REG - HgCapital Trust PLC - Hg announces the full exit of GTreasury

HgCapital TrustAnnouncement

16/10/2025 17:00

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RNS Number : 7026D  HgCapital Trust PLC  16 October 2025

Hg, the Manager of HgCapital Trust plc ("HgT"), today announces the full exit
of GTreasury, a global leader in Adaptable Treasury Solutions for the Office
of the CFO, to Ripple.

 

The terms of the transaction have not been disclosed. The transaction remains
subject to customary regulatory approvals.

 

HgT, whose shares are listed on the London Stock Exchange, gives private and
institutional investors the opportunity to participate in all Hg's
investments.

 

This transaction values HgT's investment in GTreasury at approximately £30
million. This would represent an uplift of £15 million (97% or 3.2 pence per
share) over the carrying value of £15 million in the pro-forma Net Asset
Value ("NAV") of HgT at 31 August 2025.

 

Note that these figures only relate to HgT's share of Hg's overall investment
in GTreasury.

 

Based on the 31 August pro-forma NAV, the new pro-forma NAV of HgT is expected
to be £2.5 billion (or 544.5 pence per share).

 

HgT's available liquid resources, (including all announced transactions, the
£375 million bank facility of which £28 million was drawn at the end of
August, and the proposed interim dividend payable in October 2025) are
estimated to be £383 million (15% of the 31 August 2025 pro-forma NAV).

 

HgT's outstanding commitments to invest in Hg transactions are approximately
£1.7 billion (69% of the 31 August pro-forma NAV).

 

Hg agrees sale of GTreasury

to Ripple for $1 billion

 

-    As a result of the transaction Hg will fully exit the business, having
first invested in 2023.

-    GTreasury powers trillions of dollars in annual payment volumes,
serving 1,000+ customers worldwide across 160 countries

-    Hg's AI expertise helped accelerate the development of GTreasury's new
AI products, including the launch of GSmart AI earlier this year

 

LONDON, Oct 16, 2025, - Hg, a leading investor in European and transatlantic
software and services businesses, today announced it has agreed the sale of
GTreasury, a global leader in adaptable treasury solutions for the Office of
the CFO, for a total transaction value of over $1 billion.

 

GTreasury will be acquired by Ripple, a leading provider of digital asset
infrastructure for the enterprise. As a result of this transaction, Hg will
fully exit the business, alongside minority investor, Mainsail Partners.

 

GTreasury provides financial leaders with a comprehensive platform to manage
every stage of treasury complexity, covering liquidity management, cash
forecasting, payments, netting, and risk. Hg invested in 2023 recognising that
these were becoming increasingly critical and strategic products within the
Office of the CFO.

 

The company has scaled significantly with Hg's support, expanding its
transatlantic footprint and accelerating product innovation. This includes the
launch of GSmart AI, which augments GTreasury's platform with agentic
capabilities that reduce manual effort, proactively identify risks and
variances, and recommend strategic actions for finance leaders.

 

GTreasury now powers trillions of dollars in annual payment volumes and serves
more than 1,000 customers across 160 countries.

 

Renaat Ver Eecke, CEO, GTreasury, said: "Joining Ripple is hugely exciting and
will further accelerate our vision of smart, adaptable solutions that provide
financial leaders with the clarity to act. I am also immensely grateful for
Hg's support over the last two and a half years, whose expertise in software,
AI, and Office of the CFO gave us a huge advantage while scaling, launching
new products and delighting our customers. Finally, I want to thank Mainsail
Partners for their steadfast support since their initial investment in 2017."

 

Louis Kinsella, Partner at Hg, said:

"It's been a pleasure working with Renaat and the GTreasury team over the last
couple of years. The business has firmly cemented its position as the most
adaptable treasury platform on the market, evidenced by its accelerating
growth, increasingly transatlantic footprint, and exciting product
innovations, including the recent launch of GSmart AI. I have no doubt the
GTreasury team will continue to thrive in this exciting new chapter."

 

Goldman Sachs & Co. LLC is serving as exclusive financial advisor to
GTreasury; Morrison & Foerster LLP is serving as legal counsel to
GTreasury. EY-Parthenon is also serving as an advisor to GTreasury.

 

 

-Ends-

 

-Ends-

 

For further information, please contact:

HgCapital Trust
Laura Dixon

laura.dixon@hgcapital.com (mailto:laura.dixon@hgcapital.com)

+44 78 2459 2894

 

George Crowe

george.crowe@hgcapital.com (mailto:george.crowe@hgcapital.com)

+44 7774 617 150

 

Cadarn
Lucy Clark
lucy@cadarncapital.com (mailto:lucy@cadarncapital.com)

+44 (0)7984 184 461

 

David Harris
david@cadarncapital.com (mailto:david@cadarncapital.com)

+44 (0)7368 883 211

 

Hg
Tom Eckersley

tom.eckersley@hgcapital.com (mailto:tom.eckersley@hgcapital.com)

 

Sam Ferris

sam.ferris@hgcapital.com (mailto:sam.ferris@hgcapital.com)

 

About HgCapital Trust plc

HgCapital Trust plc is an investment company whose shares are listed on the
London Stock Exchange (HGT.L). HGT gives investors exposure, through a liquid
vehicle, to a portfolio of high-growth unquoted companies, managed by Hg, an
experienced and well-resourced private equity firm with a long-term track
record of delivering superior risk-adjusted returns for its investors.

 

For further details, see www.hgcapitaltrust.com
(http://www.hgcapitaltrust.com) and www.hgcapital.com
(http://www.hgcapital.com)

 

The contents of the Hg, HgCapital Trust, GTreasury, Mainsail and Ripple
websites are not incorporated into, and do not form part of, this
announcement.

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