Hellman & Friedman LLC, a Delaware limited liability company (“H&F LLC”), and Hellman &
Friedman LP, a Delaware limited partnership (“H&F LP”), together establish and, with various of
their affiliates, provide investment advisory services to pooled investment vehicles that are exempt
from registration under the Investment Company Act of 1940, as amended (the “1940 Act”) and
whose securities are not registered under the Securities Act of 1933, as amended (the “Securities
Act”) (the “Funds” and each, a “Fund”). H&F LP is the manager of such Funds and has engaged
H&F LLC, through a subadvisory agreement, to assist H&F LP with certain of such advisory
services. The affiliates through which such advisory services are provided include the general
partners of the Funds (each, a “General Partner”). Certain of these affiliates are formed for tax,
regulatory or other purposes in connection with the organization of the Funds. H&F LP and H&F
LLC, together (where the context permits) with the General Partners, their affiliated management
companies and other affiliates that provide advisory services to the Funds, are referred to in this
brochure collectively as “H&F.”
H&F was formed in 1984 and raised its first institutionally-sponsored private equity partnership
in 1987. H&F has offices in San Francisco, New York and London. H&F LP is owned indirectly
through holding companies by its partners and H&F LLC is owned by its members, none of whom
are principal owners.
H&F is focused on making large-scale private equity-related investments in the developed
markets. Across sectors, H&F generally seeks high quality businesses with defensible competitive
positions, strong economic growth profiles and an orientation towards higher growth. H&F
generally seeks to build a concentrated portfolio of scale investments in its core sectors of
expertise, including technology; healthcare; consumer services & retail; financial services; and
information, content & business services. H&F continually seeks to identify new industries or
sub-sectors that meet its investment criteria. Although the primary focus of each Fund is on private
equity-related investments, H&F also may from time-to-time recommend other types of
investments consistent with the respective Fund’s investment strategy and objectives.
H&F’s advisory services consist of investigating, identifying and evaluating investment
opportunities, structuring, negotiating and making investments on behalf of the Funds, managing,
overseeing and monitoring the performance of such investments and disposing of such
investments. H&F serves as the investment adviser, sub-adviser, general partner and/or ultimate
general partner to the Funds in order to provide such services.
H&F provides investment advisory services to each Fund in accordance with various investment
management or advisory or sub-advisory agreements, as applicable (each, a “Management
Agreement”), the limited partnership agreement (or analogous organizational document) of such
Fund (each, an “Organizational Document”) and/or side letters with limited partners of the Funds
(the “Limited Partners” and, together with the General Partners, the “Partners”) (“Side Letters”
and together with the Management Agreements and the Organizational Documents, the
“Governing Documents”). Investment advice is provided directly to the Funds and not
individually to the Limited Partners. Investment restrictions for the Funds, if any,
are generally
established in the Governing Documents or offering documents of the applicable Fund.
For purposes of this brochure, a “Fund Family” means a group of Funds that is raised
simultaneously and contractually required to invest together, such as Hellman & Friedman Capital
Partners VII, L.P, and its affiliated parallel funds, Hellman & Friedman Capital Partners VIII, L.P.
and its affiliated parallel funds, Hellman & Friedman Capital Partners IX, L.P. and its affiliated
parallel funds, Hellman & Friedman Capital Partners X, L.P. and its affiliated parallel funds or
Hellman & Friedman Capital Partners XI, L.P. and its affiliated parallel funds. The Fund entities
that comprise a “Fund Family” are referred to herein as “Main Fund” entities. H&F from time-to-
time also establishes other investment vehicles, including dedicated or “standing” vehicles through
which one or more Limited Partners and/or third parties may invest alongside one or more Fund
Family(ies) in a single transaction or in multiple transactions (any co-investment vehicles
established by H&F, “Co-Investment Vehicles”). The term “Co-Investment Vehicles” includes
deal specific entities for one or more investors formed to invest alongside one or more Fund
Families in a specifically identified portfolio company or companies; and co-investment Funds
formed for one or more investors to invest together with one or more Fund Families. In addition,
from time-to-time, H&F also establishes certain investment vehicles for the purpose of purchasing
one or more investments from one or more Fund Families and/or for the purpose of purchasing
one or more investments from one or more Fund Families (often where the selling Fund
Family(ies) is approaching the end of its term) in connection with or alongside other Fund
Family(ies) making an investment (such transactions, “Continuation Transactions” and such other
vehicle a “Continuation Vehicle”). As part of a Continuation Transaction, the selling Fund’s
Partners from time-to-time may be, and have in the past been, given an election to rollover their
existing Fund investment into a new investment vehicle through which they continue to invest in
the underlying portfolio company or companies together with the purchasing Continuation Vehicle
and, where applicable, Funds (an “Extended Duration Vehicle”). For purposes of this brochure,
Co-Investment Vehicles, Continuation Vehicles, Extended Duration Vehicles as well as other
investment vehicles established for the purpose of purchasing one or more interests in one or more
of these vehicles on the secondary market or otherwise in connection with providing liquidity to
Limited Partners are collectively referred to as “Other Investment Vehicles”. For purposes of this
brochure, certain Other Investment Vehicles are deemed to be “Funds” because they are advisory
clients of H&F under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and
for purposes of the Securities Act and certain Other Investment Vehicles are not “Funds” for these
purposes. Certain of the Fund entities are comprised primarily of current and former employees
and/or friends or family of H&F and are referred to herein as “Associates Funds”.
As of December 31, 2023, H&F managed a total of $105,674,000,000 of client assets (calculated
as “Regulatory Assets Under Management” as defined in the Form ADV General Instructions), all
of which is managed on a discretionary basis.