HgCapital has agreed the sale of Personal & Informatik AG, a leading provider of payroll and strategic HR software headquartered in Germany, to a company backed by funds of Permira, an international investment firm. The terms of this transaction have not been disclosed. HgCapital initially invested in P&I in December 2013 and this and was the first investment from the HgCapital 7 (December 2013 vintage) Fund. This sale is the first exit from HgCapital 7 and delivers a 36% IRR and 2.3x investment multiple. HgCapital has retained a minority position of €70 million. The HgCapital 7 Fund has returned approximately 25% of invested cost from this exit alone, with further liquidity expected to be generated over the coming months through a number of planned refinancings.
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