ICG Enterprise Trust Newsletter – October 2026

ICGT Portfolio Manager Oliver Gardey and Colm Walsh talking to each other in an office environment
Portfolio Managers Oliver and Colm on Q2 performance and different growth drivers

We released our half-year results last week, which you can find here. The ‘new’ news was the Q2 marks – Q2 NAV per Share Total Return was 3.3%. Growth was driven by multiple investment areas, ranging from pest control to theatre operators. Our Portfolio returns are not reliant on any single sector or investment thesis.

That is what pleases us most about the quarter. We deliberately construct a diversified Portfolio of companies with different growth drivers, which may perform well at different points in the cycle. This should help deliver more resilient and less volatile returns for our shareholders over the long term.

Ambassador Theatre Group is a good example. We invested in 2021 alongside ICG Strategic Equity, when the live entertainment industry was still recovering from COVID. But since then, audiences have returned strongly and the company has continued to build its position as a leading international venue operator. ATG is being sold to a strategic buyer, with approximately £23m of proceeds expected for ICGT in the coming quarters.

Looking ahead, our base case is that higher interest rates and continued macroeconomic and geopolitical uncertainty will extend the period of slower sector-wide activity. Against that backdrop, we believe the breadth of growth drivers across our Portfolio will remain important. Our approach of investing in high-quality, market-leading companies continues to generate successful exits: over the last 12 months, 60 Full Exits have generated a weighted-average Multiple of Cost of 3.1x.

We look forward to speaking more in the coming months.

Oliver and Colm

Past performance is not a reliable indicator of future results.

Unsure of some of these terms? See our Glossary.