2022 year end results

Preliminary results for the 12 months ended 31 January 2022


NAV of £1.2bn, equal to NAV per Share of 1,690p (31 January 2021: 1,384p)

  • NAV per Share Total Return of 24.4% in the year (FY21: 22.5%)
  • Portfolio delivering strong performance: Portfolio Return on a Local Currency Basis of 29.4% (Sterling return 27.6%)
  • Realisation Proceeds of £333.5m, including £210.5m from 54 Full Exits at an average Uplift To Carrying Value of 36.3%
  • Executed on an attractive investment pipeline: £303.7m of investments in the year, 61.1% into High Conviction Investments
  • Fourth quarter dividend of 9p per share brings full year dividend to 27p, an increase of 12.5% on FY21
  • Focus on investing in companies with defensive growth characteristics positions ICG Enterprise Trust well to navigate uncertain market conditions

This has been a very successful year for ICG Enterprise Trust, generating significant value and making attractive new investments. At 31 January 2022, the NAV per Share stood at 1,690p, representing NAV per Share Total Return of 24.4% for the year.

We have extended our track record of delivering strong growth in our Portfolio, generating a 29.4% Portfolio Return on a Local Currency Basis over the Last Twelve Months. This represents our 13 th consecutive year of double-digit growth. These returns reflect strong underlying performance of our investments, as well as our continued track record of realising assets at a significant Uplift To Carrying Value.

We and our managers continued to identify attractive opportunities to make new investments. During the year we invested £304m and made new primary Commitments to funds totalling £190m. During periods of elevated transaction activity, as we saw over the last year, selection and judgement are even more crucial. I am proud of the dedicated team within ICG Enterprise Trust, who maintained a disciplined approach to constructing a portfolio for defensive growth.

We are well-positioned to navigate periods of uncertainty, with a diversified Portfolio that reflects our focus on buyouts of high quality, cash generative companies that have attractive market positions and robust levers for growth.

Oliver Gardey
Oliver GardeyHead of Private Equity Fund Investments, ICG