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Hg Fusion Private Capital Fund
Key Statistics
Fund Size
€1,100M
Target Return
24.5%
Annualized Return
20.0%
Launch Year
2023
Min. Investment
€25,000
Availability
Open through selected distributors
Structure
Sub-fund of S64 AltoFlex VI Private Markets SICAV (Luxembourg Part II UCI)
Product Category
Open-end
Domicile
Luxembourg
GP Type
Single
Liquidity Level
Semi-liquid
Management Fee
0%
Carry
None at Fusion level (underlying Hg fund fees apply)%
High Water Mark
No
ISIN
LU2693098571
Currencies
EUR, GBP, USD
Investor Eligibility
Professional
Liquidity Options
Quarterly redemptions
Highlights
Key Information Document (KID) – EU Funds
KID Risk Indicator
4 out of 7
Annual Returns (KID Scenarios)
Stressed
-6.5%
Moderate
20.9%
Favorable
24.5%
Average Total Cost Level (KID)
1.22%
Allocations
Geographic Focus
Investment Strategy
Industry Focus
Information about fund
Hg’s Software Portfolio in an Evergreen Wrapper
Hg Fusion is the evergreen way into Hg, one of the world’s most active software-focused buyout investors. It is structured as a sub-fund of the S64 AltoFlex VI Private Markets SICAV, a Luxembourg Part II fund launched in the fourth quarter of 2023. The fund holds primary and secondary investments in Hg’s funds across the Saturn, Genesis, Mercury and Titan strategies, makes direct co-investments in Hg portfolio companies, and keeps between 5% and 15% in cash for liquidity. The target mix is roughly 60% to 80% primary fund investments, 10% to 20% co-investments and 5% to 10% secondaries, giving exposure to approximately 55 to 60 business-to-business software companies — around two-thirds of them in Europe.
Key Figures
Net Asset Value
$1.2B
31 March 2025 (~€1.1B)
First-Year Return
~20%
Net NAV growth, first 12 months
Target Return
15–17%
Net p.a., long-term target
Fusion-Level Fees
None
Underlying Hg fund fees apply
Minimum
€25,000
Via distributor; €100,000 direct
Liquidity
Quarterly
5% NAV gate, 20 business days’ notice
Performance and Demand
Growth has run ahead of plan. Within 12 months of launch the net asset value had reached $1 billion, and at 31 March 2025 it stood at $1.2 billion, with a first-year net NAV return of around 20% beating the long-term target of 15-17% a year. Demand through private banks — UBS was the launch distribution partner — left the fund oversubscribed, and Hg now caps quarterly subscriptions to protect the return target. The underlying companies grew revenue 22% and EBITDA 23% in that first year, at margins of around 32%.
Terms in Detail
Hg Fusion Terms (factsheet)
| Legal form | Sub-fund of S64 AltoFlex VI Private Markets SICAV — Luxembourg Part II UCI, indefinite term |
| Investment manager / AIFM | Hg Pooled Management Limited / Carne Global Fund Managers (Luxembourg) |
| Launch | Q4 2023 |
| Portfolio mix (target) | Primary Hg funds 60–80%, co-investments 10–20%, secondaries 5–10%, cash 5–15% |
| Hg strategies | Saturn 30–40%, Genesis 20–30%, Mercury 10–20%, Titan (junior debt) 10–15% |
| Fees | No management or performance fee at Fusion level; underlying Hg fund fees, platform and distribution costs borne by the fund |
| Subscriptions | Quarterly, 10 business days’ notice; 100% upfront, distributions rolled over; subscription caps currently applied |
| Redemptions | Quarterly, 20 business days’ notice, 5% of NAV per quarter; 2% deduction if held < 1 year; settlement ≤35 business days (55 in December) |
| Share classes | EUR, GBP, USD accumulation |
| SFDR / leverage | Article 8; borrowing limit 35% loan-to-value |
| Eligibility | EEA/UK professional investors and equivalents; not offered to US persons |
On fees, Hg does not charge a management or performance fee at the Fusion level, but the fund pays the ordinary fees of the underlying Hg funds it invests in, plus platform, set-up and distribution costs. The minimum investment is €25,000 through a distributor or €100,000 direct, with accumulation classes in euros, sterling and dollars. Subscriptions are quarterly with a 10-business-day notice period; redemptions are quarterly with 20 business days’ notice, capped at 5% of NAV per quarter, and shares held for less than a year carry a 2% early-exit deduction. Redemption proceeds settle within 35 business days, or up to 55 for the December dealing date. The fund is SFDR Article 8, may borrow up to 35% loan-to-value, and is offered to EEA and UK professional investors and equivalent qualified investors elsewhere; it is not offered to US persons.
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