Uncovering Trusts – HgT: A deep dive into selected portfolio holdings and H125 results
25/09/2025
In this episode, our director of content, investment trusts, Milosz Papst provides a detailed overview of four portfolio holdings of HgT. He starts with IFS, a provider of cloud enterprise software and industrial AI applications across multiple sectors including enterprise resource planning, enterprise asset management, field service management and enterprise service management for asset-heavy industries, such as aerospace and defence, energy utilities and resources, construction and engineering, manufacturing and telecoms. He then covers P&I, a provider of an integrated HR cloud platform to small and medium-sized enterprises, primarily in Germany. He also delves into Ideagen, a provider of compliance software to organisations operating in highly regulated industries, such as life sciences, healthcare, banking and finance,and insurance. Milosz also covers a more recent investment made by HgT in 2024 in AuditBoard, a modern, cloud-native connected risk platform changing the way enterprises automate, collaborate and report in real time on risk, audit and compliance workflows. He concludes by discussing the key highlights of HgT’s recently published H125 results.
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HgT — Public market volatility weighing on H125 return
06/08/2025
HgT’s muted -0.3% NAV total return (TR) in H125 (according to its preliminary trading update) was negatively affected by public market volatility that reduced HgT’s private portfolio valuations by 4pp. That said, it represents a NAV rebound in Q225 following the -2.0% TR in Q125. Last 12-month (LTM) revenue and EBITDA growth to end-May 2025 across HgT’s entire portfolio were both a robust 19%, translating to a 7pp positive effect on portfolio value. Minor headwinds came from fx changes and higher portfolio net debt (1pp NAV impact each). Gross realisation proceeds reached £165m (7% of opening NAV), which according to Hg compares favourably with peers in a challenging environment. Investments (including reinvestments) stood at £306m, or 12% of opening NAV.
HgT – equity proposition
19/06/2025
HgT is a private equity investment company, which invests in leading, profitable, unquoted European mid-market businesses with an international footprint, offering mission-critical, low-spend software solutions to small and medium-sized enterprises (SMEs). It is managed by Hg, Europe’s leading private equity technology investor, and provides public market investors with exposure to Hg’s portfolio of over 50 such holdings representing more than $160bn in aggregate enterprise value. Below, we highlight five things investors need to know about HgT: Digitalisation trend underpinned by structural tailwinds. HgT’s portfolio companies deliver strong, highly profitable growth. Hg’s extensive sector expertise allowed HgT to deliver healthy returns. HgT has continued to deliver a high level of liquidity events. The trust has a strong track record of realising investments at an uplift to carrying value. If you would like to learn more about HgT, please see our latest research here.