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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.


  • 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)
  • Peter Dunscombe (Independent NED)
  • Pilar Junco (NED)
  • Ms Helena Coles (NED)
  • John Billowits (NED)


P&L31 Dec 2023
31 Dec 2022
Net Asset Value (£~000)c.2,300,000c.2,100,000
Full Year Dividend/ Share6.5p7p
Balance Sheet31 Dec 2023
31 Dec 2022
Total fixed asset investments1,783,8571,752,509
Cash at bank51,60352,315
Total current assets510,756479,240
Net Assets2,290,7292,089,965

Major Shareholders

Schroder & Co- 8.50%
Schroder  & Co bank AG – 5.83%
M&G IM – 4.92%
Rathbones – 4.85%
Baillie Gifford – 4.23%
Quilter Cheviot- 2.88%
Sjunde AP-fonden – 2.61%
Hargreaves Lansdown – 1.89%

Media Coverage

Shares Magazine (Feb 2024)
“HgCapital Trust posts another year of superior growth and income”

Daily Telegraph (Dec 2023) Questor
“Buy these investment trusts to take advantage of today’s wide discounts….Private Equity: Hg Capital. Some huge discounts are to be found in this sector. Hg Capital’s 17.5% discount is more modest but the trust has excellent managers and a strong record, not least in achieving sales of holdings at more than the value stated on its books.”

Macro Indicators

Investors Chronicle (June 2022): “Private equity steps up plc bargain hunt” 

“Buyout funds lead the latest bidding round for UK companies, with international competitors making most of the moves.”

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