HGGC has raised $3.2 billion for its fifth flagship fund, surpassing both its $2.5 billion target and $2.8 billion hard cap despite challenging fundraising conditions. The vehicle secured commitments from pensions, endowments, family offices, and sovereign wealth funds. Global private equity fundraising fell 11% in 2025 to $490.81 billion, marking the second consecutive year of decline.

Chief executive Rich Lawson attributed the success to investors' flight to quality amid geopolitical tensions, noting that opportunities have shifted toward mid-cap or middle-market businesses. HGGC concentrates on middle-market transactions, typically involving deals of up to $1 billion, a strategy that resonated with limited partners seeking clearer mandates in a more selective environment.

The firm manages more than $10 billion, with its third fund returning approximately 2.3x investors' capital on a net basis with a 24% net IRR, while its fourth fund generated around 1.6x net and a 19% net IRR. HGGC also highlighted leadership continuity, having elevated David Chung, Bill Conrad, Steven Leistner, and Neil White to managing partner roles in recent years.