Hellman & Friedman — funds, providers and filings

The US-reported view

The sections below draw on US regulatory filings — SEC Form ADV and Form D — and on US investors' own disclosures. They set out Hellman & Friedman's US-reported slice: the funds, service providers, domiciles and activity visible in US filings, not its worldwide business.

1. US-SEC private funds

This page reports $107.3bn of gross asset value across 59 private funds that Hellman & Friedman reports on SEC Form ADV, filings through 2024. Its firm-wide figures are in the Assets summary at the top of this page, measured on a different basis.

Worldwide, 30 registered fund vehicles are on file under its management companies, on the worldwide entity register (read 2026-10-05) — these are legal fund entities, not the share classes or products a manager markets.

2. Service providers

EY audits 59 of the 59 Hellman & Friedman funds that name an auditor on Form ADV Schedule D, filings through 2024 — more than any other firm. Gen II administers 15 of the 15 that name an administrator, on the same filings. Relationships the filings attribute to Hellman & Friedman's own group are part of its structure, not third-party appointments, and are left out of these counts.

Across the funds that disclose each role on Schedule D — the count is funds naming that provider, of funds disclosing the role at all:

3. Fund domiciles

27 of Hellman & Friedman's 59 SEC-reported private funds are domiciled in Cayman Islands, its largest single domicile on Form ADV, filings through 2024. Delaware is next, and the bars below give the rest in order.

4. Fund performance

Every figure here is a disclosing pension plan's own, on that plan's own reporting date. Nothing is blended into a manager-level return, because no plan published one.

Per-fund net IRR, multiple and DPI as disclosed by the pension plans invested in the funds — the LPs' own numbers, on their own dates, not the manager's. One row per plan disclosure. Where two plans hold the same fund and report different numbers, both rows show, with their dates:

Young vintages sit in the J-curve: an early negative IRR mostly reflects fees drawn before value is realised, and is not a verdict on the fund.

5. Known LP investors, from their own disclosures

Washington WSIB (7), CalSTRS (5), CalPERS (4), Minnesota SBI (4), Oregon OPERF (4) — the count is this manager's funds appearing in that plan's disclosure.

6. Management entities

The largest of the 1 entities filing Form ADV here is Hellman & Friedman LLC, CRD 158614 of San Francisco, with 59 of the 59 funds. Every figure above rolls those filers up into one business. The table below traces each of them back to the entity that filed it, so a number can be checked against its own record rather than taken on trust.

7. Similar managers

• Insight Partners — also names EY as auditor on 135 of its funds (its Form ADV)
• Oaktree — also names EY as auditor on 310 of its funds (its Form ADV)
• CVC — also names EY as auditor on 71 of its funds (its Form ADV)
• Francisco Partners — also names EY as auditor on 5 of its funds (its Form ADV)
• Man Group — also names EY as auditor on 84 of its funds (its Form ADV)
• ICG — also names EY as auditor on 143 of its funds (its Form ADV)