HgCapital Trust is to invest £4.4m in Sequel Business Solutions, a leading software and service provider to the Lloyd’s of London insurance market. The trust will be participating through the HgCapital Mercury Fund, which is focused on growth buyouts in the software and technology sector, alongside other institutional clients of HgCapital. Sequel’s management team are to retain a significant interest in the business.
The Sequel transaction reduces HGT’s outstanding commitments to invest in HgCapital deals to c £228m. HGT estimates it has liquid resources of approximately £81m available for future deployment (equivalent to 19% of HGT’s NAV as at 31 May 2014 adjusted for transactions reported since).