Q3 update for the three months ended 31 October 2022

NAV per Share Total Return +3.6% in the third quarter; +19.9% LTM


  • NAV per Share of 1,918p (31 July 2022: 1,852p); NAV per Share Total Return of 3.6% for the quarter and 19.9% for the last twelve months (‘LTM’)
  • Portfolio Return on a Local Currency Basis of 0.2% for the quarter and 13.8% on an LTM basis
  • New Investments of £59.9m, including 3 Direct Investments
  • Realisation Proceeds of £62.6m during the quarter, including 11 Full Exits executed at a 33.0% weighted average Uplift to Carrying Value
  • Third quarter dividend of 7p per share, taking total dividends for the period to 21p (Q3 FY22: 18p); reiterated intention to declare total dividend for FY23 of at least 30p per share
  • Long-term share buyback programme initiated in October, with £0.3m being invested in share buybacks during the quarter and total repurchases under the program of £2.1m up to and including 31 January 2023
  • Revised management fee agreement and cost-sharing, effective from 1 February 2023

ICG Enterprise Trust extended its track record of delivering resilient growth during the period, generating NAV per Share Total Return of 3.6% in the third quarter, bringing our five-year annualised NAV per Share Total Return to 17.6%.

Our Portfolio generated local currency returns of 0.2% in the third quarter, and 13.8% on an LTM basis. Importantly, we continued to realise assets at a premium, with 11 full exits completed during the third quarter at an average Uplift to Carrying Value of 33%. We believe these uplifts underline the quality and value of our Portfolio. We are also encouraged to see this momentum continuing post-period end.

ICG and our third-party managers have continued to source attractive opportunities, whilst our strong capitalisation is enabling us to invest for the future. Our investment strategy, centred on ‘defensive growth’, is underpinned by a disciplined approach to capital allocation, seeking to enable ICG Enterprise Trust shareholders to benefit from both income and capital appreciation over the long term.

Oliver Gardey
Oliver GardeyHead of Private Equity Fund Investments, ICG

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