ICG Enterprise Trust Newsletter – August 2026

Portfolio Managers Oliver & Colm on private market fundamentals and portfolio resilience

Good morning,

As we reported in our Q1 results, ICG Enterprise Trust’s portfolio has continued to deliver strong underlying operating performance, generate exits at an uplift to carrying value and benefit from relatively limited software exposure, an area where valuations have been particularly challenged in recent months.

In our view, this has supported resilience in a more selective market.

Our optimistic but not complacent perspective is reinforced by the latest report from ICG’s Chief Economist Nick Brooks, who notes that private market fundamentals remain robust, with healthy EBITDA growth across North America and Europe and strong debt metrics – see the executive summary of the report.

He also notes that “sector and company performance dispersion will continue to rise, with rigorous bottom-up analysis and stress testing more critical than usual”. This is very consistent with how we approach new investments and what we look for in other managers we partner with. In a more dispersed market, it’s increasingly important that we focus on companies with resilient growth characteristics: the quality of earnings, cash generation and leverage profile.

At our ICGT Investment Committees, we continue to apply a high bar, including modelling for the impact of reduced exit multiples and assessing the value creation plan. Often the main reason we decline investments is due to valuation. By partnering with managers who can invest across a broad range of sectors and themes, we have the flexibility to allocate capital where we see the most attractive opportunities.

We were also pleased to see this recent article in Interactive Investor from an ICGT shareholder, which touches on many of these themes and provides an investor’s perspective on ICGT. Sharing for your summer reading, but we’re somewhat biased!

We hope you find some time to rest and relax over the summer, and look forward to speaking again in September.

With best wishes,
Oliver and Colm

Past performance is not a reliable indicator of future results.

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Authors

Oliver Gardey

Head of Private Equity Fund Investments, ICG

Colm Walsh

Managing Director, Private Equity Fund Investments, ICG

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ICG Enterprise Trust Newsletter – August 2026

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ICG Enterprise Trust Newsletter – August 2026

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