(Alliance News) - HgCapital Trust PLC on Monday said it will invest GBP31.8 million in Waystone Group Ltd.
HgCapital Trust allows shareholders to participate in the private equity investments of its manager Hg. It will invest in Waystone, a provider of institutional governance, risk and compliance services to the asset management industry, alongside Hg's institutional clients investing via the Hg Saturn 2 fund.
The terms of the transactions were not disclosed, but Hg will become a co-controlling investor alongside Montagu Private Equity LLP, which completed its investment on Monday.
HgCapital Trust has around GBP293 million in liquid resources available for future investments, around 16% of net asset value of GBP1.9 billion as of September 30, it said on Monday. The new investment will reduce HgCapital Trust's investment commitments to Hg to GBP365 million, 19% of NAV as of September.
"We recognise Waystone as a leading platform in fund governance, with a differentiated profile and potential to scale further. We look forward to what we can achieve together with Montagu, Derek and the team," said Justin Von Simson, Hg managing partner said.
The trust's shares were down 3.4% to 381.50 pence each in London on Monday morning.
Full-year results for HgCapital Trust will be announced on March 7.
By Elizabeth Winter; elizabethwinter@alliancenews.com
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HgCapital Trust plc (HGT)