HgCapital Trust - Seizing ‘buy-and-build’ opportunities
HgCapital Trust (HGT) delivered a 4.6% NAV TR in H123, with its performance continuing to be mostly driven by robust trading across its portfolio (with the associated increase in portfolio value in H123 of £203.8m, or 8.3% of end-2022 portfolio value) and a minor positive impact from multiples (£34.1m or 1.4%). Hg was cautious in terms of new platform investments in H123, but saw record high M&A activity across its portfolio, highlighting increasingly attractive pricing and a strong flow of opportunities for smaller bolt-on investments. HGT’s 60% coverage of outstanding investment commitments by its liquid resources makes the trust well positioned for a potential uptick in PE deal activity.Hgcapital Trust is an investment trust company. The policy of Co. is to invest, directly or indirectly, in a portfolio of unlisted companies. Hg Pooled Management Limited and HgCapital LLP (collectively, Hg) primarily invest in companies whose operations are headquartered or substantially based in Europe. These companies operate in a range of countries, but there is no policy of making allocations to specific countries or markets. Investments are made across a range of sectors. Co. may, from time to time, invest directly in private equity funds managed by Hg. Hg Pooled Management Limited has been appointed as Co.'s Alternative Investment Fund Manager.
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