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View Education Personnel case study

Investing in
long-term growth

Recent performance

Jeremy Tigue, Chairman, commented:

“These results continue your Company’s excellent long-term performance, with both the net asset value and share price outperforming the FTSE All-Share Index over one, three, five and ten years.

“I have been a Board member of the Company for almost a decade and have observed first-hand the evolution of the investment portfolio and the significant shareholder value created by the team’s excellent long-term track record and highly selective investment approach.

“The team’s move to ICG early in 2016 has allowed ICG Enterprise Trust to further build on its flexible mandate. I am delighted with the excellent progress we have made against a number of strategic goals and believe that the strategic benefits of the team’s move to ICG will continue to add significant shareholder value and drive outperformance of the wider market.”

Strong performance and excellent progress against strategic goals

  • 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 937p - total return of 8.7% in the six months
    • Continued strong operating performance and realisation activity across the portfolio
    • Largest 30 underlying companies generating earnings growth of 15%
  • Highly cash generative portfolio - record period of proceeds
    • £117m received in the period; 20% of the opening portfolio value
    • Realisations at 36% uplift to carrying value; 3.1x multiple to cost
  • Selective investment into compelling opportunities
    • £65m invested in the six months
    • Capital deployed into high conviction investments gaining momentum; 54% of new investment in H1
    • 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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