OUTSTANDING COMMITMENTS OF THE COMPANY
2016 ended with liquid resources of £46 million, supported by an undrawn bank facility of £80 million. Outstanding commitments as at 31 December 2016 were £421 million, as listed below. We anticipate that the majority of these outstanding commitments will be drawn down progressively over the next five years and are likely to be partly financed by future cash flows from portfolio realisations. Additionally, to mitigate the risk of being unable to fund any draw-down under its commitments to invest alongside certain of HgCapital’s funds, the Board has negotiated a right to opt out, without penalty, of the Company’s obligation to fund such commitments where certain conditions exist.
A new commitment of £80 million to HgCapital Mercury 2 was made in February 2017 that is not shown in the table below. This commitment also has the benefit of an opt-out provision.
1. Commitment to HgCapital 8 in December 2016. This fund will only commence investing once HgCapital 7 has completed its investment period.
2. Sterling equivalent of €40.0 million.
3. Excluding any co-investment participations made through HGT LP.
4. Sterling equivalent of €21.6 million.
5. Partnership interest acquired during 2011.
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