ICG Enterprise Trust Newsletter – July 2024

Oliver Gardey
Oliver and Colm reflect on a month of investor meetings and take the pulse of the market

Good morning,

It has been great to meet so many of you over the month of June. Since our last newsletter, we have held a Shareholder Seminar; issued our Q1 results (available here); had our Annual General Meeting; recorded a ‘Resilient Investor’ podcast (available here); featured as part of a listed private equity (PE) panel at Winterflood’s Edinburgh conference; and have conducted a number of ad-hoc investor meetings.

As Managers of ICGT, it’s always heartening to speak to shareholders on whose behalf we work, and it reminds us that we’re here to help people build long-term, compounding wealth. Reflecting on those discussions, it’s clear that what ICG Enterprise Trust brings as part of a portfolio can be differentiating and beneficial. Our seminars are intended to help explore in more detail how we seek to do that.

Shareholder Seminar

Two weeks ago we were pleased to host over 50 institutional investors and research analysts who heard from our Chair, our Team and other senior ICG professionals. We covered a range of topics including the current PE landscape, debt financing in today’s environment, and the role of secondaries in a private markets portfolios. For those who missed it, a recording is available here.

The key messages were:

  1. Our underlying portfolio companies are continuing to grow and have appropriate capital structures; 
  2. Debt pricing is reducing and debt availability is accelerating;
  3. Being part of the ICG platform brings substantial benefits; and
  4. Our Board has a focused and deliberate approach to generating long-term shareholder value.

Pulse of the market

Beyond shareholder engagement, we were also both at SuperReturn at the start of June, which is the industry’s largest global conference. This is an opportunity to take the pulse of the market, and we found the mood to be generally positive. It felt that most participants are expecting a recovery in activity levels in the coming quarters, with many of the conditions necessary for recovery falling into place: a recovery in debt markets; reduced interest rate volatility; and strong underlying company performance.
I think we can all hope that those expectations come to fruition in the coming quarters and, in the meantime, we hope those of you in the northern hemisphere are having a great start to your summers.

Oliver & Colm

Past performance is not reliable indicator of future results.
Unsure of some of these terms? See our Glossary