HgCapital Trust PLC estimates its net asset value increased across 2023, amid successful portfolio realisations, in an update to shareholders on Monday.

HgCapital Trust is a London-based investor that provides access to the private equity investments of London-based manager Hg.

Its unaudited estimated net asset value at the end of 2023 was £2.3 billion, which represents NAV per share of 498.6 pence, up 9.2% from 456.6p a year before. NAV total return was 11%, HgCapital Trust said.

‘This growth was predominantly driven by strong trading performance in the underlying portfolio,’ the company said.

It also noted a string of successful realisations of investments during 2023. The sale of HgT’s stake in Argus Media, announced last month, was the 13 liquidity event of 2023 and the 29th in the past two years.

‘This realisation activity sets Hg apart in a year when many other private equity firms struggled to generate liquidity from their portfolios,’ HgT said of its manager.

‘Hg believes its realisation activity in 2023 was a clear differentiator for HgT, highlighting the fundamental strengths and attractiveness of the underlying portfolio to both trade and financial buyers.’

HgT will report its full results for 2023 on March 11.

Shares were up 1.4% to 435.65 pence each in London on Monday morning.

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