with a clear purpose — to back great businesses with a long-term mindset. From day one, Hg blends institutional discipline with entrepreneurial spirit, setting the tone for everything that follows.

2001:

The first fund is raised, with investors entrusting the London-based team with £700 million. It’s a statement of belief in a young firm’s conviction: that focus, not size, will win in the long run. The early partnerships forged during this period lay the groundwork for decades of trusted relationships.

2004:

IRIS joins the Hg family — an early signal of where we’re headed. A pioneer in accounting and payroll software, it becomes the blueprint for Hg’s specialist approach to mission-critical workflow technology. Two decades later, we’re still invested, a testament to our philosophy of long-term partnership and compounding value.

2005:

We sharpen our focus with a sector-based approach across Consumer, Healthcare, Industrials, TMT, Services, and Renewable Energy. This structure allows deep expertise to take root. The seeds of our future software specialisation are quietly being planted, supported by a team growing in both confidence and conviction.

2006:

A defining moment. Hg takes Visma private from the Oslo Stock Exchange — an ambitious move that marks the start of a multi-decade partnership. The investment embodies our belief in recurring revenue, workflow software, and long-term value creation. Visma becomes a living example of what enduring collaboration can achieve..

2007:

Nic Humphries becomes CEO, bringing renewed energy and focus. Hg opens an office in Munich, strengthening our European presence and our ability to support local champions. It’s the beginning of a new chapter — one defined by sharper strategy, deeper relationships, and an unwavering focus on software and services.

2008:

As the global financial crisis unfolds, Hg stays disciplined and true to its strategy. We begin to narrow our focus, pivoting decisively toward technology and service businesses. While others retreat, we invest in building expertise — confident that long-term conviction, not short-term reaction, will define the outcome.

2010:

Matthew Brockman joins as Head of the newly formed Mercury investment team. Designed to back smaller, high-growth software businesses, Mercury extends Hg’s reach to the next generation of category leaders. It’s another step in our evolution — staying close to innovation while maintaining the discipline of our core.

2011:

The first Mercury fund launches, opening a new avenue for growth. Hg now has a platform that spans the software ecosystem, from early-scale businesses to global leaders. This tiered approach gives us flexibility, insight, and a clearer line of sight on the future of the industry.

2013:

Our specialisation deepens with the investment in P&I, a German HR software pioneer. It becomes one of the cornerstone partnerships that shape our understanding of the European software landscape. Each investment strengthens our network, insight, and ability to accelerate value creation across the portfolio.

2014:

The foundations of our Value Creation Team begin to take shape. Born from the idea that investors should be active partners, not just capital providers, the team focuses on sharing expertise across our software family. This hands-on model becomes central to how Hg helps businesses scale and improve.

2017:

Hg drops the “Capital.” A small change with big meaning — signalling our evolution from a traditional investment firm to a software-focused partner. The brand reflects who we’ve become: deeply specialised, collaborative, and confident in our purpose.

2018:

We launch the Saturn fund family, enabling investments of $1 billion + in scale software platforms. Alongside it, we introduce Hive, our online collaboration platform for portfolio leaders. Together they embody how Hg invests: combining capital, community, and expertise to accelerate growth and share insight across our ecosystem.

2019:

Our growing U.S. footprint leads to the opening of our New York office on Lexington Avenue. From here, we connect directly with some of the world’s most dynamic software and technology ecosystems. It’s another milestone in building a truly transatlantic platform, uniting talent and opportunity on both sides of the Atlantic.

2020:

Amid a global pandemic, we more than double our assets under management. In the same year, we launch The Hg Foundation, dedicated to removing barriers to education and skills in technology. It’s a reminder that progress isn’t only measured in returns, but in the opportunities we help create for others.

2022:

Our transatlantic expansion continues with a new office in San Francisco — at the heart of global innovation. We also launch Hg Wealth, opening access to our investment strategies for private investors. It’s another example of our long view: building partnerships that last across markets, generations, and cycles.

2023:

The Hg family reaches 50 companies employing over 80,000 people. To mark the milestone, we open a Paris office — strengthening our European network and celebrating how far we’ve come. Each partnership, each company, and each person adds to the fabric of a community that’s built for the long term.

2024:

We open in Singapore, extending our reach into Asia’s fast-growing technology markets. It’s a natural next step in our evolution — connecting global ecosystems while staying true to our focused, specialist approach. Our presence now spans where innovation happens fastest.

2025:

We celebrate our 25th birthday by reaching $100 billion in assets under management. A milestone that reflects two and a half decades of long-term conviction, partnership, and growth. Yet for us, it’s not a finish line — it’s the foundation for the next 25 years of building for what’s next.