European private equity investor Hg cut the portfolio valuation of one of its flagship investment vehicles by 9% in Q1, reflecting a sharp decline in software sector valuations amid growing concerns over the impact of AI on earnings growth, according to a report by Bloomberg.
The markdown affected HgCapital Trust, which provides public market investors with exposure to privately held European technology businesses, including software groups IFS and Visma.
Hg said the valuation decline was partly...
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