2024: A Year in Review

Looking ahead at the future of work

"We have to be the best in the world at translating what is happening in the world of technology to what is going to happen in the workplace."

The message of our recent AGM, encapsulates what we've been striving for, not just for the past year but for the past 25. Bringing the best that human endeavour can produce and applying it to the everyday.

In a year when AI hype started to boil down to AI reality, our mission continues to find new obstacles and opportunities to tackle.

Take a look below to see how our network of software leaders and experts have been faring - and what they have been thinking about - this year.

Hg at the end of 2025*

~$30bn

software & services proceeds returned 3.0x gross MOIC / 31%+ gross IRR

+$185bn

aggregate EV of the Hg portfolio

$100bn

+ Assets under management

130+

total software and services investments (200+ total)

430+

employees across London, Munich, New York, Paris, San Francisco & Singapore

300+

GenAI projects live across the portfolio

TBC

During 2024 we have shared various insights on GenAI, sharing thoughts from reconnaissance trips to Silicon Valley, the launch of Hg’s in house Retina products and from software leaders across the Hg ecosystem.

In an episode of out Orbit podcast, Matthew Brockman sits down with David Carmona, Avaneesh Marwaha, and Soeren Brogaard, who bring their rich experience in AI to the table. They discuss Microsoft's leadership in AI integration, Litera's innovative legal workflow tools, and Trackunit's role in revolutionizing the construction industry with AI.

Watch the full version here.

Our portfolio in numbers

A resilient year in our ecosystem of software and services champions
(as at 30 September 2025)

55+

Portfolio companies

+130k

portfolio employees

+18%

portfolio sales growth LTM

+$26bn

total revenue of our companies

Highlights from 2025

Steven Batchelor and Jean-Baptiste (“JB”) Brian will become Managing Partners and Co-CEOs, supporting the next phase of the firm’s development, reinforcing Hg’s position as the only transatlantic investor of scale in software and workplace automation technology.

Catalyst will bring a scaled capacity of over 80 elite AI engineers, product managers, and designers who work directly within portfolio companies to build production-grade AI products that generate real customer value.

25 years is long time in technology. When Hg spun out of Mercury Asset Management in 2000, just 6% of the world was online. Since then, we’ve grown into one of the world’s leading software investors. Explore our story.

Software Leadership Gathering 2025: Accelerated Intelligence

This year we brought together an exclusive group of 100+ senior leaders from some of the most valuable software businesses, representing over $700bn in enterprise value, to explore our theme "Accelerated Intelligence: Reinventing the future of software." Against the backdrop of unprecedented AI advancement, we convened industry pioneers to examine how artificial intelligence is fundamentally reshaping software products, business models, and organisations.

Learn more

Portfolio news

A peak into a year full of successful movement in our portfolio

EQT, Hg and TA-owned IFS valued at EUR 15 billion in minority stake sale

P&I secures further backing from Hg in €5.5 billion transaction

Payworks announces strategic investment from Hg

A-LIGN announces strategic investment from Hg

EQT, Hg and TA-owned IFS valued at EUR 15 billion in minority stake sale

P&I secures further backing from Hg in €5.5 billion transaction

Payworks announces strategic investment from Hg

A-LIGN announces strategic investment from Hg

Conversations with software leaders on Hg's Orbit Podcast

Fevered determination: Building Zalos from zero to enterprise in 5 weeks

William Fairbairn, founder of Zalos.ai and part of Y Combinator's class of 2025, reveals what it takes to build at Silicon Valley velocity.

Trust, velocity, and building the Answer Engine: Dmitry Shevelenko

Perplexity's Chief Business Officer Dmitry Shevelenko reveals how a company barely three years old is mounting the first credible challenge to Google's search dominance in two decades.

The long road to the last mile: reflecting on 25 years of Hg

In this candid anniversary conversation, Hg's leadership team of Matthew Brockman and Nic Humphries reflects on 25 years of building one of Europe's most focused software investors.

AI, Control Points, and the Next Wave of Vertical SaaS

Tidemark Capital founder Dave Yuan shares his journey from Bain consultant to building one of the most thoughtful voices in vertical SaaS investing.

Footnotes

All facts and figures as at 30 September 2025, adjusted for post period events, including realised and partially realised software & services investments made post-independence from 2001 to 2025. Past performance is not a reliable indicator of future results. The value of investments and the income from them can go down as well as up as a result of market and currency fluctuations and investors may not get back the amount they originally invested.

*~$30bn software & services proceeds returned at 3.0x / 31% (*Proceeds translated from GBP to USD as at 30-Sep-25 FX. Excludes co-invesmtent proceeds.)

>$160bn EV (*based on Q3 adjusted PF for post-period events)

130+ total software & services investments (200+ total investments overall) (*based on Q3 adjusted PF for post-period events)

55+ current platform investments

14 new platform investments (*includes new platform investments into existing portfolio companies)

Portfolio

+$26bn total revenue (*as at 30 September 2025)

+18% portfolio sales growth LTM - hese figures represent LTM 30 September 2025 sales and EBITDA growth of the investments held by HgCapital Trust plc (100% Hg portfolio), calculated on a weighted basis, based on the respective gross valuations of the underlying investments. HgT, whose shares are listed on the London Stock Exchange, gives private and institutional investors the opportunity to participate in all Hg's investments.