ICG Enterprise Trust Newsletter – October 2025

Q2 performance and strong realisation activity

Our regular newsletter is below. Two additional things to flag:

Colm will be speaking this Friday at the AIC Investment Company Showcase – more details available here.

We are interested in how our shareholders and potential shareholders engage with ICGT, and would be grateful for your responses to the questions below to help us understand how we can serve you better. All responses are anonymous.

    We released our H1 results earlier today, and will be hosting a webinar at 12:30pm – you can view the announcement, which covers the six-month period to 31 July 2025, and sign up to the webinar here. The performance for the first three months was published at our Q1 results, as were a number of the realisations from our larger portfolio companies, so the ‘new news’ is predominantly the performance during Q2, which saw:

    • Portfolio Return on a Local Currency Basis of 1.6%
    • NAV per Share Total Return of 1.9%
    • Share Price Total Return of 27.9%

    More broadly, the results focus on the strong realisation activity we have experienced over the six months – bucking the trend of the global private equity industry – and we commented on the tangible value our buyback programme is creating (during H1 buybacks contributed +0.7% to our NAV per Share Total Return). From a Portfolio Manager’s perspective, our ability to balance investing in the Portfolio while continuing these programmes gives us substantial flexibility to create long-term value for our shareholders.

    We are also executing on our ambition to grow our secondaries exposure. We invested £42m into these opportunities in H1, and at 31 July 2025, secondaries comprised 17% of our Portfolio.

    We look forward to discussing these themes and more in our upcoming H1 roadshow.

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    With best wishes,

    Oliver and Colm

    Past performance is not a reliable indicator of future results.

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