Introduction to Fund manager Hg

Dimitri Bernard: Hg a private equity firm and the European leader LBO . It is an investment management firm founded in 1990. With 35 years of history, it now offers three private equity fund series exclusively dedicated to buyout the European software sector. At Hg, there is the Mercury fund, which targets the core of the mid-market; above that, the Genesis fund, which targets the upper mid-market; and finally, the Saturn fund, in which we have just committed to the Altaroc Odyssey fund, which targets large-cap companies. We are referring more specifically to the Hg 4 fund. While Hg always invested in the software sector, its very strong specialization really dates back to 2012, when the management team decided to abandon its other sectors to become a highly specialized player. The management firm then gradually positioned itself as one of the largest acquirers of software publishers, and in fact ranked first globally in 2024 according to Pitchbook. And if we now look Hg the European level—that is, within its investment territory—it is three times larger than competing private equity funds in the tech sector, and its size allows it to work with networks of exceptional experts, both for sourcing opportunities and for supporting portfolio companies. The investment strategy is clear: it targets companies with strong recurring revenues, high EBITDA margins—generally exceeding 40%—and a dominant market position. Hg one ofAltaroc strongest and longest-standing relationships, particularly because we invested in two of their funds in 2022. But we have also made many high-quality co-investments alongside them through our variousAltaroc Odyssey Vintage Odyssey the past three years.