Private equity investor Hg has acquired Personal und Informatik AG (P&I), a leading provider of cloud-based HR software. The company was sold by funds advised by Permira, the global private equity firm, who remain invested with a substantial minority stake. The transaction represents the 4th investment from the Hg Saturn 1 Fund, which had its first close in early 2018 and focuses on software businesses with enterprise values of more than GBP 1 billion.