Edison issues update on HgCapital Trust (HGT): Strong earnings growth and realisations in FY23
HgCapital Trust (HgT) posted an 11.1% NAV total return in FY23 (based on final audited numbers), which allowed it to sustain strong five- and 10-year returns of 20.4% and 18.4% pa, respectively.
- HgCapital Trust (HgT) posted an 11.1% NAV total return in FY23 (based on final audited numbers), which allowed it to sustain strong five- and 10-year returns of 20.4% and 18.4% pa, respectively.
- This has been mostly driven by robust earnings momentum across its portfolio.
- HgT defied the tough private equity exit environment, generating £345.9m of total realisation proceeds excluding carried interest in FY23.
- Growth was further assisted by high ‘buy-and-build’ activity, which benefited earnings growth and supported returns through a considerable multiples arbitrage.