FORTUNE -- HGGC, the mid-market private equity firm whose partners include former NFL quarterback Steve Young, is in the midst of raising $1 billion for its second fund.
The Palo Alto, Calif.-based firm disclosed its intentions in a recent SEC filing, and a source familiar with the situation says that a first close is just weeks away.
HGGC (f.k.a. Huntsman Gay Global Capital) opened its data room back in December, with plans to market throughout 2014. But the process has been accelerated a bit, after entering into negotiations for one or two new "platform-type" acquisitions.If those transactions occur, HGGC would need to draw capital from the new fund (its $1.1 billion debut fund still has some dry powder, but mostly just for add-ons to existing portfolio companies).
Evercore Partners is serving as placement agent.
HGGC's first fund featured a 20.2% internal rate of return through the end of Q1 2013, according to data published by the California Public Employees' Retirement System. Existing portfolio companies include MyWebGrocer and Citadel Plastic Holdings. Upon selling Hybris Software to SAP (SAP) last summer, the firm had returned all of its called capital.
Three of HGGC's five founders -- Young, CEO Rich Lawson and Greg Benson -- are participating on the second fund. Jon Huntsman Sr. has retired, while Bob Gay left in 2012 to work full-time with The Church of Jesus Christ of Latter-day Saints.
Lawson declined to comment on the fundraising, citing SEC marketing restrictions.
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Hybris Software gets ready for its public closeup.
FORTUNE -- Hybris Software is planning to go public in the middle of this year, Fortune has learned.
The Germany-based company plans to list in the U.S., but has yet to pick an exchange. I'm not sure who's getting top left, but participating banks are expected to include Credit Suisse (CS), J.P. Morgan (JPM) and Morgan Stanley (MS).
Hybris basically plans to position itself as Workday MOREDan Primack - Jan 17, 2013 11:54 AM ET
Private equity firm adds lawyer as new managing partner.
FORTUNE -- Four months ago Robert Gay stepped down as CEO and managing partner of private equity firm Huntsman Gay Global Capital. The move led to layoffs, an office closure and the postponement of a new fundraising effort. Now it seems that Huntsman Gay is beginning to regroup.
Fortune has learned that longtime private equity attorney James Learner has agreed to join Huntsman MOREDan Primack - Aug 24, 2012 2:25 PM ET
Big changes for private equity firm, in the wake of their leader's departure.
FORTUNE -- Earlier this month, we reported that Bob Gay was stepping down as CEO and managing partner of Huntsman Gay Global Capital, in order to go work full-time at his church. At the time, sources said that the move was not expected to have broader implications on firm strategy or fundraising. That has changed.
Huntsman Gay has informed limited MOREDan Primack - Apr 27, 2012 10:00 AM ET
Private equity firm names CEO successor.
Yesterday we reported that Robert Gay has stepped down as CEO and managing partner of private equity firm Huntsman Gay Global Capital, in order to go work fulltime with The Church of Jesus Christ of Latter-day Saints. Here are some additional details and thoughts:
* Gary Crittenden will assume the role of CEO, Fortune has learned. Prior to joining Huntsman Gay as CFO in July 2009, Crittenden MOREDan Primack - Apr 3, 2012 10:46 AM ET
Private equity veteran leaving the business. Again.
Robert Gay is stepping down as CEO and managing partner of private equity firm Huntsman Gay Global Capital, Fortune has learned. He will go to work full-time at The Church of Jesus Christ of Latter-day Saints, where he has been called to a position titled First Quorum of the Seventy.
Gay co-founded Huntsman Gay in 2007 alongside Jon Huntsman Sr., founder of chemicals company Huntsman Corp. MOREDan Primack - Apr 2, 2012 1:10 PM ET
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