Update on HGT's Commitment to Hg's Saturn 3 Fund
HgCapital Trust plc ('HGT')
Legal Entity Identifier: 213800J7QUJJBEFSIN38
Update on HGT's Commitment to Hg's Saturn 3 Fund
On the 13th of March, in HGT's Annual Report and Accounts for the year ended 31 December 2022, we reported that the Board of HGT agreed to take advantage of the opportunity to reduce HGT's commitment to Hg Saturn 3 by c.15%.
This reduction of commitment has now completed and allows for increased investment flexibility for HGT ahead of what is envisaged to be an attractive period for new investment, through both Hg funds and in particular, increased exposure to co-investments where HGT has a goal of investing up to 10% of its capital (free of fees and carried interest). An additional benefit here is the ability to manage single asset concentration.
Drawn capital to-date will be repaid to HGT pro-rata. HGT is simply exchanging invested NAV at par for cash, therefore, there is no negative impact on the HGT balance sheet from the proposed resizing of the fund commitment. Following completion, HGT's pro-forma available liquid resources are £663m (including the £350 million undrawn bank facility), with pro-forma outstanding commitments of £934m, which are expected to be drawn down over the next three to four years.
Jim Strang, the Chairman
For further details:
Hg
Laura Dixon +44 (0) 20 8396 0930
About HgCapital Trust plc
HgCapital Trust plc, whose shares are listed on the London Stock Exchange (ticker: HGT.L) gives investors exposure to a portfolio of high-growth private companies, through a liquid vehicle. New investments and existing portfolio companies 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. For further details, please see www.hgcapitaltrust.com .
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