- NAV per Share of 1,761p (31 January 2022: 1,690p), NAV per Share Total Return of 4.5% during the quarter; 27.9% during the last twelve months
- Portfolio Return on a Local Currency Basis during the quarter of 2.0% (Sterling return: 5.2%); 30.2% during the last twelve months. Portfolio valued at £1,244m on 30 April 2022
- Disciplined transaction activity: new Investments of £59.1m and Realisation Proceeds of £48.8m during the quarter, including 17 Full Exits executed at an average of 23% Uplift to Carrying Value and 2.7x Multiple to Cost
- First quarter dividend of 7p per share; progressive dividend policy maintained
- Revolving Credit Facility increased to €240m in May, and maturity extended to February 2026
- Board strengthened further by the appointment of two additional Non-Executive Directors
The 4.5% growth in ICGT’s NAV per Share Total Return in the first quarter reflects the resilience of our Portfolio, which grew 2.0% during the quarter on a local currency basis. Our Portfolio of private companies continues to generate attractive shareholder returns and, while realisation proceeds are lower than during Q1 FY22, the 17 Full Exits from our Portfolio were executed at attractive uplifts to carrying values.We are currently in an unusual environment, which is presenting attractive primary and secondary opportunities. Furthermore, our Manager’s expertise in structured transactions with downside protection is generating differentiated investment opportunities for ICG Enterprise Trust. We were able to capitalise on these factors during the quarter, making a number of primary commitments to high-performing managers and sourcing attractive secondary and direct investment opportunities. Discipline is crucial, and we remain highly selective in our investment process.Looking ahead, we believe ICGT’s focus on investing in companies with defensive growth characteristics through our actively managed portfolio positions us well to generate long-term value. We are invested in high quality companies that we expect to show resilient operational and financial performance across economic cycles, and our Portfolio offers diversified exposure across vintages, sectors and countries.