The Alt-Fund Weekly

Research evidence excerpt

The Alt-Fund Weekly

UK | Investment Companies EquityJulyResearch20, 2026

There are no scheduled events this week; Howden Group is in discussions

to raise several billion pounds of new capital (HGT/HVPE); Databricks

announced strategic funding at a $188bn valuation (MNTN/SMT/HVPE);

plus we look at BPCR's recent spate of investment activity.

The week ahead: There are no scheduled events this event.

Newsflow: We are always on the lookout for news items from disparate sources that have yet

to be commented on or substantiated by the relevant funds. The following caught our attention

over the past week:

HgCapital Trust (HGT, Underperform) and HarbourVest Global Private Equity (HVPE,•

Hold) - Bloomberg is reporting that insurance broker Howden Group is in discussions to

raise several billion pounds of new capital, and is planning on bringing in new external

shareholders. The capital raised will be used to repay debt and fund growth opportunities.

Howden represented 6.4% of HGT's NAV as at 31/03/26, and 0.4% of HVPE's NAV as at

31/05/26.

The Schiehallion Fund (MNTN, Hold), Scottish Mortgage (SMT, Buy), and HarbourVest•

Global Private Equity (HVPE, Hold) - Databricks, the data infrastructure and analytical

platform, has announced strategic funding at a $188bn valuation, a 40% increase from

the post-money valuation of $134bn achieved in the February funding round. Databricks

represented 4.1% of MNTN's NAV, 1.8% of SMT's NAV, and 1.2% of HVPE's NAV, all as

at 31/05/26.

Further thoughts: We have long viewed investment activity from BioPharma Credit (BPCR,

Hold) as somewhat akin to London buses, due to multiple new investments tending to arrive

at once. The past six weeks have provided another example of this, with four new loans

made during this period.