ICG Enterprise Trust Newsletter – February 2026

Portfolio Managers Oliver and Colm on our Q3 trading update and the outlook for 2026

We released our Q3 trading update last Friday. The highlights for the three months to 31 October 2025 include:

  • NAV per Share Total Return of 2.4% (LTM: 6.1%)
  • Share Price Total Return of 3.9% (LTM: 28.1%)
  • Continuing strong transaction activity: £82m Total Proceeds and £25m Total New Investments in Q3

Our five-year annualised NAV per Share Total Return is 12.8% and Share Price Total Return is 16.4%. We have a strong balance sheet (ICGT’s net debt as a percentage of NAV is 3%1). Our capital allocation approach includes ongoing buybacks and progressive dividends.

2026 outlook

The natural question is how we are seeing things post-October; markets are dynamic and the world has moved on. The good news is we have seen continued momentum into Q4 with £75m Total Proceeds2, three new co-investments executed and a $90m commitment to LP Secondaries. The outlook for activity remains positive.

This affords us significant flexibility to continue to:

  1. Invest for long-term growth
  2. Optimise shareholder returns through dividends and buybacks – our long-term buyback programme is intended to operate at any discount to NAV
  3. Maintain a robust balance sheet

Deal-flow remains healthy thanks to our strong manager relationships. We invest alongside top-tier managers who deliver strong primary fund performance and offer attractive co-investments. A weaker fundraising environment also benefits ICGT in terms of access and terms for new fund investments, and access to co-investments. For a wider 2026 macroeconomic outlook, read ICG’s Chief Economist’s piece here.

Over the weekend we celebrated a decade of partnership with ICG. The ICG platform has been accretive to portfolio performance; provided enhanced dealflow; and added deep domain expertise and global networks. This has all supported our goal of delivering long-term compounding returns for our shareholders.

With best wishes,
Oliver and Colm

Past performance is not a reliable indicator of future results.

Unsure of some of these terms? See our Glossary

1 At 31 October 2025
2 Reflects 1 November 2025 to 29 January 2026