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HgCapital closes TMT fund after pulling in £380m
by Sarah Miloudi on Mar 11, 2013 at 11:27
HgCapital has closed its specialist TMT fund after it attracted £380 million in assets.
The strong uptake makes HgCapital's Mercury fund the largest in its specialist market, and reflects the team's breadth of experience in investing in the £20 million to £80 million enterprise space.
Stephen Bough, HgCapital's chief finance officer and who oversees HgCapital Trust, which last October made a £60 million pledge to the fund, told Wealth Manager that because lending is scarce, vehicles like Mercury look even more attractive.
'It's a new fund in a space we are very familiar with; it's seen as compelling we taking that expertise into TMT,' he added.
Bough spoke shortly after HgCapital Trust unveiled its annual financial report to investors.
It posted a 15.3% net asset value (NAV) per share total return for the 12 months ended 31 December, and Bough (pictured) said £444 million HgCapital Trust had enjoyed a 'buoyant' realisations environment, generating £80 million in cash with full exits achieving an aggregate 68% uplift to 2011's book value.
Over five years, shares in the trust have gained 51.65% and its ordinary share NAV has risen 43.18%. This compares with a 26% fall in the LPX United Kingdom Index.
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