(Alliance News) - Investment firm HgCapital Trust PLC on Friday said it will invest GBP20 million in private equity fund administrator Gen II Fund Services LLC.
This is part of a strategic investment into Gen II, led by Hg and US growth equity firm General Atlantic. Hg is a software investor and the manager of Hg Capital Trust. Financial information provider IHS Markit Ltd also will invest in Gen II.
The details of the transaction were not disclosed, but are subject to antitrust and regulatory approvals. The investment is expected to reduce HgCapital Trust's outstanding commitments to invest in Hg's transactions to GBP663 million.
In addition, HgCapital Trust noted that Hg has agreed to sell Eucon Group - a platform for automotive parts pricing data - to German insurance group VHV Group for an undisclosed sum.
The transaction values HgCapital Trust's investment in Eucon at GBP11.5 million, reflecting an uplift of GBP3.9 million over the carrying value of GBP7.6 million in the trust's net asset value as of August 31. The trust said pro-forma NAV is now expected to be GBP1.16 billion, or 285 pence per share, based on the August 31 reported NAV.
Shares in HgCapital Trust were up 2.9% at 299.43 pence on Friday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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HgCapital Trust plc (HGT)