San Francisco Private Equity Firms – Top 10 (based on AUM)

Francisco Partners' headquarters in the Presidio neighborhood of San Francisco.

We recently created a list of the top Los Angeles private equity firms, and thought we’d put a list together of the largest firms (based on total assets raised), based in San Francisco.

Here’s the list,

1. Hellman & Friedman

AUM: $35B

HQ: San Francisco

Hellman & Friedman (H&F) is the largest private equity firm on the West Coast of the US. H&F focuses on control and minority investments in a variety of transaction structures and will consider opportunities across the US and Europe. H&F seeks buyouts and business in need of restructurings that operate in defensible markets with predictable revenue and earnings growth. Target sectors include financial services, healthcare, indusrial, energy, insurance, media, marketing, professional services, software, and information services. H&F’s target equity investment size is $300 million to $1 billion. Hellman & Friedman was formed in 1984 and has offices in San Francisco, New York City, and London.

2. Silver Lake Partners

AUM: $24B

HQ: Menlo Park

Silver Lake Partners is a private equity firm focused on large cap technology company investments. Silver Lake looks to commit $100 to $500 million of equity capital in transactions valued up to $10 billion. Typical investment structures include leveraged buyouts, going private transactions, divestitures/carve outs, restructurings/recapitalizations, minority investments, and acquisition financings. In addition to targeting investments in large and mid-sized tech businesses, Silver Lake also purses distressed opportunities. Silver Lake Partners was formed in 1999.

3. Golden Gate Capital

AUM: $15B

HQ: San Francisco

Golden Gate CapitalGolden Gate Capital is a large private equity firm that makes buyout and growth equity investments across a range of industries. The Firm partners with management teams to make equity investments in situations where there is a demonstrable opportunity to significantly enhance a company’s value. Sectors of interest include software and IT services, semiconductors, electronics, consumer products and retail, financial services, business services, and media. Prospective transaction types include public-to-privates, corporate extractions, bankruptcy auctions, and recapitalizations. Golden Gate Capital was formed in 2000 and is based in San Francisco.

4. GI Partners

AUM: $11B

HQ: San Francisco

GI Partners is a private equity firm focused on control oriented investments in asset-backed businesses and real estate throughout North America and Western Europe. GI looks to invest up to $500 million in companies generating predictable, recurring cash flows; underperforming businesses with intrinsic value; and direct asset investments with operational complexity. Sectors of interest include energy, education, healthcare services, leisure, retail, logistics, media, entertainment, financial services, technology, and telecommunications. GI Partners was formed in 2001 and has offices in San Francisco, Greenwich, and Chicago.

5. Francisco Partners

AUM: $10B

HQ: San Francisco

Francisco PartnersFrancisco Partners is a private equity firm focused exclusively on investments in technology and technology-enabled services. Specific areas of interest include semiconductors, capital equipment, electronics components, systems and manufacturing, IT services and business process outsourcing, communications, security and enterprise applications, and infrastructure software. Prospective investment situations include divisional buyouts, growth equity financings, acquisitions of private companies, sponsored mergers and acquisitions, and take-privates. Francisco Partners looks for opportunities with enterprise values ranging from $25 million to $2 billion. Francisco Partners was formed in 1999 and has offices in San Francisco.

6. TSG Consumer Partners

AUM: $5B

HQ: San Francisco

TSG Consumer PartnersTSG Consumer Partners (formerly known as The Shansby Group) is a specialist private equity firm focused on acquiring and building mid-sized, branded consumer companies. TSG invests in private and publicly traded companies, and will consider both majority and minority equity positions. Specific sectors of interest include apparel, beauty, e-commerce, personal care, retail, food/beverages, restaurants, health/wellness, household products, and pet care. TSG looks for companies with sales between $20 million and $1.5 billion and can invest commit up to $500 million per transaction. TSG Consumer Partners was formed in 1987 and has offices in San Francisco and New York.

7. FFL Partners

AUM: $4.6B

HQ: San Francisco

FFL PartnersFFL Partners (formerly known as Friedman Fleischer & Lowe) is a private equity group focused on majority and minority investments in North American middle-market companies. Prospective businesses generally have revenues of $30 to $400 million and are valued between $50 and $500 million. Target situations include ownership restructurings in closely-held and family-owned companies, management buyouts, PIPEs, growth equity fundings, take privates, special situations, and recapitalizations. Sectors of interest include outsourced business services, education and training, marketing and media, consumer products, healthcare, and financial services. FFL Partners was formed in 1997 and is based in San Francisco.

8. HGGC

AUM: $4.3B

HQ: Palo Alto

HGGC, LLC (at one point, Huntsman Gay Global Capital, LLC) focuses on middle-market leveraged buyouts, growth equity financings, recapitalizations, take privates, and corporate divestitures. The Firm primarily targets North American companies, but will consider international opportunities as well. HGGC looks to invest $25 to $100 million in companies generating sales of $75 million to $1 billion. HGGC primarily targets enterprise software companies, however, the Firm will also consider opportunities in business services, consumer services, financial services, healthcare, industrial services, and information services. HGGC was formed in 2007 and is based in Palo Alto.

9. Calera Capital Partners

AUM: $2.9B

HQ: San Francisco

Calera Capital Partners is a private equity firm that targets investments in mid-sized North American businesses valued up to $750 million. Calera Capital looks to invest at least $35 million of equity capital per transaction. Target industries include manufacturing, software, healthcare, consumer products and services. Prospective transaction situations include leveraged recapitalizations of privately held companies, restructurings, growth financings/acquisitions, corporate spin-offs, and take-private situations. Calera seeks businesses with leading market positions, attractive margins, and strong organic growth. Calera Capital was formerly known as Fremont Partners, a unit of the Fremont Group. Calera Capital was formed in 1991 and has offices in San Francisco and Boston.

10. Paine Schwartz Partners

AUM: $2.7B

HQ: Menlo Park

Paine Schwartz PartnersPaine Schwartz Partners is a private equity firm specializing in sustainable food chain investing. The Firm targets control investments in the food and agriculture sectors and will consider opportunities globally. Paine Schwartz Partners was formerly known as Paine & Partners – and before that was part of Fox Paine & Co. Paine Schwartz Partners has offices in Menlo Park and New York City.

For more private equity firms based in San Francisco (and the Bay Area), subscribe to Mergr.

Easily identify specialist vs generalist investors, view portfolio histories, as well as look-up firms with offices in San Francisco (versus based there).