HgCapital Trust (HgT) has reported resilient underlying growth across its technology portfolio for the first half of 2025, even as its share price and net asset value (NAV) edged lower.

For the six months to 30 June, the trust estimated an NAV of 540.2p per share, down 0.3% on a total return basis. Its share price total return fell 3.8% over the same period.

The trust, which gives investors listed access to one of Europe’s largest pools of unquoted technology companies, saw portfolio companies deliver robust last‑12‑month revenue and EBITDA growth of 19% each as of 31 May.

Investment activity remained strong, with £306 million deployed and £165 million realised in the half year. HgT also committed $1 billion to the latest Hg Saturn 4 fund and reported £432 million of available liquid resources, including an undrawn £375 million credit facility.

Outstanding commitments to Hg funds stood at £1.4 billion at the period end, expected to be drawn over the next three to four years.

HgT aims to deliver long-term returns ahead of the FTSE All‑Share Index by backing private companies where it can drive strategic and operational improvement.

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