Hg, the manager of HgCapital Trust (HGT), has agreed the sale of GTreasury, which it describes as a global leader in adaptable treasury solutions for the Office of the CFO, to Ripple, the digital asset infrastructure group, in a transaction valuing GTreasury at over US$1 billion.

The deal, which remains subject to customary regulatory approvals, will see Hg fully exit its investment, having first backed GTreasury in 2023. Minority investor Mainsail Partners will also sell its stake.

For HGT, the sale values its investment in GTreasury at around £30m, representing a £15m (97%) uplift, equivalent to 3.2p per share, on the 31 August 2025 pro-forma NAV. The transaction increases HGT’s estimated pro-forma NAV to £2.5bn (544.5p per share).

Following the deal, HGT’s liquid resources are estimated at £383m (15% of NAV), while outstanding commitments to future Hg investments stand at £1.7bn (69% of NAV).

GTreasury provides software that supports liquidity, payments, risk, and forecasting for over 1,000 clients in 160 countries, processing trillions of dollars in annual payments. Under Hg’s ownership, the company expanded its transatlantic presence and launched GSmart AI, an AI-driven tool designed to enhance automation and strategic insight for finance leaders. Hg partner Louis Kinsella said the firm had enjoyed working with the GTreasury team as it “cemented its position as the most adaptable treasury platform on the market,” adding that he expected the business to continue to thrive under Ripple’s ownership.

QD comment from James Carthew: “HgCapital Trust’s exit of Gtreasury at a 97% premium to its previous carrying value comes a day after Oakley Capital Investments announced atHome had been sold for what looked to us like a 30%ish premium to its carrying value in the trust’s NAV. These uplifts remind us that private equity NAVs may be meaningfully understated. The discounts that these trusts trade on – which already look absurdly wide – are, in reality, even wider than that.”