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Overview

HgCapital Trust plc (LSE:HGT) gives investors exposure through a liquid vehicle to a portfolio of high-growth private companies in the software and services sector. The selection of new investments and creation of value in these businesses are managed by Hg, an experienced and well-resourced private equity firm with a long-term track record of delivering superior risk-adjusted returns for its investors.

HGT has assembled a portfolio of more than 35 companies, sharing similar characteristics, yet differing in size and maturity. This creates a natural environment for knowledge-sharing, creating a network effect to drive best practices and value-creation initiatives – ‘ the power of the portfolio’. This approach enables the underlying businesses to benefit from being part of one larger organisation, while retaining their own identity with each management team, incentivised by their own success.

www.hgcapitaltrust.com

Directors

  • Dr Jim Strang (NE Chairman): NED at The Business Growth Fund, senior adviser the the private equity group at Bain & Company
  • Richard J. Brooman (Independent NED)
  • Anne West (Senior Independent NED)
  • Peter Dunscombe (Independent NED)
  • Dr Guy Wakeley (NED)
  • Pilar Junco (NED)

Financials

P&L31 Dec 2020
£~
31 Dec 2019
£~
Net Asset Value (£~000)1,291,0161,039,298
NAV/share310.3p255.1p
Full Year Dividend/ Share5p4.8p
Balance Sheet31 Dec 2020
£~000
31 Dec 2019
£~000
Total fixed asset investments1,024,116788,013
Cash at bank21,6484,558
Total current assets268,070252,516
(Creditors)(1,170)(1,231)
Net Assets1,291,0161,039,298

Peer Group

  • Electra Private Equity (LSE: ELTA): investment trust targeting returns 10-15% PA over the long-term by investing in PE
  • NB Private Equity Partners Ltd (LSE: NBPE): closed-end fund – invests across PE asset class, geography, industry, vintage year & sponsor.
  • Pantheon International Plc (LSE: PIN): closed-end fund. Invests in PE funds & directly in private companies.
  • ICG Enterprise Trust (LSE:ICGT): Invests in private equity funds & directly into private companies
  • HVPE (LSE: HVPE): closed-end investment co investing in a PE portfolio diversified by geography, stage of investment, vintage year & industry.

Major Shareholders

Schroder & Co- 8.55%
M&G IM – 5.26%
Hargreaves Lansdown – 4.97%
Oxfordshire County Council – 4.40%
Rathbones IM – 4.33%
Embark Investment Services – 4.16%
Interactive Investor – 3.90%
Brewin Dolphin – 3.24%

Macro Indicators

Financial Times (Sep 2021): “Goldman arm offers latest route into private equity investing”

“When the pioneers of modern private equity, ​​Kohlberg, Kravis and Roberts, raised $30m for their first buyout fund in 1978, the money came from a tight circle of backers…More recently, however, private equity has become steadily more accessible as leading managers such as Blackstone, KKR, Carlyle, Apollo and Ares have gone public, and new investment vehicles opened the door for individual investors to share in private equity’s alluring returns.”

Media Coverage

City AM (Sep 2021)
“HgCapital Trust has reported robust results for the first half of 2021, with the fund’s total net assets growing to £1.64bn.

The fund, which gives investors exposure to private equity firm HgCapital’s portfolio, grew by £349m over the six months ending on June 30. Investors were treated to an interim dividend payment of 2.0p per share while strong price growth led to returns of 17.4 per cent on company shares.”

Daily Telegraph (Sep 2021) Questor
“Questor investment trust bargain: HgCapital may not boast the share price discount of many rivals but its returns have been spectacular.”

Broker Coverage

 

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