Verisure Owner H&F Is Rare Buyout Fund Not Looking to Sell

An initial public offering would normally mark the beginning of the end of a private equity fund’s investment. Not so for Hellman & Friedman.

When the buyout fund’s portfolio company Verisure announced this week it was planning to raise more than €3 billion ($3.54 billion) in an IPO, Hellman & Friedman said it wouldn’t be selling any shares in the main offering.

Hellman & Friedman CEO Patrick Healy

Photographer: Richard Morgenstein/Hellman & Friedman

In an era where many private equity funds are struggling to offload their portfolio companies and return capital to their backers, Hellman & Friedman’s move may seem counterintuitive — especially since the listing could value ...