22 October 2025 • 7 minute read By William Heathcoat Amory
HGT offers a unique tech exposure that has delivered strong long-term NAV growth.
HgCapital Trust (HGT) focuses on software and tech-enabled services companies, and is managed by Hg, one of the leading private equity firms to specialise in this area. HGT has net assets of c. £2.5bn, making it one of the largest in the LPE sector, and as we discuss in the Performance section, it has been a very strong performer over the long-term, achieving share price total returns of 19.2% per annum over the last ten years.
Key to understanding HGT’s portfolio is Hg’s unique approach and strategy. The team have significant experience of building businesses that provide critical services for many thousands of businesses globally. By focusing on tightly defined ‘clusters’ (see Portfolio section) where the team have experience and expertise, the team can concentrate on supporting investee businesses to rapidly achieve scale. Hg’s approach is to grow businesses of different sizes, endmarket focus and maturity profiles within these clusters, and remains focused on software and tech-enabled services. Hg generally looks to buy the third or fourth largest company in a local market, and then use its expertise and finances to grow them into the number-one player.
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