HgCapital Trust (HGT) Trading Update summary

Estimated NAV and performance

• Estimated NAV per share at 544.1 pence, with a total NAV return per share of 10.1% for 2024.

• Total share price return reached 25.7%, with shares moving from a 13% discount to a 2% premium.

• Top 20 portfolio companies delivered LTM revenue and EBITDA growth of 19% and 22%, respectively.

Investment and realisation activity

• £601 million invested in new and follow-on opportunities, including major names like Visma, Audit Board, and IRIS.

• Gross proceeds from exits and refinancings totaled £505 million, with an average uplift of 15% to carrying value.

• Post-period investment of £32 million in Citation and estimated £45 million proceeds from its realisation.

Liquidity and commitments

• Year-end available liquid resources stood at £342 million, including a £375 million credit facility (£98m drawn).

• Pro-forma available liquid resources after recent transactions are £441 million, with £49 million drawn.

• Outstanding commitments to Hg funds are £734 million, expected to be called over 2-3 years; pro-forma commitments are £643 million.