
Co-investments at our core
Offering investors an ‘intelligent’ approach to portfolio construction
Introducing a dedicated co-investment allocation alongside primary funds can enhance overall PE returns. Money is put to work faster, with greater control, and at a potentially lower cost. But it’s often challenging for LPs to successfully implement themselves. Enter Hermes GPE.
We were early adopters of using co-investments as an integral part of PE portfolio construction. Since 2001 the team has built up specialist expertise, deploying over $3bn to more than 200 global investments on behalf of our LP investors.
We put a lot of emphasis on careful forward-looking portfolio construction – we stock pick – and underpin that with high quality analysis and insight. This enables us to allocate capital to where we see the most attractive opportunities: investing where we ‘should’ rather than where we ‘can’.
$3.0bn
Committed to over 200 co-investments over 18 years*
* as at 31/03/19
Co-investments by geography*
* as at 31/03/19
Co-investments by size**
** as at 31/03/19, deals from 2010

Our approach
Combining forward-looking insight with a highly disciplined investment process
Our highly experienced team are adept at identifying investment opportunities – using an evidence-based approach to plan ahead with confidence. We have identified five key megatrends that we believe will reshape global economic activity over the next 10-20 years. They are set to have a profound long-term economic and social impact.
These megatrends will drive the growth of certain companies in niche sectors regardless of economic cycles. It’s these fast growing, noncyclical businesses in the Americas, Europe, Africa, Developed and Developing Asia, which are our investment targets.
Within the megatrends we look for investable growth themes, and then drill down to the sectors most likely to benefit in order to find companies capable of generating sustainable long-term alpha.
Although we are skilled investors, we don’t simply rely on our instincts. All investment opportunities are subjected to our rigorous, systematic investment process which we have developed over many years. This approach – and our dynamic investment strategy – allows us to deliver sustainable returns for our investors.
People: Demographic & societal change
By 2050, 25% of global population will be 60+.
Digital natives will reach 2.3bn by 2030 and drive new trends in global consumption.
Technology will reshape healthcare, education and the future of work.
1 Investable growth themes
- Ageing population
- Consumer experience / new trends
- Education and future of work
- Polarisation
- Healthcare innovation
2 Selected target sectors
- Education provision
- Travel & tourism
- Healthcare management applications
Planet: Sustainability
Climate change is challenging long-term equilibria.
70% of the world's population will live in cities by 2050, driving >80% of global GDP.
Urgent demand for innovations in energy, food production, resource efficiency and urban management.
1 Investable growth themes
- Circular economy & resource efficiency
- Energy efficiency & electric vehicles
- Food and Agtech
- Smart cities & sharing economy
2 Selected target sectors
- Recycling / repurposing
- City management software
- Testing and inspection
Productivity: Accelerating technological innovation
New technologies profoundly impact the way we live and work, opening new channels for commerce.
IT is becoming business critical as companies in all industries digitise their operations.
Digital information is growing exponentially, spurring AI & ML technologies.
1 Investable growth themes
- AI, ML, VR
- Cybersecurity
- Digitalisation and IT infrastructure
- E-commerce / digital marketing
- Fintech
- Robotics & IoT
2 Selected target sectors
- Enterprise software
- Cybersecurity management
- E-commerce marketplace
Globalisation & outsourcing
Increasing global movement of goods, services, people, capital and information as connectivity increases.
IATA forecasts air travel demand will double by 2030.
1 Investable growth themes
- Global supply chain
- Logistics and connectivity
- Outsourcing and efficiency
2 Selected target sectors
- BPO
- Satellite comms
- Compliance services
Emerging Markets catch-up
EM are contributing > 2/3rd of global growth.
Deepening market opportunities as the global economic centre of gravity moves to Asia.
1 Investable growth themes
- Emerging middle class
- EM financials
- EM infrastructure
2 Selected target sectors
- Modern retail concepts
- Banking solutions
- Credit reporting agencies
Investment characteristics
Strong focus on global mid-market growth
The majority of companies we back – around 70% – have an enterprise value of less than $500m, and all have distinctive investment characteristics which we categorise into three investment theses Core, Growth and Value. Currently our co-investment portfolios have a particular focus on growth buyouts and small/mid-sized niche buyouts in our target sectors.
Growth
Characteristics
Very strong top line growth opportunities.
Significant EBITDA uplift and margin improvements.
Innovative or disruptive business, typically scalable and asset light.
- Type of deal
- Growth equity
- Growth buyout
Core
Characteristics
Established business models.
Stable and defensive market exposure.
Strong cash generation and potential for operational improvements.
- Type of deal
- Larger traditional buyout
- Small/mid-sized niche buyout
Value
Characteristics
Assets undergoing strategic or operational transformation.
Pricing dislocation leads to good opportunity for outsized return.
- Type of deal
- Strategic transformation
- Turnaround/special situations

The co-investment portfolio
Our portfolio of fast growing companies is well diversified by geography and sector
Working in conjunction with GP partners around the globe, our co-investments span a wide range of sectors within our megatrend framework.
Developed Europe
People: Demographic and societal change

German-based Amoena is the world’s leading manufacturer of silicone breast forms for women who have undergone mastectomies. Its product portfolio is supplemented by complementary pocketed apparels such as bras and swimwear, as well as recovery care products. The company’s products are sold in 70 countries worldwide.
Investment date | January 2015 |
Geography | Developed Europe |
GICS sector | Healthcare |
Hermes GPE megatrend | Demographic and societal change |
Lead GP | Halder |
Investment thesis | Core |

Dotmatics is a UK SaaS company, which sells a suite of informatics applications that enable scientific researchers to record, manage, monitor, analyse and share experimental healthcare data developed within laboratories.
Investment date | October 2017 |
Geography | Developed Europe |
GICS sector | Software and services |
Hermes GPE megatrend | Demographic and societal change |
Lead GP | Scottish Equity Partners |
Investment thesis | Growth |

Evago Group is a leading international provider of live event infrastructure and security solutions, headquartered in Germany. The company provides support for music concerts, corporate and sports events, and also has top-level security clearances to support events such as the G8 summit and the US president’s inauguration ceremony.
Investment date | September 2019 |
Geography | Developed Europe |
GICS sector | Industrials |
Hermes GPE megatrend | Demographic and societal change |
Lead GP | KKA Partners |
Investment thesis | Growth |

Goiko Grill is a full-service Spanish restaurant chain, offering premium burgers at an affordable price to young, urban millennial consumers. The company currently has 58 sites across Spain, with a concentration around Madrid.
Investment date | March 2019 |
Geography | Developed Europe |
GICS sector | Consumer discretionary |
Hermes GPE megatrend | Demographic and societal change |
Lead GP | L Catterton Partners |
Investment thesis | Core |

UK-based Great Railway Journeys is a leading escorted rail holidays provider. The company has a portfolio of around 450 tours across 50 countries and c10,000 annual passengers.
Investment date | July 2018 |
Geography | Developed Europe |
GICS sector | Consumer discretionary |
Hermes GPE megatrend | Demographic and societal change |
Lead GP | Duke Street |
Investment thesis | Core |

INSEEC Group is a leading for-profit post-secondary education provider in France. The group has c14,000 students and seven campuses; four in France and one each in London, Monaco and Chicago. INSEEC offers a diverse portfolio of programmes ranging from non-degree courses to doctoral programmes. INEEC was exited via a secondary sale in 2019
Investment date | November 2013 |
Realisation date | April 2019 |
Geography | Developed Europe |
GICS sector | Consumer discretionary |
Hermes GPE megatrend | Demographic and societal change |
Lead GP | Apax France |
Investment thesis | Growth |

Headquartered in the UK, JobandTalent is a staffing marketplace, operating a mobile app solution that enables customers (often large logistics, e-commerce and hospitality companies) to fully outsource the process of hiring, managing and paying temporary workers.
Investment date | December 2020 |
Geography | Developed Europe |
GICS sector | Industrials |
Hermes GPE megatrend | Demographic and societal change |
Lead GP | DN Capital |
Investment thesis | Growth |

Pure Gym is the UK’s number one low-cost gym chain, operating 45 gyms across the country. The company charges low fees and provides 24/7 access to high quality equipment in well-maintained environments.
Investment date | May 2013 |
Realisation date | November 2018 |
Geography | Developed Europe |
GICS sector | Consumer discretionary |
Hermes GPE megatrend | Demographic and societal change |
Lead GP | CCMP Capital |
Investment thesis | Growth |

Sani and Ikos are two luxury tourism propositions operating in Greece. Sani comprises four 5-star hotels and a marina while Ikos is a separate concept which includes two all-inclusive luxury hotels. The business, which caters for the high-end family market and attracts an international mix of customers, is renowned for its strong customer satisfaction rating. Sani Resort has been awarded as the Best Resort in Greece and Best Family Resort in Greece in the recent Condé Nast Traveller Reader Awards.
Investment date | December 2015 |
Geography | Developed Europe |
GICS sector | Consumer services |
Hermes GPE megatrend | Demographic and societal change |
Lead GP | Oaktree Capital Management |
Investment thesis | Core |

Saúde Viável Group is a leading chain of high-end specialised hair loss clinics in Portugal and Spain.
Investment date | October 2019 |
Geography | Developed Europe |
GICS sector | Health Care |
Hermes GPE megatrend | Demographic and societal change |
Lead GP | Vallis Capital Partners |
Investment thesis | Growth |

SK:N is the largest consumer health clinic operator in the UK, offering an extensive range of medically-led treatments across more than 50 clinics.
Investment date | June 2019 |
Geography | Developed Europe |
GICS sector | Healthcare |
Hermes GPE megatrend | Demographic and societal change |
Lead GP | Trispan |
Investment thesis | Value |

Viva Gym is a Spanish low-cost gym franchise with a main presence in Madrid and Barcelona. In 2017 the company merged with Fitness Hut, a complementary gym franchise group based in Portugal, focusing mainly on Lisbon and Porto. The combined group is now Iberia’s leading low-cost gym group by both sites and members.
Investment date | January 2018 |
Geography | Developed Europe |
GICS sector | Consumer discretionary |
Hermes GPE megatrend | Demographic and societal change |
Lead GP | Bridges Ventures |
Investment thesis | Growth |

Yo! Sushi, is a UK casual and fast-casual sushi chain offering affordably priced fresh Asian and Japanese food to a demographically diverse customer base. In 2017, the business acquired a similar food chain in Canada called Bento Sushi, which made the combined brand one of the largest sushi companies outside of Japan.
Investment date | October 2017 |
Geography | Developed Europe |
GICS sector | Consumer discretionary |
Hermes GPE megatrend | Demographic and societal change |
Lead GP | Mayfair Equity Partners |
Investment thesis | Growth |
This is a selection of our co-investments. Please select company name for more details.
Planet: Sustainability

Headquartered in the UK, with offices in the USA and France, Agribriefing is a specialist provider of B2B information and media to the agribusiness sector, focused on price benchmarking and market intelligence.
Investment date | June 2019 |
Geography | Developed Europe |
GICS sector | Communication services |
Hermes GPE megatrend | Sustainability |
Lead GP | Horizon Capital |
Investment thesis | Growth |

Anesco is the UK’s leading energy efficiency solutions company, advising home and business owners and local authorities. The firm provides a complete service from energy audits through to recommendations, installations and capital funding to help clients reduce carbon emissions and implement best practice in their energy usage. Anesco was sold in a secondary transaction in November 2014.
Investment date | August 2013 |
Realisation date | November 2014 |
Geography | Developed Europe |
GICS sector | Energy |
Hermes GPE megatrend | Sustainability |
Lead GP | Scottish Equity Partners |
Investment thesis | Growth |

E-Leather is a UK-based manufacturer of high-performance recycled leather composite material, aesthetically similar but functionally superior to traditional leather, with numerous applications within the transport, retail and automotive sectors. Key product features include lighter weight, greater malleability, longer durability and a smaller environmental footprint for end users.
Investment date | September 2017 |
Geography | Developed Europe |
GICS sector | Industrials |
Hermes GPE megatrend | Sustainability |
Lead GP | ETF Partners |
Investment thesis | Growth |

UK-based Envirogen is a leading provider of environmental technology and process solutions for the treatment of water, wastewater, vapour emissions and material recovery. The company operates predominantly within Europe and North America.
Investment date | October 2015 |
Geography | Developed Europe |
GICS sector | Industrials |
Hermes GPE megatrend | Sustainability |
Lead GP | Promethean Investments |
Investment thesis | Growth |

LGC is a UK-based provider of measurement and testing equipment, serving customers across the Pharma, Security, Agriculture, Food and Research industries, in addition to Governments. The company operates in 22 countries, selling predominantly into the UK and Europe, the USA, and China.
Investment date | March 2016 |
Geography | Developed Europe |
GICS sector | Healthcare |
Hermes GPE megatrend | Sustainability |
Lead GP | KKR |
Investment thesis | Core |

Based in Denmark, Nissens is a leading manufacturer and distributor of cooling components and systems for the European automotive aftermarket and heavy industries.
Investment date | December 2017 |
Geography | Developed Europe |
GICS sector | Industrials |
Hermes GPE megatrend | Sustainability |
Lead GP | Axcel Partners |
Investment thesis | Core |
This is a selection of our co-investments. Please select company name for more details.
Productivity: Accelerating technological innovation

Bike24 is a leading European eCommerce business, based in Dresden, Germany. Its strategy focuses primarily on bike-related products (c78% of sales) providing the broadest product and brand offering in the market, with more than 80k products and 850+ premium brands, of which 40% are exclusive.
Investment date | December 2017 |
Geography | Developed Europe |
GICS sector | Consumer discretionary |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | Bridgepoint Capital |
Investment thesis | Growth |

Currencies Direct is a leading specialist provider of international payments and foreign exchange services to private and corporate clients in the UK.
Investment date | December 2015 |
Geography | Developed Europe |
GICS sector | Financial services |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | Corsair Capital |
Investment thesis | Core |

Cyclomedia is a Netherlands-based technology firm which provides unique street level geo-data and related analytics of urban areas to municipalities, utilities and insurance companies. The company captures imagery via a proprietary vehicle-mounted camera system, which it then synthesises and enriches via value-add analytics and user tools and integrates with other third-party workflow software.
Investment date | August 2018 |
Geography | Developed Europe |
GICS sector | Information technology |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | Volpi Capital |
Investment thesis | Growth |

Deliveroo is an online food ordering and delivery platform and a pioneer of the three-party marketplace model, providing a technology backend and logistics network that enables consumers to order delivered food directly from established restaurants. The company operates in over 200 cities across 12 countries and is headquartered in London.
Investment date | August 2016 |
Geography | Developed Europe |
GICS sector | Consumer services |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | Direct investment |
Investment thesis | Growth |

EasyPark operates the leading digital parking marketplace in the Nordic region, offering customers the ability to find and pay for parking through an app.
Investment date | February 2018 |
Geography | Developed Europe |
GICS sector | Software and services |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | Verdane |
Investment thesis | Growth |

Edited is a B2B software business operating a data & analytics platform providing online and offline SME/Enterprise retailers real time competitor pricing and product data.
Investment date | March 2020 |
Geography | Developed Europe |
GICS sector | Information technology |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | Wavecrest Growth Partners |
Investment thesis | Growth |

Based in Malaga, Spain, Freepik is a provider of stock media to advertising agencies, corporates, media companies, freelance designers and marketers, who use the content across a wide range of channels such as digital advertising and web design.
Investment date | October 2020 |
Geography | Developed Europe |
GICS sector | Communication Services |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | Atwater Capital |
Investment thesis | Growth |

Stockholm-based iZettle is the leading mobile point-of-sale solution provider in Europe and Latin America, delivering hardware and back-end support that enables individuals, micro-merchants and SMEs to process card-based payments via connected mobile devices. The company was acquired by PayPal in 2018.
Investment date | July 2015 |
Realisation date | July 2018 |
Geography | Developed Europe |
GICS sector | Information technology |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | Zouk Ventures |
Investment thesis | Growth |

Odigo is a leading European Call Centre as a Service (‘CCaaS’) software company based in Paris, France. The company offers a one-stop-shop, cloud-based solution, enabling large (250+ seats) contact centres to process customer queries and maximise customer satisfaction across channels.
Investment date | December 2020 |
Geography | Developed Europe |
GICS sector | Information technology |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | Apax France |
Investment thesis | Core |

Pulsant is a UK-based provider of data centre and IT infrastructure services offering a comprehensive range of services including colocation, managed hosting, cloud services and managed networks.
Investment date | June 2016 |
Geography | Developed Europe |
GICS sector | Information technology |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | Oakhill Capital Partners |
Investment thesis | Core |

Sucsez Groep is an integrated provider of technology-enabled insurance broking, contract underwriting and associated consulting and case management services for Dutch SMEs.
Investment date | September 2019 |
Geography | Developed Europe |
GICS sector | Financial services |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | Five Arrows Principal Investments |
Investment thesis | Core |

Version 1 is an Irish-based IT consulting and services firm focused on design, implementation and ongoing managed services of IT solutions to mid-sized UK and Irish enterprises.
Investment date | March 2017 |
Geography | Developed Europe |
GICS sector | Software and services |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | Volpi Capital |
Investment thesis | Growth |
This is a selection of our co-investments. Please select company name for more details.
Globalisation and outsourcing

EnerMech is an Aberdeen- based provider of maintenance, modifications and operations services to energy and infrastructure players worldwide. The company provides mission-critical services to energy companies and act as a subcontractor to large engineering, procurement and construction players.
Investment date | March 2019 |
Geography | Developed Europe |
GICS sector | Energy |
Hermes GPE megatrend | Globalisation & outsourcing |
Lead GP | The Carlyle Group |
Investment thesis | Core |

Spanish-based Itasa is a leading manufacturer of release liners for a range of end markets (labels, tapes, hygiene, medical, graphic arts and composites), serving a globally diversified client base.
Investment date | February 2017 |
Geography | Developed Europe |
GICS sector | Industrials |
Hermes GPE megatrend | Globalisation & outsourcing |
Lead GP | Magnum Capital |
Investment thesis | Core |

Marlink is a world leader in commercial satellite communications services serving all global maritime sectors as well as users operating in challenging environments in the mining, energy and humanitarian sectors who need highly reliable Satcom mobile and fixed connectivity services.
Investment date | June 2016 |
Geography | Developed Europe |
GICS sector | Technology |
Hermes GPE megatrend | Globalisation & outsourcing |
Lead GP | Apax France |
Investment thesis | Core |

Zedra is a trust and corporate services company specialising in the private client segment.
Investment date | December 2019 |
Geography | Developed Europe |
GICS sector | Business services |
Hermes GPE megatrend | Globalisation & outsourcing |
Lead GP | Corsair Capital |
Investment thesis | Core |

Headquartered in Leeds, Zenith is the UK’s leading specialist independent leasing and fleet management provider.
Investment date | April 2017 |
Geography | Developed Europe |
GICS sector | Financial services |
Hermes GPE megatrend | Globalisation & outsourcing |
Lead GP | Hg Capital |
Investment thesis | Core |
This is a selection of our co-investments. Please select company name for more details.
Other themes

Azzurri Group is a leading Italian-themed UK casual dining chain operating ASK Italian, Zizi and Coco di Mama restaurants.
Investment date | May 2015 |
Geography | Developed Europe |
GICS sector | Consumer discretionary |
Hermes GPE megatrend | Other themes |
Lead GP | Bridgepoint Capital |
Investment thesis | Core |

Established in 1863, Bremer Kreditbank is a branch-based full-service bank operating across Germany and headquartered in Bremen serving primarily small and medium German enterprises.
Investment date | May 2017 |
Geography | Developed Europe |
GICS sector | Financial services |
Hermes GPE megatrend | Other themes |
Lead GP | Apollo Global Management |
Investment thesis | Value |

Headquartered in Paris, Ciprés is the leading wholesale insurance broker within France specialising in health and protection insurance lines.
Investment date | July 2017 |
Geography | Developed Europe |
GICS sector | Financial services |
Hermes GPE megatrend | Other themes |
Lead GP | Apax France |
Investment thesis | Core |

Liberty London is a British luxury / premium heritage brand operating across three activities; luxury printed fabrics (utilising in-house design), multi-channel retail (including the running of an iconic department store near Regent’s Street in London) and own-brand products, sold through its own physical and online platform and through wholesale accounts.
Investment date | July 2019 |
Geography | Developed Europe |
GICS sector | Consumer discretionary |
Hermes GPE megatrend | Other themes |
Lead GP | BlueGem Capital Partners |
Investment thesis | Growth |

R&R Ice Cream is Europe’s largest private label manufacturer of ice creams and lollies for leading supermarkets as well as home to brands such as Cadbury, Nestlé, Movenpick, Kelly’s, Disney, Mondelēz, and Skinny Cow.
Investment date | July 2013 |
Geography | Developed Europe |
GICS sector | Consumer discretionary |
Hermes GPE megatrend | Other themes |
Lead GP | PAI Partners |
Investment thesis | Growth |

Signature Foods is a leading manufacturer of deli spreads/dips and salads, predominantly in the Benelux region.
Investment date | February 2016 |
Geography | Developed Europe |
GICS sector | Consumer staples |
Hermes GPE megatrend | Other themes |
Lead GP | IK Investment Partners |
Investment thesis | Core |
This is a selection of our co-investments. Please select company name for more details.
North America
People: Demographic & societal change

Based in Seattle, Apex Learning provides interactive, engaging digital advanced placement courses and tutorials for all high school subjects. The company operates a fully SaaS model that is focused on solving crucial problems faced by schools today: driving student achievement, preventing drop outs and improving graduation rates.
Investment date | April 2017 |
Geography | North America |
GICS sector | Information Technology |
Hermes GPE megatrend | Demographic & societal change |
Lead GP | Education Growth Partners |
Investment thesis | Growth |

CDx has developed proven, patented and protectable technology that enhances detection of precancerous tissue through unique sampling techniques combined with computer-assisted laboratory analysis.
Investment date | July 2017 |
Geography | North America |
GICS sector | Healthcare |
Hermes GPE megatrend | Demographic & societal change |
Lead GP | Galen Partners |
Investment thesis | Growth |

CrossLink is a provider of software to tax professionals that enables the preparation and filing of individual tax returns.
Investment date | January 2018 |
Geography | North America |
GICS sector | Financial Services |
Hermes GPE megatrend | Demographic & societal change |
Lead GP | LNC Partners |
Investment thesis | Value |

Endeavour is a talent representation, marketing, sponsorship, events, communications and production conglomerate, with its roots going back to 1898.
Investment date | August 2017 |
Geography | North America |
GICS sector | Consumer discretionary |
Hermes GPE megatrend | Demographic & societal change |
Lead GP | Silver Lake Partners |
Investment thesis | Core |

Evolve is a California-based behavioural health company focusing on the treatment of holistic mental health and substance use disorders for the adolescent population. The company offers a full spectrum of inpatient and outpatient services across the care continuum, including residential treatment, partial hospitalisation, intensive outpatient, and outpatient programs.
Investment date | December 2019 |
Geography | North America |
GICS sector | Healthcare |
Hermes GPE megatrend | Demographic & societal change |
Lead GP | Galen Partners |
Investment thesis | Growth |

Fiesta is the largest Hispanic-oriented supermarket chain in the US. The company operates more than 60 stores in the Houston and Dallas-Fort Worth markets in Texas. Fiesta was exited in May 2018 via a trade sale
Investment date | August 2017 |
Realisation date | May 2018 |
Geography | North America |
GICS sector | Consumer discretionary |
Hermes GPE megatrend | Demographic & societal change |
Lead GP | Silver Lake Partners |
Investment thesis | Core |

Skillz offers a platform that is democratising mobile game development and providing small and mid-sized development studios the tools to successfully compete with large and well-capitalised incumbents.
Investment date | April 2020 |
Geography | North America |
GICS sector | Communication services |
Hermes GPE megatrend | Demographic & societal change |
Lead GP | Weston Capital |
Investment thesis | Growth |
This is a selection of our co-investments. Please select company name for more details.
Planet: Sustainability

Headquartered in San Francisco, Lyft is a ride-sharing platform that allows passengers to request on-demand or scheduled rides across the US and facilitates payment. The company has secured a permanent and growing position in a duopolistic market and is now available to over 95% of the US population. In March 2019, Lyft achieved an IPO on the NYSE.
Investment date | December 2017 |
Geography | North America |
GICS sector | Consumer discretionary |
Hermes GPE megatrend | Sustainability |
Lead GP | KKR |
Investment thesis | Growth |

Puris Proteins is a Minneapolis-based manufacturer of pea protein, a key plant-based protein in the rapidly growing alternative protein category.
Investment date | September 2019 |
Geography | North America |
GICS sector | Consumer staples |
Hermes GPE megatrend | Sustainability |
Lead GP | Sweat Equities |
Investment thesis | Growth |
This is a selection of our co-investments. Please select company name for more details.
Productivity: Accelerating technological innovation

Accurate Group Holdings is a technology-enabled, outsourced provider of real estate transaction services to mortgage lending and loan servicing institutions in the United States.
Investment date | August 2013 |
Geography | North America |
GICS sector | Software & services |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | ABS Capital Partners |
Investment thesis | Growth |

BBQGuys is a differentiated e-commerce platform focused on outdoor/backyard living, specifically premium grills, outdoor kitchen products/appliances, furniture, and accessories.
Investment date | August 2020 |
Geography | North America |
GICS sector | Consumer Discretionary |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | Brand Velocity Partners |
Investment thesis | Core |

Building Engines is a SaaS provider of commercial building maintenance solutions based in the US. The company provides market leading commercial property management software, selling primarily to commercial building owners and operators.
Investment date | September 2016 |
Geography | North America |
GICS sector | Information technology |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | Wavecrest Growth Partners |
Investment thesis | Growth |

Blue Nile is the largest online retailer of diamonds and fine jewellery worldwide. Products include engagement pieces, such as gold or platinum engagement rings with a diamond centre stone, loose diamonds, and non-engagement jewellery.
Investment date | February 2017 |
Geography | North America |
GICS sector | Retail |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | Bow Street |
Investment thesis | Core |

Boston-based Burning Glass is the leading provider of web-based ‘Human Capital Management’ big data analytics, software and services. The firm enables improved decision-making for recruiting, staffing, curriculum design and strategic workforce planning. Burning Glass was exited by way of a secondary sale in 2019.
Investment date | June 2015 |
Realisation date | September 2019 |
Geography | North America |
GICS sector | Business services |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | Providence Equity |
Investment thesis | Growth |

Dairy.com is the US market leader in providing Enterprise Resource Planning services for the dairy industry which enable businesses to optimise their operations.
Investment date | July 2019 |
Geography | North America |
GICS sector | Information technology |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | Banneker Partners |
Investment thesis | Core |

DataLink is a leading provider of integrated population health management applications that help healthcare payors and providers improve quality, practice management, and care coordination in value-based care settings.
Investment date | November 2018 |
Geography | North America |
GICS sector | Information technology |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | Revelstoke Capital Partners |
Investment thesis | Growth |

Evercommerce provides solutions to help service sector businesses simplify their operations by streamlining processes such as business management, marketing, and customer retention.
Investment date | October 2016 |
Geography | North America |
GICS sector | Information technology |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | Providence Strategic Growth |
Investment thesis | Growth |

FocusVision is the US leader in tech-enabled services within the market research and intelligence market, with a growing international presence in Europe and Asia. The company offers market-leading focus group streaming services and virtual focus group platforms which enable customers to stream a focus group anywhere in the world and conduct focus groups online.
Investment date | March 2016 |
Geography | North America |
GICS sector | Information technology |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | EQT Partners |
Investment thesis | Growth |

IDIQ is a leading provider of consumer identity theft protection and credit monitoring services.
Investment date | December 2020 |
Geography | North America |
GICS sector | Information technology |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | Corsair Capital |
Investment thesis | Core |

PetSmart is a US-based leading specialty provider of pet products and services in North America, offering pet food, treats, toys and accessories as well as services such as professional grooming, training and boarding. It has an online retail arm, Chewy, which has a 50% share of the online pet food market. In June 2019 Chewy achieved an IPO on the NYSE.
Investment date | September 2017 |
Geography | North America |
GICS sector | Consumer discretionary |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | BC Partners |
Investment thesis | Core |

Pregis is an e-commerce and automation-driven specialty packaging business focusing on the protective packaging market.
Investment date | November 2019 |
Geography | North America |
GICS sector | Business services |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | Warburg Pincus |
Investment thesis | Core |

Renaissance is an education software company that sells formative assessments (tests used to measure a student’s progress on an ongoing basis) and supplemental materials, to K-12 schools.
Investment date | July 2018 |
Geography | North America |
GICS sector | Information technology |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | Francisco Partners |
Investment thesis | Core |

Chicago-based Rightpoint is a hybrid digital agency and technology consulting company, specialising in employee engagement, social collaboration, mobile, CRM and business intelligence.
Investment date | May 2015 |
Geography | North America |
GICS sector | Information technology |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | Stella Point Capital |
Investment thesis | Growth |

SolarWinds is an enterprise IT and infrastructure management software provider to SME IT professionals worldwide. The company is headquartered in Texas with sales and product development executed globally.
Investment date | February 2016 |
Geography | North America |
GICS sector | Information technology |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | Thoma Bravo |
Investment thesis | Growth |

Evago WolfePak is a leading provider of accounting / ERP software to the oil & gas industry. The company’s flagship product is a comprehensive ERP solution with specific oil & gas functionality as well as an integrated mobile ticketing solution.
Investment date | March 2020 |
Geography | North America |
GICS sector | Information technology |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | Charlesbank Technology Opportunities Fund I (TOF) |
Investment thesis | Growth |
This is a selection of our co-investments. Please select company name for more details.
Globalisation and outsourcing

Advantage Sales and Marketing is a leading provider of outsourced sales and marketing solutions to manufacturers of consumer goods and retailers in the US.
Investment date | October 2014 |
Geography | North America |
GICS sector | Consumer discretionary |
Hermes GPE megatrend | Globalisation & outsourcing |
Lead GP | Leonard Green Partners |
Investment thesis | Core |

AIM Aerospace is a leading, independent manufacturer of composite parts for the commercial aerospace industry.
Investment date | December 2015 |
Geography | North America |
GICS sector | Aerospace |
Hermes GPE megatrend | Globalisation & outsourcing |
Lead GP | Liberty Hall Capital Partners |
Investment thesis | Growth |

The Evans Network is a leading provider of cross channel drayage in North America, operating through a non-asset-based agency model, which involves the movement of goods using multiple modes of transportation (rail, ship and truck).
Investment date | February 2017 |
Geography | North America |
GICS sector | Business services |
Hermes GPE megatrend | Globalisation & outsourcing |
Lead GP | Calera Capital |
Investment thesis | Core |

Imagine! Print Solutions is a full service, vertically integrated, printing operation offering design, pre-press, printing, kitting and distribution capabilities.
Investment date | October 2016 |
Geography | North America |
GICS sector | Consumer services |
Hermes GPE megatrend | Globalisation & outsourcing |
Lead GP | Oak Hill Capital Partners |
Investment thesis | Core |

Keefe is the leading supplier of food products, personal care products, electronics, clothing, technology, telecommunications and software solutions to the correctional market in the US.
Investment date | October 2016 |
Geography | North America |
GICS sector | Commercial & professional services |
Hermes GPE megatrend | Globalisation & outsourcing |
Lead GP | HIG Capital |
Investment thesis | Core |

Minacs is a global ‘Business Process Outsourcing’ group providing marketing solutions, CRM and technology & analytics solutions to blue chip clients in a range of industries. Minacs was acquired in 2016 by global business process services company SYNNEX Corporation and rebranded under the Concentrix name.
Investment date | April 2014 |
Realisation date | August 2016 |
Geography | North America |
GICS sector | Business services |
Hermes GPE megatrend | Globalisation & outsourcing |
Lead GP | Capital Square Partners |
Investment thesis | Growth |

Based in Portland, Routeware is an integrated suite of fleet management automation, back-office management and analytics solutions tailored to the waste management industry.
Investment date | September 2018 |
Geography | North America |
GICS sector | Software & hardware |
Hermes GPE megatrend | Globalisation & outsourcing |
Lead GP | Banneker Partners |
Investment thesis | Growth |
This is a selection of our co-investments. Please select company name for more details.
Other themes

Blount International is a leading manufacturer of forestry and agricultural equipment based in the US. Headquartered in Oregon, the firm has four manufacturing facilities in the US, Canada, Brazil and China and distribution networks in over 115 countries.
Investment date | July 2016 |
Geography | North America |
GICS sector | Industrials |
Hermes GPE megatrend | Other themes |
Lead GP | P2 Capital Partners |
Investment thesis | Core |

CKE is one of the world’s largest operators and franchisors of quick-service restaurants in both the US and 28 foreign countries under the Carl’s Jr. and Hardee’s brands.
Investment date | December 2013 |
Geography | North America |
GICS sector | Consumer discretionary |
Hermes GPE megatrend | Other themes |
Lead GP | Roark Capital Partners |
Investment thesis | Core |

Funko is a pop-culture license-based collectibles product company. The company offers a diverse range of products across 15 categories such as collectible figures and other items, play figures, toys and games.
Investment date | October 2015 |
Geography | North America |
GICS sector | Consumer discretionary |
Hermes GPE megatrend | Other themes |
Lead GP | ACON |
Investment thesis | Growth |

Health Monitor Network is a point of care marketing and patient engagement solutions provider. The company provides both print and digital solutions for direct to consumer advertising and patient education for pharma and biotech customers, delivered via medical offices and patient exam rooms.
Investment date | May 2019 |
Geography | North America |
GICS sector | Communication services |
Hermes GPE megatrend | Other themes |
Lead GP | Westview Capital Partners |
Investment thesis | Growth |

Penn Power Group is an authorised repair and maintenance service provider and parts distributor for engines in trucks and power generators for commercial end use. The firm works with global industrial original equipment manufacturers, including GE Energy, Detroit Diesel.
Investment date | December 2016 |
Geography | North America |
GICS sector | Industrials |
Hermes GPE megatrend | Other themes |
Lead GP | LNC Partners |
Investment thesis | Core |
This is a selection of our co-investments. Please select company name for more details.
Developed Asia
People: Demographic & societal change

Joun Life sells both pre-need and at-need funeral service products in Korea. The company operates 22 salesforce centres throughout the country and is well-known for its excellent customer service, having been awarded the no.1 rank in the Korea Satisfaction Consumer Index for five consecutive years.
Investment date | April 2018 |
Geography | Developed Asia |
GICS sector | Consumer services |
Hermes GPE megatrend | Demographic & societal change |
Lead GP | VIG Partners |
Investment thesis | Growth |

Winplus is a leading cash and carry (‘C&C’) food material distributor in Korea, operating eight directly-owned stores in highly accessible areas across the Seoul metropolitan area primarily serving ‘mom-and-pop’ restaurants and retail customers.
Investment date | February 2020 |
Geography | Developed Asia |
GICS sector | Consumer staples |
Hermes GPE megatrend | Demographic & societal change |
Lead GP | VIG Partners |
Investment thesis | Core |

Zenitas is a leading community healthcare business headquartered in Melbourne, with regional operations across major Australian cities.
Investment date | August 2018 |
Geography | Developed Asia |
GICS sector | Healthcare |
Hermes GPE megatrend | Demographic & societal change |
Deal source | Liverpool Partners |
Investment thesis | Core |
This is a selection of our co-investments. Please select company name for more details.
Emerging markets catch-up

P&C is the largest manufacturer and supplier of facial mask sheets for cosmetic products in Korea. The company purchases fabrics, then perforates and sterilises the sheets, before selling the processed sheets to OEMs/ODMs.
Investment date | August 2017 |
Geography | Developed Asia |
GICS sector | Consumer discretionary |
Hermes GPE megatrend | Emerging Markets catchup |
Lead GP | VIG Partners |
Investment thesis | Value |
This is a selection of our co-investments. Please select company name for more details.
Globalisation and outsourcing

Dimeo is an Australian provider of high-quality cleaning services, focusing on business, industry and institutions.
Investment date | December 2018 |
Geography | Developed Asia |
GICS sector | Industrials |
Hermes GPE megatrend | Globalisation & outsourcing |
Lead GP | Colinton Capital Partners |
Investment thesis | Growth |
This is a selection of our co-investments. Please select company name for more details.
Other themes

Inghams Enterprises is the leading producer of poultry in Australia and the number two player in New Zealand. The company has a fully integrated production process from breeding and hatching operations to processing and packaging.
Investment date | June 2013 |
Realisation date | August 2020 |
Geography | Developed Asia |
GICS sector | Food & agriculture |
Hermes GPE megatrend | Other themes |
Lead GP | TPG Asia |
Investment thesis | Core |
This is a selection of our co-investments. Please select company name for more details.
Emerging Markets
People: Demographic & societal change

Asia Pacific Education is a Malaysian education portfolio, which comprises a K12 school (Asia Pacific Schools) and a tertiary school (Asia Pacific University). The group have a combined enrolment of c11,000 students. APU is a well-known brand name and among the highest rated universities in Malaysia, with a Tier 5 (Excellent) rating by the Ministry of Education in Malaysia.
Investment date | December 2017 |
Geography | Emerging Markets |
GICS sector | Education |
Hermes GPE megatrend | Demographic & societal change |
Lead GP | KV Asia Capital |
Investment thesis | Growth |

New Frontier Vitality (‘NFV’) is a leading provider of facility-based rehabilitation and home-based care services in China under the brands Care Alliance and YD Care.
Investment date | October 2020 |
Geography | Emerging Asia / China |
GICS sector | Health Care |
Hermes GPE megatrend | Demographic & societal change |
Lead GP | Inspiration Capital Partners |
Investment thesis | Growth |

NV Multi Asia is the largest fully-integrated bereavement care company in Southeast Asia. The company provides embalming, cosmetic and cremation services and owns a network of memorial centres under the Nirvana brand that sell and maintain burial plots, columbaria and tombs. The company was sold to a private equity buyer in October 2016.
Investment date | January 2014 |
Realisation date | October 2016 |
Geography | Emerging Markets |
GICS sector | Consumer discretionary |
Hermes GPE megatrend | Demographic & societal change |
Lead GP | AIF Capital |
Investment thesis | Growth |

Shandong Dragon Crown Medical Co., Ltd (‘Dragon Crown’) is a leading developer and manufacturer of minimally invasive surgery (‘MIS’) related products for spinal diseases in the fast growing Chinese orthopaedics industry.
Investment date | June 2020 |
Geography | Emerging Asia / China |
GICS sector | Health Care |
Hermes GPE megatrend | Demographic & societal change |
Lead GP | Huaxing Healthcare Fund |
Investment thesis | Growth |

VUS is a leading private English language training provider in Vietnam, operating 15 education centres in Ho Chi Minh City providing English enhancement programmes to c38,0000 students. The company offers customised programs for the different age groups, with its core offering largely targeted towards the younger segment (age 4-17).
Investment date | September 2016 |
Geography | Emerging Markets |
GICS sector | Consumer services |
Hermes GPE megatrend | Demographic & societal change |
Lead GP | The Abraaj Group |
Investment thesis | Growth |
This is a selection of our co-investments. Please select company name for more details.
Productivity: Accelerating technological innovation

Hepsiburada is the leading online retailer in Turkey, selling over half a million products in more than 30 different categories. The Hepsiburada website is the most visited online retail site in the country with more than 14 million unique monthly visitors – more than a third of Turkey’s total online population.
Investment date | May 2015 |
Geography | Emerging Markets |
GICS sector | Consumer discretionary |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | Abraaj Group |
Investment thesis | Growth |
This is a selection of our co-investments. Please select company name for more details.
Emerging markets catch-up

Arkel is the leading elevator components manufacturer in Turkey, specialising in control equipment. The company sells its products through panel partners / manufacturers, lift system companies and elevator contractors.
Investment date | December 2016 |
Geography | Emerging Markets |
GICS sector | Industrials |
Hermes GPE megatrend | Emerging Markets catchup |
Lead GP | Mediterra Capital Partners |
Investment thesis | Core |

CTOS is Malaysia’s largest and market-leading credit reporting business. The company is an integrated credit bureau providing credit information services across the entire value chain, with over 4000 customers, primarily banks. The business was exited in December 2019.
Investment date | August 2014 |
Realisation date | December 2018 |
Geography | Emerging Markets |
GICS sector | Industrials |
Hermes GPE megatrend | Emerging Markets catchup |
Lead GP | Creador |
Investment thesis | Growth |

Embe Press is a Polish label converter, serving FMCG companies across Europe.
Investment date | July 2019 |
Geography | Emerging Markets |
GICS sector | Industrials |
Hermes GPE megatrend | Emerging Markets catchup |
Lead GP | Innova Capital |
Investment thesis | Growth |

Fan Milk is the leading manufacturer and distributor of frozen dairy products and juice drinks in West Africa.
Investment date | November 2013 |
Geography | Emerging Markets |
GICS sector | Consumer staples |
Hermes GPE megatrend | Emerging Markets catchup |
Lead GP | Abraaj Group |
Investment thesis | Growth |

Focus Media is the dominant multi-platform digital advertising company in China, with its principal business being the operation of LCD displays in commercial and residential locations. The company was sold to online commerce company Alibaba in July 2018.
Investment date | May 2013 |
Realisation date | July 2018 |
Geography | Emerging Markets |
GICS sector | Retail |
Hermes GPE megatrend | Emerging Markets catchup |
Lead GP | CITIC Capital |
Investment thesis | Growth |

Giant Interactive is a leading Chinese online game developer and operator with a focus on multiplayer online action role playing games. The company was sold in a secondary transaction in September 2015.
Investment date | June 2014 |
Realisation date | September 2015 |
Geography | Emerging Markets |
GICS sector | Consumer discretionary |
Hermes GPE megatrend | Emerging Markets catchup |
Lead GP | Baring Private Equity Asia |
Investment thesis | Core |

GXG is China’s largest and leading young fashion menswear company, with two men’s brands, GXG and gxg.jeans. GXG is focused on formal and business attire, while gxg.jeans is a casual clothing brand.
Investment date | August 2016 |
Geography | Emerging Markets |
GICS sector | Consumer discretionary |
Hermes GPE megatrend | Emerging Markets catchup |
Lead GP | Crescent Point |
Investment thesis | Growth |

Indomaret is the largest minimarket retail chain in Indonesia.
Investment date | November 2015 |
Realisation date | September 2020 |
Geography | Emerging Markets |
GICS sector | Consumer discretionary |
Hermes GPE megatrend | Emerging Markets catchup |
Lead GP | Northstar Group |
Investment thesis | Growth |

Libstar is a leading producer and supplier of high quality products in the consumer packaged goods industry and markets a wide range of products in South Africa and globally. The company serves blue-chip customers in the private label, contract manufacturing, branded and import segments, including McDonalds, Woolworths and Unilever.
Investment date | June 2015 |
Geography | Emerging Markets |
GICS sector | Consumer staples |
Hermes GPE megatrend | Emerging Markets catchup |
Lead GP | Actis |
Investment thesis | Growth |

Founded in 2002, Pengyuan Credit Service is the oldest and most established credit bureau in China and is regarded as an industry pioneer.
Investment date | December 2017 |
Geography | Emerging Markets |
GICS sector | Financials |
Hermes GPE megatrend | Emerging Markets catchup |
Lead GP | Welkin Capital Partners |
Investment thesis | Growth |

Simba Indosnack is a branded snacks and cereals company that produces Indonesia’s second largest cereal brand, Simba.
Investment date | March 2014 |
Geography | Emerging Markets |
GICS sector | Consumer discretionary |
Hermes GPE megatrend | Emerging Markets catchup |
Lead GP | Creador |
Investment thesis | Growth |

Headquartered in Shanghai, Xinyu Fine Watch is the largest watch retailer and wholesaler in China focusing on mid-to-high end and luxury watches from more than 50 globally renowned brands.
Investment date | November 2018 |
Geography | Emerging Markets |
GICS sector | Consumer discretionary |
Hermes GPE megatrend | Emerging Markets catchup |
Lead GP | Crescent Point |
Investment thesis | Value |
This is a selection of our co-investments. Please select company name for more details.
Globalisation and outsourcing

Indecomm is a global IT services company with operations across Singapore, Malaysia, the Philippines, Indonesia, India and the US.
Investment date | September 2015 |
Geography | Emerging Markets |
GICS sector | Information technology |
Hermes GPE megatrend | Globalisation & outsourcing |
Lead GP | Capital Square Partners |
Investment thesis | Growth |
This is a selection of our co-investments. Please select company name for more details.
Global
People: Demographic & societal change

Headquartered in Illkirch, France, Polyplus Transfection is a leading manufacturer of innovative transfection solutions for the bioproduction, research and therapeutic markets.
Investment date | August 2020 |
Geography | Global |
GICS sector | Health Care |
Hermes GPE megatrend | Demographic & societal change |
Lead GP | ArchiMed |
Investment thesis | Growth |
This is a selection of our co-investments. Please select company name for more details.
Productivity: Accelerating technological innovation

Bureau van Dijk (BvD) is a leading publisher of private company information and corporate ownership structures combined with software for searching and analysis companies. BvD covers more than 200 million private companies worldwide, with a database built over more than 30 years via in-house research and partnerships with more than 160 independent information providers. BvD was acquired by Moody’s Corporation in August 2017.
Investment date | November 2014 |
Realisation date | August 2017 |
Geography | Global |
GICS sector | Industrials |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | EQT Partners |
Investment thesis | Core |

DefinedCrowd is a fast-growing structured data provider for Artificial Intelligence (‘AI’) business applications globally.
Investment date | April 2020 |
Geography | Global |
GICS sector | Software and Services |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | Evolution Equity |
Investment thesis | Growth |

Kyriba is the global leader in treasury management software which enables the optimisation of corporate treasury functions with a fully integrated cash management and supply chain solution.
Investment date | December 2019 |
Geography | Global |
GICS sector | Information technology |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | Bridgepoint |
Investment thesis | Growth |

Californian-based Skybox Security is a software company that helps organisations protect against data breaches and cyber-attacks. Its global clients span private enterprises to large government agencies, with six of the top ten global banks and six of the ten largest NATO members being Skybox customers.
Investment date | December 2015 |
Geography | Global |
GICS sector | Information technology |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | Providence Strategic Growth |
Investment thesis | Growth |

Based in Surrey, UK, Unily is a cloud native SaaS business offering “intranet-as-a-service” and workflow collaboration software focusing predominantly on an enterprise customer base.
Investment date | March 2020 |
Geography | Global |
GICS sector | Information technology |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | Farview Equity Partners |
Investment thesis | Growth |

viagogo is a leading secondary ticket marketplace provider in Europe. On November 25th, 2019, eBay announced that it had entered into a definitive agreement to sell StubHub to viagogo for $4.05bn, the secondary ticket market’s largest deal ever.
Investment date | February 2020 |
Geography | Global |
GICS sector | Consumer discretionary |
Hermes GPE megatrend | Accelerating technological innovation |
Lead GP | Weston Capital |
Investment thesis | Core |
This is a selection of our co-investments. Please select company name for more details.
Emerging Markets catch-up

Headquartered in Paris, Axilone is a global leading provider of primary plastic and metal packaging solutions for premium lipstick, fragrance and skincare sectors. The company supplies the leading global cosmetics players from state of the art production facilities in France, Spain and China.
Investment date | January 2018 |
Geography | Global |
GICS sector | Materials |
Hermes GPE megatrend | Emerging Markets catchup |
Lead GP | Citic Capital |
Investment thesis | Core |
This is a selection of our co-investments. Please select company name for more details.
Globalisation and outsourcing

Headquartered in Mumbai, Aegis is a global provider of Business Process Outsourcing (BPO) services, including contact centres, data analytics, finance and accounting, and payroll management. In 2018 Aegis merged with NYSE listed StarTek, Inc. The combined business has over 50k employees and a significant presence across 66 BPO locations in 13 countries and 6 continents.
Investment date | October 2017 |
Geography | Global |
GICS sector | Consumer services |
Hermes GPE megatrend | Globalisation & outsourcing |
Lead GP | Capital Square Partners |
Investment thesis | Core |
This is a selection of our co-investments. Please select company name for more details.
Other themes

Ohio-based ERICO designs, manufactures and markets precision engineered specialty metal products serving niche markets in electrical, construction, utility and rail applications worldwide. The company was sold to industrial conglomerate, Pentair, in September 2015.
Investment date | March 2013 |
Realisation date | September 2015 |
Geography | Global |
GICS sector | Industrial |
Hermes GPE megatrend | Other themes |
Lead GP | Court Square |
Investment thesis | Core |
This is a selection of our co-investments. Please select company name for more details.
Fund investing
Backing funds that think like we do
Over the last 27 years we have invested $7bn in more than 260 funds. Today, fund selection closely follows the key themes we have identified, with a particular focus on growth and emerging GPs around the globe.
Fund selection follows our thematic approach, with a particular focus on growth and emerging GPs.
We form close relationships with the GPs we back, often initially via a co-investment relationship. This gives us valuable insight into the experience of the team and how value is created.
For LPs where we have fund mandates, typically fund investing forms part of an innovative 50/50 investment model that optimises their PE exposure. This is achieved by combining globally sourced co investments with commitments to primary funds. This model can generate complimentary and superior returns to a primary-only approach.
Case Stories

Niche investment strategies
Meeting specialist needs
Sometimes investors value more specialised options. Alongside our co-investment and fund investing programs, we work with LPs to develop niche investment strategies to meet very particular requirements. These range from funds with a sustainable and technological focus to bespoke secondary portfolios.
In line with our focus on growth investing, we have identified attractive opportunities to invest in high growth European companies at the scale-up stage of development. In the main, these are companies with established business model and increasing commercial traction but limited access to the capital that helps them become market leaders.
We believe that our combined fund and co-investment strategy coupled with our investment expertise can help close that funding gap in a commercial and impactful way.
Contact us
How can we help you?
We would be very interested to learn how our style of partnership investing resonates with you. If you are an LP looking for a partner to help you maximise your PE allocation, or a GP seeking a responsive and experienced investment partner, or you simply want to know more about Hermes GPE, please get in touch.