- HgCapital Trust has announced a joint investment into Iris with Intermediate Capital Group.

HgCapital Trust said it would invest approximately £37.5m in Iris, in parallel with other institutional clients of Hg investing through the Hg Saturn Fund.

The transaction values HgCapital's investment in Iris at approximately £93.2m, increasing the company's net asset value by 22%.

The realisation of Iris would deliver an overall return to Hg6 fund clients of 4.2 times the original invested cost and a gross internal rate of return of 26% , HG said.

Hg's liquid resources available for future deployment, including all announced transactions, are estimated to be £187m.

'Iris exhibits a number of Hg's 'sweet spot' business model criteria, including a strong product offering, a loyal customer base, superior software metrics with high degrees of recurring revenue and cash flow conversion and a proven M&A platform with significant cross-sell opportunities,' the company said.

UPDATE: This article has been corrected to clarify HgCapital has made the investment, not Hg

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