Jul 8, 2026

How Nic Humphries, Hg, Built a $190B Software Portfolio

Modern Private Equity, Using Data, AI, and Operational Expertise to Build Category-Leading Software Businesses

In this episode of Billionaire Business, hosts Ian Fishwick and Chris Godsmark sit down with Nic Humphries, Executive Chairman of Hg, for an in-depth conversation about private equity investing, software entrepreneurship, and the strategies behind building market-leading B2B technology companies.

Nic shares how Hg has built one of Europe's most successful software-focused investment firms by specialising in vertical and geography-specific SaaS businesses. He explains the firm's emphasis on product innovation, significant investment in research and development, and its data-driven approach to portfolio management.

The episode also explores:

Building and scaling vertical SaaS businesses
• Identifying attractive niche software markets
• Using data and analytics to drive portfolio performance
• Supporting management teams to achieve organic growth
• The impact of artificial intelligence on the software industry
• Hg's Catalyst programme and accelerating AI adoption
• Product innovation, R&D investment, and competitive advantage
• Leadership, culture, and building resilient software businesses

The episode further explores AI’s transformative role in software. Nic outlines Hg's Catalyst initiative, which assists portfolio companies in integrating AI to refine products, automate operations, and improve customer service. He emphasises the value of elite management, customer diversity, and a culture centered on humility and relentless improvement.

Tune in to hear practical insights and proven strategies for investors, founders, and business leaders looking to build enduring software companies and create long-term value in an increasingly technology-driven world.

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Nic Humphries

https://www.linkedin.com/in/nic-humphries?originalSubdomain=uk

To Listen Elsewhere:

Spotify: https://open.spotify.com/show/6PkukxfQeII0JXODSOuM85

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Senior Partner and Executive Chair of Hg, a leading investor in European and transatlantic software and services businesses.

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