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Saturday, June 22, 2024

Firm Headed by Former 49ers QB Nears $7B Raised

  • Steve Young's HGGC LLC has completed $50 billion worth of deals.
  • The firm has raised $6.8 billion across four funds.
Steve-Young
Mark J. Rebilas-USA TODAY Sports

Steve Young is widely known for winning three Super Bowls with the San Francisco 49ers, but the NFL Hall of Fame quarterback has had just as much success in the boardroom.

On top of providing business counseling for current and former players, Young and longtime business partner Rich Lawson have raised $6.8 billion across four funds through HGGC LLC, which has completed $50 billion in deals. The firm has commitments from over 170 Limited Partners across 25 countries.

HGGC focuses on middle-market companies in four sectors: business and tech-enabled services, consumer, financial services, and software and technology.

HGGC’s Fund IV completed its $2.54 billion raise in June and has already invested in nine companies.

  • In November 2021, HGGC and Snapdragon committed a $240 million growth investment to Fullscript, a platform powering “the expansion and accessibility of integrated medicine.
  • The same month, HGGC completed a majority investment in PF Atlantic, a top-15 Planet Fitness franchisee. PF Atlantic rebranded to Grand Fitness Partners as part of the investment.
  • In April, HGGC formed Aspire Holdings to invest up to $300 million in RIAs.

Since launching in 2007, the company says it has completed more than 500 investments, add-on acquisitions, recapitalizations, and liquidity events.

Looking Ahead

Young, who had a reported $200 million net worth last year, wants to pay his success forward. This year, Young and Lawson spread equity in HGGC in preparation for shared ownership.

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