HgCapital Trust to invest £7m in Street Group

(Sharecast News) - HgCapital Trust said on Wednesday that it would invest approximately £7m in Street Group as part of a strategic growth investment valuing the Manchester-based property software company at more than £200m. Other institutional clients of Hg will invest alongside the trust through the Hg Mercury Fund, while financial terms of the transaction were not disclosed.

Street, which provides software and AI tools to UK estate and letting agents, will use the investment to accelerate product development and expand its AI capabilities.

Following the transaction, HgCapital Trust expects to have liquid resources of £278m and outstanding commitments of around £2.1bn, equivalent to 12% and 87% respectively of its pro forma net asset value at 31 March.

At 0947 BST, shares in HgCapital Trust were up 1.31% at 384.97p.

Reporting by Josh White for Sharecast.com.

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