Hellman & Friedman
Patrick Healy, CEO
Overview
Notable Funds
Fund Scorecards (1)
Description
San Francisco-based, concentrated portfolio approach — typically 10-15 companies per fund. Fund XI raised $24.4B (2022). Backed Verisure, Hub International, Kronos/UKG, Grocery Outlet. Low bankruptcy rate due to focus on recurring-revenue businesses. Hub International at 8.5x leverage — a key credit watch name in insurance brokerage roll-ups.
Related Deals (8)
| Company | Sector | Year | Multiple | Leverage | Status |
|---|---|---|---|---|---|
| Medline Industries | Healthcare | 2021 | 18x | 5.5x | active |
| Athenahealth | Healthcare | 2022 | 14x | 6x | active |
| Zendesk | Software | 2022 | 8x | 5.5x | active |
| Hub International | Insurance | 2018 | 14x | 7x | active |
| Nielsen Holdings | Media / Data | 2006 | 9x | 7x | active |
| Athenahealth (Dividend & Refinancing) | Healthcare IT | 2022 | 14x | 6x | active |
| MultiPlan (Healthcare Cost Management) | Healthcare | 2020 | 15x | 7x | active |
| Medline Industries (IPO attempt) | Healthcare | 2021 | 18x | 5.5x | active |
Hot Potato Deals
AthenaHealth
$5.7B → $17B in ~2 years. Veritas/Elliott tripled their money. H&F and Bain are the bag-holders at peak-era price.
Active — H&F/Bain holding at 3x what Veritas paid, peak-era valuation
Medline Industries
$34B take-private — the largest PE-backed healthcare deal ever. Three mega-firms needed to split the equity check. Heavily levered medical supply distributor in a margin-compressed industry. The Mills family took chips off the table; PE is holding the bag at peak multiples.
Active — consortium holding at $34B. Largest PE healthcare deal in history. IPO path unclear.