Skip to main content

In order to access the website of Winterflood Securities Limited you must first read and accept the following terms:

This website is not directed at, or intended for distribution to or use by, any U.S. citizen, person, or entity that resides in or is located in the United States of America or any other jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation which would subject Winterflood to any registration or licensing requirements with such jurisdiction. Services are not available to U.S. persons except where such services are permitted under SEC rule 15a6 or other relevant exemptions from SEC Broker/Dealer registration requirements.

Please note that Winterflood Securities Limited is not registered as a broker-dealer with the Securities and Exchange Commission and is not a member of Financial Industry Regulatory Authority Inc. (“FINRA”). All research reports provided on this website are being distributed directly by Winterflood Securities Limited to persons in the U.S. that qualify as “major U.S. institutional investors” in compliance with Rule 15a-6(a)(2) of the Securities Exchange Act of 1934. Accordingly, these research reports have not been prepared in compliance with FINRA requirements. Please refer to our Full Disclaimer here.

Research on this Website

Research on this website has been issued for the information of Professional Clients and Eligible Counterparties (as defined in the FCA handbook) of Winterflood Securities Ltd (“Winterflood”). The terminology used within the research reports is intended for professional investors. Research reports are not intended to provide the sole basis for any evaluation of an investment decision.

Each research report on this website must be read in conjunction with any disclaimer which forms part of it. Your attention is drawn to the date of issue of the information provided and of the opinions expressed therein. Any opinions are those of the Winterflood Investment Trust research team and are subject to change without notice and Winterflood is not under any obligation to update or keep current the information contained herein. The material on this website is based on information obtained from sources believed to be reliable but which have not been independently verified and are not guaranteed as being accurate.

Use of Cookies

For information on the cookies used on our websites, please refer to our Cookies Policy which can be accessed here.


For information on how we treat your personal data, please refer to our Privacy Notice which can be accessed here.

More information can be found in our Legal Disclaimer

If you have read and accepted the terms and conditions for use of this website please click continue
19 Mar 2021

HgCapital Trust

Company Notes

Strong returns assisted by investment activity in 2020

HgCapital Trust is a private equity fund with assets of £1.3bn that invests in unquoted software and business service companies across Europe. On 15 March it announced its annual results for the year ended 31 December 2020, which showed its NAV up 24% in the year to 310.3p per share, while its share price return was 20.9%. Returns were driven by a £225m revaluation of its unquoted portfolio and an uplift of £105m on realisations. The top 20 investments (83% of the portfolio) saw revenue and EBITDA growth of 22% and 31% respectively.

Investments totalled £403m last year in 15 new and further investments including: Visma (£48m), Sovos (£44m), Septeo (£39m), Argus Media (£35m), P&I (£35m), Intelerad (£34m) and CaseWare (£29m). Realisations totalled £364m and were delivered by six transactions: Visma (£193m), Sovos (£139m), The Citation Group (£26m), STP (£15m), Eucon (£12m) and Evaluate (£11m). The average multiple of cost achieved on exits was 3.5x, with the average uplift to the last carrying value being 25%. New commitments of £750m were made to Hg Saturn 2 (£293m), Hg Genesis 9 (£322m) and Hg Mercury 3 (£103m). Outstanding commitments stood at £543m at the end of February, while cash, adjusted for all transactions and the outstanding 5p dividend, was £102m, equivalent to 8% of the net assets. The fund’s £200m multi-currency facility remains undrawn.