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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 £55.6 million as a result of the transaction.
HgCapital's stake in Access is now valued at £441.1 million, representing a 31% uplift from the carrying value of £336.4 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 £617 million,’ HGCapital added.
HgCapital Trust shares were 2.5% higher at 395.00 pence each in London on midday Wednesday.
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