View Education Personnel case study

Investing in
long-term growth

Recent performance

Emma Osborne, Head of Private Equity Fund Investments, ICG, commented:

“The portfolio remains highly cash generative with over £215m of realisations year-to-date, a record period for the portfolio, and outweighing total proceeds received in the previous two financial years.

“Pricing for new investments is high and there is intense competition for good quality assets. Our flexible investment strategy allows us to be nimble, giving us greater control and visibility on the portfolio and enabling us to increase exposure to companies we believe will outperform through the cycle. In the current market conditions, our focus has been on high quality, defensive direct co-investments and secondary investments in both Europe and the US. As always discipline is key.”

  • Continued excellent short, medium and long-term outperformance 
    • NAV and share price outperforming the FTSE All-Share Index over one, three, five and 10 years
  • NAV per share of 930p - total return of 9.1% in the year-to-date
    • Continued strong operating performance and realisation activity across the portfolio
  • Highly cash generative portfolio - record period of proceeds
    • £215m received in the 11 months to December 2017
    • Realisations at 35% uplift to carrying value; 2.4x multiple to cost
  • Selective investment into compelling opportunities
    • £98.5m invested in the year-to-date
    • Capital deployed into high conviction investments gaining momentum
    • Flexibility to adapt investment mix according to where we see the best relative value
  • Strategic benefits of move to ICG continue to add significant value
    • £16m co-investment in Domus Vi alongside ICG Europe VI
    • £8m co-investment in Visma alongside ICG Europe VI completed in September 2017
    • £24m of commitments to two US based managers
    • £10m secondary investment in restructuring of ICG Recovery Fund 2008B



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