SOME GOOD news in the recession. Investors in Claret Capital, the private-equity group run by Domhnal Slattery until the financial crash saw it hit difficulties, are set for a handsome windfall from the planned IPO next week of US hospital group HCA.

HCA is planning a $4.3 billion IPO, which would make it the biggest such transaction ever in the US.

The company and its owners plan to sell 124 million shares at between $27 and $30, with the option to place another 18 million shares.

HCA was Claret’s biggest investment – about $50 million in conjunction with Merrill Lynch Private Equity as part of a leveraged buyout in 2006.

Investors have received most of their equity back already by way of a tidy dividend last year, as reported at the time by One More Thing.

If the company goes public next week at $28 a share, Claret investors will have received a 400 per cent return on the money.

HCA is one of a few investments that have come right for Claret. It returned 50 per cent of investors’ original equity last year in Aeolus, a reinsurance company, having invested $25 million in conjunction with Merrill Lynch.

Hertz, the car hire group, is also driving good returns for Claret investors, who have doubled their money in the company.

Of course, there were some turkeys, the airline JetBird among them.

But those who backed HCA are set to come out on the right side and must have their fingers crossed that the IPO goes to plan so they can bank their windfall.