(Alliance News) - HgCapital Trust PLC on Wednesday said its investment manager Hg is investing further in Loughborough-based software company Access Group, lifting the value of its own holding.
HgCapital Trust PLC is a technology-focused investment trust that participates in the private equity investments of manager Hg.
Hg's Saturn Funds will make a further investment in Access Group, while Hg's Genesis 8 Fund will slightly partly reduce its stake in Access. HgCapital Trust will receive a net distribution of GBP55.6 million as a result of the transaction.
HgCapital's stake in Access is now valued at GBP441.1 million, representing a 31% uplift from the carrying value of GBP336.4 million in HgCapital's net asset value as at March 31.
"The investment will reduce HgCapital's outstanding commitments to invest in Hg transactions to approximately GBP617 million," HGCapital added.
HgCapital Trust shares were 2.5% higher at 395.00 pence each in London on midday Wednesday.
By Tom Budszus; tombudszus@alliancenews.com
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HgCapital Trust plc (HGT)