ICG Enterprise Trust Newsletter – September 2025

Portfolio Managers Oliver and Colm reflect on a positive summer period for ICGT

ICG Enterprise Trust is delighted to have been nominated in the “Best for Alternative Growth” category in QuotedData’s Investors’ Choice Awards 2025. You can find out more about the awards and selection process, as well as vote for ICG Enterprise Trust if you wish, here.

“Sell in May and go away” is often said about the stock market, but since the start of May, ICG Enterprise Trust has recorded a share price total return of +23%1. We have had a busy summer and the positive trajectory we saw before the holiday season seems to be continuing, despite a volatile economic environment.

Data from the wider market supports this: during H1, global private equity exits were the strongest for three years according to EY2. This has been reflected in a number of significant realisations within our portfolio, with strong returns from disposals of Minimax and Datasite in particular. This is in contrast to the fundraising landscape, which remains challenging for many managers. 

These two dynamics are favourable for evergreen, closed-ended investment trusts such as ICG Enterprise Trust: our long-term partnership is valued by Managers, and we are getting more cash back to make new investments, execute buybacks and maintain our dividend programme. What does this mean for investors? We expect returns within private equity to continue to be dispersed. Selectivity, discipline and access to top-quality managers and companies will remain critical. 

To hear more about these themes, the current investment landscape, and how we are responding, we invite you to sign up to the following two events:

  • 4 September: Colm is presenting at Proactive Investor’s Investor Forum (sign up here)
     
  • 30 September: Our Chair, Jane Tufnell, is speaking at AssetTV’s Listed Private Equity Panel Discussion (sign up here)

We look forward to speaking in the coming months, and thank you for your continued support.

Oliver and Colm

Past performance is not a reliable indicator of future results.

Unsure of some of these terms? See our Glossary

1 Morningstar / AIC interactive chart, from 01 May 2025 to 31 August 2025
2 EY’s Private Equity Pulse, “Key Takeaways from Q2 2025”