Valhalla Ventures, the holding company of Preqin founder Mark O’Hare, has lifted its stake in HgCapital (HGT) for a fourth time to 7.2% from 6.4%. The Jersey-based company bought again on Tuesday and now holds almost 33m shares which at almost 439p give him a stake worth around £145m in the £2bn investment trust investing in the private equity funds of Hg. The shares are recovering from a sell-off earlier this month caused by fears that modifications to Anthropic’s AI chatbot Claude would erode the profits of the business software providers in which it is heavily invested.
India Capital Growth (IGC), the £106m mid-cap fund run by River Global, is seeking shareholder approval for a new five-yearly conditional performance-related tender offer for up to 25% of shares, to replace its two-yearly exit policy, plus a new dividend policy of paying out 2% of net asset value each year. It is also proposing a dividend reinvestment scheme and the adoption of the MSCI India SMID index as its benchmark.
James Carthew of QuotedData said: “I am not a fan of over-regular tender offers and redemption facilities. They encourage a short-term mindset and a greater focus on the level of the discount rather than the long-term investment opportunity. There is also a greater risk that one of these coincides with a period of market turmoil and an entire trust disappears in a moment of investor panic. IGC’s shift to five-yearly conditional performance-related tender offers is a good idea.”
SEGRO (SGRO), the UK’s largest listed REIT, says that structural drivers in the logistics sector have “started to reassert themselves” as heightened occupier demand in the second half of last year saw it complete a record £99m of new leasing deals across 2025, helping to deliver a 6.1% uplift in both earnings (to 36.6p per share) and dividends (to 31.1p per share). A third of new leasing deals (£33m) were pre-lets across its development pipeline, with the company signalling that momentum has continued into 2026. Over the course of 2025, the portfolio valuation increased 1.0% and is now worth £19.0bn, while net asset value was up 2.0% to 925p. As well as capturing £152m of reversion potential from its standing portfolio and £62m of potential rent from letting its development pipeline, the company expects the portfolio’s estimated rental value (ERV) to grow between 3% and 6% on its urban stock and between 2% and 4% on its larger big box assets over the medium-term. It also has one of Europe’s largest powered data centre land bank at 2.5GW, almost half of which should be available to pre-let by the end of 2028.
Strategic Equity Capital (SEC), the UK smaller companies trust in the process of returning 22% of its capital to shareholders, recorded a 1.8% investment return in the second half of last year underperforming its benchmark’s 3.1% return. Subdued sentiment to UK small-cap stocks was a headwind but the takeovers of Inspired and Ricard “at significant premia … demonstrates the potential for unlocking value within the portfolio” managed by Ken Wotton at Gresham House.
Digital 9 Infrastructure (DGI9) has published a circular for shareholders to vote on a compulsory redemption mechanism to enable the return of cash as the company winds down.
Residential Secure Income (RESI), the real estate investment trust winding down its two retirement and shared ownership property portfolios, says valuations were broadly stable in the last quarter with a total 0.5% return lifting net tangible assets by 0.3p to 62.6p per share at 31 December. The company declared a 1.3p dividend and said both portfolios were the subject of exclusive talks with preferred bidders who were doing due diligence.
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