Hellman & Friedman LLC

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Hellman & Friedman LLC
CRD #158614
SEC #801-73341
CIK #0001561331, 0001462335
AUM 110.42 B (2026-03-25)
Employees 120 (50% Investors, 0% Brokers)
Fees
Minimum
Phone415-788-5111
Address415 Mission Street
San Francisco, CA 94105
Source [IAPD] [EDGAR] [Website] [LinkedIn]
Total AUM ($B)
1209672482402010201520212027
In the News
Mon, 06 Jul 2026 Hellman & Friedman’s Hub International Seeks $3 Billion in IPO — Insurance Journal
Tue, 02 Jun 2026 Hellman & Friedman acquires Hyve Group — Markets Group
Tue, 02 Jun 2026 Latham Advises Hellman & Friedman on Acquisition of Hyve — Latham & Watkins LLP
Mon, 18 May 2026 Hellman & Friedman CEO Patrick Healy ’89 Appointed to HMC Board — The Harvard Crimson
Mon, 04 May 2026 Building a new enterprise AI services company with Blackstone, Hellman & Friedman, and Goldman Sachs — Anthropic
Fees and Compensation — Form ADV Part 2A (3/25/2026) [Brochure]
Item 5. Fees and Compensation

H&F charges certain Funds (including, without limitation, certain Other Investment Vehicles)
various fees and compensation, including management fees, carried interest (as described in Item
6 below), administrative fees and/or profits interests, in each case as set forth in the applicable
Governing Documents. For the Main Funds, management fees are either calculated based on
Limited Partner commitments to the applicable Fund, costs of investments or capital contributions
in respect of investments then held.

Receipt of profits interests varies from Fund to Fund subject to the applicable Governing
Documents. For certain Funds (including, without limitation, certain Other Investment Vehicles)
H&F has, or may in the future have, the ability to receive a profits interest as the result of waiving
all or a portion of the management fee otherwise payable by a Fund (on a voluntary basis pursuant
to H&F’s election). Such profits interest entitles H&F to share in net profits, if any, of the
applicable Funds. In addition, for certain Funds (including, without limitation, certain Other
Investment Vehicles), H&F has been, or may in the future be, entitled to a profits interest to share
in net profits, if any, of the applicable Funds up to a fixed percentage of the capital commitments
of the Fund’s Limited Partners. For certain Funds, H&F receives both types of profits interests.

Please see Item 6 below regarding “carried interest” that certain Funds pay.

Certain Funds and certain other vehicles are not required to pay management fees, administrative
fees, profits interests and/or carried interest, or pay reduced management fees, administrative fees,
profits interests and/or carried interest, including certain of the Associates Funds and certain Other
Investment Vehicles.

In addition to the management fee, administrative fee, carried interest (as described in Item 6
below) and profits interests, break-up (or other similar fees), consulting, merger and acquisition,
financial advisory, investment banking, commitment, transaction, monitoring, directors’ or other
similar fees (including secondment fees), whether paid in cash, in-kind or other equity, are from
time to time charged by H&F and/or its senior advisors, which, for the avoidance of doubt, include
Senior Operating Advisors and Operating Partners of H&F (collectively, “Senior Advisors”), with
respect to an investment or proposed investment by a Fund (such fees net of all related expenses,
collectively, “Other Fees”). The amount and timing of Other Fees received by H&F, its personnel
and/or its Senior Advisors are generally specified in the agreement or other documentation
governing the applicable transaction or other agreement between H&F or its Senior Advisors and
the applicable portfolio company. Notwithstanding the foregoing and other than as set forth in the
applicable Governing Documents, Other Fees do not include (i) amounts paid to any individual
partner or member of H&F LLC and/or H&F LP, or their direct or indirect general partners or
managers (collectively, “H&F Executives”) or other H&F personnel, including Senior Advisors
(collectively, such H&F Executives, Senior Advisors and other H&F personnel being “H&F
Personnel”) in their capacity as director (including advisory boards or similar positions) or trustee
of any concern that is not a portfolio company of the applicable Fund, (ii) the value of any stock
options or other similar rights received by any H&F Personnel prior to an investment by such Fund
or acquired by any such H&F Personnel after the disposition of an investment by such Fund, (iii)
any amounts paid by a former portfolio company, such as directors’ fees a former portfolio
company pays to H&F Personnel who remain on the company’s board of directors following the
Fund’s disposition of its investment in the portfolio company and (iv) any fees and other amounts
paid to any consultants, operating advisors, operating executives (which, for the avoidance of
doubt, exclude any Senior Advisors) and other individuals or service providers retained by or on
behalf of such Fund or and/or its portfolio companies to provide services (which, among other
things, may include operational and industry expertise and serving on the board of directors of one
or more portfolio companies or relating to deal-sourcing and investment opportunities), in each
case, who are not then current H&F Personnel (provided, that they may be former H&F Personnel
or current or former employees, directors, executives, chairpersons or similar positions with

current or former portfolio companies of such Fund, prior Funds or successor funds) and are not
bound to provide services on an exclusive basis to H&F (collectively, “External Advisors”) (which
may include profits interest, equity or equity-related interests in the Funds and/or portfolio
company or other incentive-based compensation).

These Other Fees may be substantial and may be paid in cash, in securities of portfolio companies
or investment vehicles (or rights thereto) or otherwise. In the event of an initial public offering or
other partial disposition, monitoring fees may continue to be paid so long as the applicable Fund
continues to hold an other than de minimis position in such portfolio company and H&F continues
to provide the monitoring services.

In the event H&F receives Other Fees, unless otherwise set forth in the applicable Governing
Documents, H&F will reduce the amount of management fees paid by, or in some cases the carried
interest paid by, the applicable Fund in an amount equal to 100% of Other Fees attributable to each
such Fund or in some cases instead of an offset such Fund will distribute such amount to its Limited
Partners. The manner of such reduction or distribution, if any, is set forth in the Governing
Documents of the applicable Fund (“Other Fee Offset”). To the extent any Other Fee is attributable
...
Account Minimums and Types of Clients — Form ADV Part 2A (3/25/2026) [Brochure]
Item 7. Types of Clients

H&F currently provides investment advisory services to the Funds, and the Funds are H&F’s only
clients. Investment advice is provided directly to the Funds and not individually to Limited
Partners in such Funds.

Interests in the Funds are offered pursuant to applicable exemptions from registration under the
Securities Act and the 1940 Act.

H&F does not have a minimum size for a Fund, but minimum investment commitments are
established for Limited Partners in certain Funds, subject to waiver by H&F in its sole discretion.
Type Form D Funds Date Sold AUM
PE 1007 H&F Clyde 1 LP [2025-03-28] 146.1 M
Filed 2024-02-07 (D) · Exemption 506(b), 3(c), 3(c)(7) · Remaining Indefinite · Duration One year or less · Revenue Decline to Disclose
PE 1008 H&F Clyde 2 LP [2025-03-28] 32.2 M
Filed 2024-02-07 (D) · Exemption 506(b), 3(c), 3(c)(1) · Remaining Indefinite · Duration One year or less · Revenue Decline to Disclose
PE 1108 Heritage Co-Invest LP [2025-03-28] 99.9 M
Filed 2023-11-22 (D) · Exemption 506(b), 3(c), 3(c)(7) · Remaining Indefinite · Duration One year or less · Revenue Decline to Disclose
PE 0918 Paddington Partners LP [2024-03-26] 1,135.9 M
Filed 2023-12-12 (D) · Exemption 506(b), 3(c), 3(c)(7) · Remaining Indefinite · Duration One year or less · Revenue Decline to Disclose
PE 0919 Paddington Partners 2 LP [2024-03-26] 826.8 M
Filed 2023-12-12 (D) · Exemption 506(b), 3(c), 3(c)(7) · Remaining Indefinite · Duration One year or less · Revenue Decline to Disclose
PE 0920 Paddington Partners 3 LP [2024-03-26] 399.5 M
Filed 2023-12-12 (D) · Exemption 506(b), 3(c), 3(c)(7) · Remaining Indefinite · Duration One year or less · Revenue Decline to Disclose
PE 1101 Hellman & Friedman Capital Partners Xi LP [2024-03-26] 20.16 B 8,589.8 M
Filed 2023-07-06 (D/A) · Exemption 506(b), 3(c), 3(c)(7) · Remaining Indefinite · Duration One year or less · Revenue Decline to Disclose
PE 1102 Hellman & Friedman Capital Partners Xi Parallel LP [2024-03-26] 20.16 B 10.58 B
Filed 2023-07-06 (D/A) · Exemption 506(b), 3(c), 3(c)(7) · Remaining Indefinite · Duration One year or less · Revenue Decline to Disclose
PE 1103 HFCP Xi Parallel-A LP [2024-03-26] 20.16 B 4,043.4 M
Filed 2023-07-06 (D/A) · Exemption 506(b), 3(c), 3(c)(7) · Remaining Indefinite · Duration One year or less · Revenue Decline to Disclose
PE 1104 H&F Executives Xi LP [2024-03-26] 347.2 M
Filed 2023-10-17 (D) · Exemption 506(b), 3(c), 3(c)(7) · Remaining Indefinite · Duration One year or less · Revenue Decline to Disclose
View All
AUM Breakdown Accounts AUM ($B)
By Client Type
(a) Individuals (other than high net worth individuals) 0 0.0
(b) Individuals (high net worth individuals) 0 0.0
(c) Banking or thrift institutions 0 0.0
(d) Investment companies 0 0.0
(e) Business development companies 0 0.0
(f) Pooled investment vehicles 45 110.4
(g) Pension and profit sharing plans 0 0.0
(h) Charitable organizations 0 0.0
(i) State or municipal government entities 0 0.0
(j) Other investment advisers 0 0.0
(k) Insurance companies 0 0.0
(l) Sovereign wealth funds and foreign official institutions 0 0.0
(m) Corporations or other businesses not listed above 0 0.0
(n) Other 0 0.0
Total 45 110.4
By Discretionary
Discretionary 35 103.4
Non-Discretionary 10 7.0
Total 45 110.4
By Non-United States Persons
Non-United States Persons 99.8
United States Persons 10.7
Total 45 110.4
Limited Partners2011 - 2026
Alaska Permanent Fund Corporation
California Public Employees' Retirement System
California State Teachers' Retirement System
Hawaii Employee Retirement System
Kansas Public Employees Retirement System
Maine Public Employees Retirement System
Maryland State Retirement and Pension System
Massachusetts Pension Reserves Investment Management
Minnesota State Board of Investment
Missouri Public School Retirement System
New Jersey Division of Investment
New York State and Local Retirement System
New York State Common Retirement Fund
Orange County Employee Retirement System
Oregon Public Employees Retirement Fund
Pennsylvania State Employees' Retirement System
San Diego County Employees Retirement Association
South Carolina Public Employees Benefit Authority
State Board of Administration of Florida
State of Michigan Retirement System
State Teachers Retirement System of Ohio
The University of Texas/Texas A&M Investment Company
Virginia Retirement System
Washington State Investment Board
Form D Directors Role # Filings # Firms 2011 - 2026
Brian Doyle Executive Officer 18 4
Patrick Healy Executive Officer 43 3
Philip Hammarskjold Director, Executive Officer 70 2
David Tunnell Director 65 2
Allen Thorpe Director, Executive Officer 37 2
Arrie Park Director, Executive Officer 18 2
Judd Sher Executive Officer 13 2
Samson Investment GP LLC Promoter 11 2
Paul Philbrick Executive Officer 8 2
Phillip Hammarskjold Executive Officer 7 2
View All
EDGAR Form CIK 2011 - 2026
13F-HR [0001462335]
3 [0001462335]
4 [0001462335]
SC 13G [0001462335]
3 [0001561331]
4 [0001561331]
Form 13D/13G Filer Form 13D/13G Subject Filed
Hellman & Friedman LLC Change Healthcare Inc [2020-02-14]
Hellman & Friedman LLC Amsurg Corp [2014-07-25]
Hellman & Friedman LLC Artisan Partners Asset Management Inc [2014-02-14]
Firm Profile (Form ADV)
Discretionary AUM$16.3B
ServesInstitutional
Fund TypesPrivate Equity
LEI549300ZYCD4H1RJY3W10
Form 3/4/5 Subject 2011 - 2026
Hellman & Friedman Capital Executives VI LP
Hellman & Friedman Capital Associates VI LP
H&F Harrington AIV II LP
Change Healthcare Inc
Hellman & Friedman Investors VI LP
HFCP VI Domestic AIV LP
Hellman & Friedman LLC
Artisan Partners Asset Management Inc
H&F Brewer AIV LP
Hellman & Friedman Investors V LP
View All
Insider Transaction (Form 3/4/5) Date Action Shares Price Value ($)
Artisan Partners Asset Management Inc APAM
Convertible Preferred Stock, par value $0.01 per share · derivative
2014-06-12 Conversion 455,011 $0.00
Artisan Partners Asset Management Inc APAM
Preferred Units of Artisan Partners Holdings LP · derivative
2014-06-12 Conversion 1,380,966 $0.00
Artisan Partners Asset Management Inc APAM
Class C common stock, par value $0.01 per share
2014-06-12 Other 921 $0.00
Artisan Partners Asset Management Inc APAM
Class A common stock, par value $0.01 per share
2014-06-12 Other 455,011 $0.00
Artisan Partners Asset Management Inc APAM
Class A common stock, par value $0.01 per share
2014-06-12 Other 1,380,966 $0.00
Artisan Partners Asset Management Inc APAM
Class A common stock, par value $0.01 per share
2014-06-12 Sell 455,011 $55.12 25,080,206
Artisan Partners Asset Management Inc APAM
Class C common stock, par value $0.01 per share
2014-06-12 Other 1,380,966 $0.00
Artisan Partners Asset Management Inc APAM
Class A common stock, par value $0.01 per share
2014-06-12 Sell 1,380,966 $55.12 76,118,846
Artisan Partners Asset Management Inc APAM
Class A common stock, par value $0.01 per share
2014-06-12 Other 921 $0.00
Artisan Partners Asset Management Inc APAM
Class A common stock, par value $0.01 per share
2014-06-12 Sell 921 $55.12 50,766
Artisan Partners Asset Management Inc APAM
Preferred Units of Artisan Partners Holdings LP · derivative
2014-06-12 Conversion 921 $0.00
Artisan Partners Asset Management Inc APAM
Convertible Preferred Stock, par value $0.01 per share · derivative
2014-03-12 Sell 743,117 $59.68 44,349,223
Artisan Partners Asset Management Inc APAM
Class C common stock, par value $0.01 per share
2014-03-12 Other 2,255,378 $0.00
Artisan Partners Asset Management Inc APAM
Class C common stock, par value $0.01 per share
2014-03-12 Other 1,505 $0.00
Artisan Partners Asset Management Inc APAM
Preferred Units of Artisan Partners Holdings LP · derivative
2014-03-12 Sell 2,255,378 $59.68 134,600,959
Artisan Partners Asset Management Inc APAM
Preferred Units of Artisan Partners Holdings LP · derivative
2014-03-12 Sell 1,505 $59.68 89,818
Artisan Partners Asset Management Inc APAM
Convertible Preferred Stock, par value $0.01 per share · derivative
2013-11-06 Sell 1,367,335 $53.76 73,507,930
Artisan Partners Asset Management Inc APAM
Preferred Units of Artisan Partners Holdings LP · derivative
2013-11-06 Sell 2,769 $53.76 148,861
Artisan Partners Asset Management Inc APAM
Class C Common Stock, par value $0.01 per share
2013-11-06 Other 2,769 $0.00
Artisan Partners Asset Management Inc APAM
Preferred Units of Artisan Partners Holdings LP · derivative
2013-11-06 Sell 4,149,896 $53.76 223,098,409
showing 20 of 45 most recent transactions
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