Results preparation & secondaries: ICG Enterprise Trust Newsletter – October 2023

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In October's monthly newsletter, Oliver and Colm look ahead to discussing secondary investments and other topics at our results this Thursday.

Good morning

A quick note for the diary: this Thursday (5th October) ICG Enterprise Trust will release its results for the six months to 31 July 2023. The results will be available on the ICGT website, where qualified investors can also register for our results webcast, taking place at 10am BST.

What will we discuss? As well as looking at the outturn for H1, we will look at where we have exited businesses historically compared to their valuations 1; give a brief recap of our share buyback programme (a year old this month); and talk briefly about the secondaries market.

On secondaries particularly, you may have noticed an increased focus from a number of commentators in recent months. For investors in private equity funds who need liquidity, this is the part of the market that provides it. ICG Enterprise Trust invests in secondaries through two distinct routes: GP-led, and LP-led … both through ICG-managed funds. A brief overview of LP-led secondaries is available on our website here, and we will discuss more about both parts of that market on Thursday.

Outside of preparing for results, the last month has seen normal course business in full swing, including several investment committees for new opportunities. The bar remains high, of course, and with a lot of discussion on downside protection (one characteristic of our focus on defensive growth).  

More generally, the market is still experiencing lower transaction levels. You may recall that over the past 18 months we have taken advantage of the fundraising dynamics to make primary commitments to a range of managers. This gives our portfolio access to a wider range of market opportunities and should enable us to continue to invest during this period, maintaining vintage diversification. 

We look forward to discussing these topics, and many more, on Thursday.

All the best,

Oliver and Colm


1 Past performance cannot be relied on as a guide to future performance