HgCapital Trust PLC on Thursday said it will invest around £11.7 million in Empyrean Solutions alongside other investments from Hg’s clients.

London-based HgCapital Trust provides access to the private equity investments of manager Hg. HgCapital Trust will invest through the Hg Mercury 4 fund.

Empyrean Solutions is a Boston, US-based provider of risk and performance management software for financial institutions.

Empyrean Solutions said the funding will accelerate its product roadmap and expand sales and marketing to keep up with demand.

Empyrean management and current investors, TechVenture Investors and Spectrum Equity, will all remain shareholders. Spectrum Equity will also participate alongside Hg in the new transaction.

HgCapital Trust said its available liquid resources are now around £418 million, 17% of the pro forma net asset value of £2.4 billion at the end of September.

The investment reduces HgCapital Trust’s commitment to invest in Hg transactions to around £681 million, 28% of NAV.

Hg Partner Farouk Hussein said: ‘The Empyrean success story is still in its early innings. Our knowledge of the ’office of chief financial officer’, experience in banking software, and extensive work across this sector confirmed Empyrean’s unique positioning. We are impressed by Empyrean’s management team and their approach to launching new products that solve financial institution CFO customer pain points, and we look forward to backing Chris [Maclin, Empyrean chief executive officer] and partnering with the existing shareholders and management team.’ 

Shares in HgCapital Trust were up 0.3% to 538.60 pence in London on Friday morning.

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