HgCapital Trust (HGT), the £2.2bn private equity fund specialising in IT services, grew net asset value (NAV) by 2.4% in the third quarter with NAV per share of 550p at 30 September compared to the current 473.5p share price, putting the shares on a 14% discount. The share price slipped 2.7% in the period although trading performance across the portfolio continued to be strong with 12-month sales and earnings growth of 18% and 19% respectively and companies’ underlying profit margin of 33%. These contributed 4% to portfolio growth that was partly offset by lower valuation multiples and an increase in net debt.

Matthew Read, senior analyst at QuotedData, said: “HgCapital Trust has delivered another steady quarter, with a 2.4% NAV uplift reflecting continued strength in its portfolio of software and services businesses, partly offset by softer valuation multiples and higher leverage. Ongoing realisations such as GTreasury, exited at nearly double its carrying value, highlight the latent value hidden in its portfolio – something that applies to many of its peers and, once again, highlights that the discounts that some listed private equity funds trade on do not make sense. Clearly, the short-term pace of NAV progress may moderate as valuation pressures persist, but for HGT and its peers, this should even out over the longer-term.”

Worldwide Healthcare (WWH) says William Hemmings, former head of closed-end funds at Aberdeen Group, will be its next chairman after the current chair Doug McCutcheon retires after the next annual general meeting on 14 July 2026. Hemmings joined the board in October last year. He was also formerly a non-executive director of Primary Health Properties (PHP) and a director of the Association of Investment Trust Companies.

Premier Miton Global Renewables (PMGR), the £20m infrastructure securities fund, has published a circular detailing plans for its managed wind-down announced in September. Shareholders are being offered a cash exit at net asset value minus costs or a rollover into the open-ended Premier Miton Global Infrastructure Income Fund. Two general meetings will be held on 25 November and 5 December for shareholders to vote on the proposals.

James Carthew, head of investment company research at QuotedData, said: “Shareholders in Premier Miton Global Renewables are being offered the choice of a cash exit or rolling into the manager’s open-ended fund. My preference would be to take the cash and reinvest it into Ecofin Global Utilities and Infrastructure, which has a far superior track record and is trading on a 9.6% discount.”