by Val Cipriani, Investors Chronicle, October 15, 2025:
The listing of Norwegian tech giant Visma could leave private equity investment trust HgCapital Trust (HGT) with a sizeable listed holding, while a full sale would probably be delayed.
Visma, the trust’s biggest holding, accounting for about 12 per cent of its portfolio, is reportedly planning an IPO in London in 2026. This would be considered a win for the capital’s battered stock exchange as well as for the private equity industry, which has been struggling with exits..
Hg Capital, which specialises in defensive software and services companies, first bought a stake in Visma in 2006, taking it private from the Oslo stock exchange. At the time, Visma was valued at £382mn. A number of private transactions have happened since; as of 2020, Hg Capital’s stake accounted for 54 per cent of the business, and the company has invested more since.
The last secondary transaction in December 2023 valued the business at €19bn. At that time, Visma was rumoured to be considering an IPO but opted for a private share sale instead.
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