Source - SMW
SVG Capital has hiked its H1 pretax profit to £119.6m, from £20.3m. It said gains on investments totalled £106.8m, from £18.2m.

CEO Lynn Fordham commented: 

"The latest strong performance builds on the double digit annual growth of the past six years. The Company benefits from a portfolio of investments with strong aggregate revenue and earnings growth and an experienced and capable investment team.

"We continue to maintain a strong balance sheet and good coverage of our uncalled commitments. This has enabled us to take advantage of compelling investment opportunities as they have arisen and we have now made nine significant fund investments with eight leading managers since our strategic review of the business.

"The Board believes that the unsolicited final offer from HarbourVest BidCo undervalues the Company and its assets. The Board continues to be focused on delivering maximum value to its shareholders. 

"The Company has received approaches from a number of credible parties, which the Board believes may lead to an offer competing with HarbourVest and could deliver SVG Capital shareholders superior value than HarbourVest Bidco's final Offer."