Balance sheet

OUTSTANDING COMMITMENTS OF THE COMPANY

The first half of 2017 ended with liquid resources of £119 million, supported by an undrawn bank facility of £80 million. Outstanding commitments as at 30 June 2017 were £478 million, as listed below. We anticipate that the majority of these outstanding commitments will be drawn down progressively over the next four to five years and are likely to be partly financed by future cash flows from portfolio realisations. Additionally, to mitigate the risk of being unable to fund any draw‑down under its commitments, the Board has negotiated a right to opt out, without penalty, of the Company’s obligation to fund such commitments where certain conditions exist.

Outstanding commitments as at 30 June 2017 Outstanding commitments as at 31 December 2016
Fund Fund
vintage
Original commitment £'million £m % of NAV £m % of NAV
HGT 8 LP1 2017 350.0 350.0 52.2% 350.0 56.9%
Hg Mercury 22 2017 80.0 80.0 11.9% - -
HGT 7 LP 2013 200.0 22.4 3.3% 39.8 6.5%
HGT 6 LP 2009 285.0 12.6 1.9% 11.0 1.8%
RPP2 2010 35.13 6.1 0.9% 7.5 1.2%
Hg Mercury 2011 60.0 3.8 0.6% 10.3 1.7%
HGT LP (Pre‑HgCapital 6 vintage) pre-2009 120.04 1.3 0.2% 1.3 0.2%
Hg6E6 2009 15.0 1.0 0.1% 0.6 0.1%
RPP1 2006 19.05 0.8 0.1% 0.8 0.1%
Total     478.0 71.2% 421.3 68.5%

Liquid resources     119.4 17.8% 45.8 7.4%
Net outstanding commitments unfunded by liquid resources 358.6 53.4% 375.5 61.1%

1. Commitment to HgCapital 8 in December 2016. This fund will only commence investing once HgCapital 7 has completed its investment period.

2. Commitment to Hg Mercury 2 in February 2017. This fund will only commence investing once Hg Mercury 1 has completed its investment period.

3. Sterling equivalent of €40.0 million.

4. Excluding any co‑investment participations made through HGT LP.

5. Sterling equivalent of €21.6 million.

6. Partnership interest acquired during 2011.