HGGC, the Palo Alto-based middle-market private equity firm co-founded by Hall of Fame quarterback Steve Young, announced that it has raised $3.2 billion for its fifth flagship fund, surpassing its target and hard cap in what remains a competitive fundraising environment for private markets.
The firm confirmed the milestone through an official post on X, formerly known as Twitter, highlighting the successful close of Fund V and underscoring continued institutional support for its investment strategy.
Founded in 2007, HGGC focuses on building and scaling companies across the technology, business services, financial services, and consumer sectors. Over the years, the firm has completed hundreds of platform investments, add-on acquisitions, and exits, generating significant aggregate enterprise value and establishing itself as a repeat middle-market investor.
Among its notable investments are Fullscript, a digital health and wellness platform that supports personalized care solutions; Entrata, a software provider serving the multifamily housing market; and Trucordia, formerly PCF Insurance, a national insurance brokerage platform that has expanded through multiple acquisitions with HGGC’s backing. These portfolio companies reflect the firm’s emphasis on scalable, technology-enabled businesses with strong management teams.
HGGC is known for its partnership-driven approach, often working closely with founders and executives while providing operational expertise and capital to accelerate growth. The firm typically supports companies through organic expansion initiatives as well as strategic add-on acquisitions designed to enhance market position and long-term value creation.
With $3.2 billion in fresh capital from Fund V, HGGC is positioned to continue pursuing new platform investments and follow-on acquisitions across its target sectors. The successful raise signals ongoing confidence from limited partners in the firm’s strategy, track record, and ability to navigate evolving market conditions.
Financial terms beyond the total capital raised were not disclosed.
