Top holdings

Top 30 companies

The table below presents the 30 companies in which ICG Enterprise Trust had the largest investments by value at 31 July 2025. The valuations are gross of underlying managers’ fees and carried interest.

	Company	Manager	Year of investment(s)	Country	% of Portfolio value
1	Froneri Manufacturer and distributor of ice cream products	PAI Partners	2013 / 2019	United Kingdom	2.7%
2	Circana Operator of mission-critical data and predictive analytics to consumer goods manufacturers	New Mountain Capital	2022	United States	2.2%
3	Visma Provider of business management software and outsourcing services → Read case study	Hg Capital / ICG	2017 / 2020 / 2024	Norway	1.7%
4	Curium Pharma Supplier of nuclear medicine diagnostic pharmaceuticals	ICG	2020	United Kingdom	1.7%
5	Leaf Home Solutions Provider of home maintenance services	Gridiron Capital	2016	United States	1.7%
6	Davies Group Provider of specialty business process outsourcing services	BC Partners	2021	United Kingdom	1.6%
7	Ambassador Theatre Group Operator of theatres and ticketing platforms	ICG	2021	United Kingdom	1.6%
8	Crucial Learning Provider of corporate training courses focused on communication skills and leadership development	Leeds Equity Partners	2019	United States	1.5%
9	PSB Academy Provider of private tertiary education	ICG	2018	Singapore	1.5%
10	David Lloyd Leisure Operator of premium health clubs	TDR Capital	2013 / 2020	United Kingdom	1.4%
11	Chewy Retailer of pet products and services → Read case study	BC Partners	2014 / 2015 / 2022	United States	1.4%
12	Exail Provider of autonomous systems for the aerospace and maritime sectors	ICG	2022	France	1.4%
13	Precisely Provider of enterprise software	Clearlake Capital / ICG	2021 / 2022	United States	1.3%
14	Domus Operator of retirement homes	ICG	2017 / 2021	France	1.3%
15	Class Valuation Provider of residential mortgage appraisal management services	Gridiron Capital	2021	United States	1.3%
16	Yudo Designer and manufacturer of hot runner systems	ICG	2017 / 2018	South Korea	1.2%
17	Newton Provider of management consulting services	ICG	2021 / 2022	United Kingdom	1.2%
18	Vistage Provider of CEO leadership and coaching for small and mid-size businesses in the US	Gridiron Capital	2022	United States	1.1%
19	KronosNet Provider of tech-enabled customer engagement and business solutions	ICG	2022	Spain	1.1%
20	Planet Payment Provider of integrated payments services focused on hospitality and luxury retail	Eurazeo Funds Management / ICG	2021	Ireland	1.1%
21	Audiotonix Manufacturer of audio mixing consoles	PAI Partners	2024	United Kingdom	1.1%
22	Brooks Automation Provider of semiconductor manufacturing solutions	Thomas H. Lee Partners	2021 / 2022	United States	1.0%
23	Minimax Supplier of fire protection systems and services → Read case study	ICG	2018 / 2024 / 2025	Germany	1.0%
24	European Camping Group Operator of premium campsites and holiday parks → Read case study	PAI Partners	2021 / 2022 / 2023 / 2025	France	1.0%
25	Ivanti Provider of IT management solutions	Charlesbank Capital Solutions / ICG	2021	United States	1.0%
26	DigiCert Provider of enterprise security solutions → Read case study	ICG	2021	United States	1.0%
27	Ping Identity Provider of intelligent access management solutions	Thoma Bravo	2022 / 2023	United States	0.9%
28	Archer Technologies Developer of governance, risk and compliance software	Cinven	2023	United States	0.9%
29	Multiversity Provider of online higher education	CVC Capital Partners / ICG	2024	Italy	0.8%
30	Silvus Technologies Developer of mobile communications datalinks used in law enforcement, unmanned systems and other commercial / industrial applications	The Jordan Company	2019	United States	0.8%
	Total of the 30 largest underlying investments				39.5%

The 30 largest fund investments

The table below presents the 30 largest fund investments by value at 31 July 2025. The valuations are net of underlying managers’ fees and carried interest.

	Fund	Year of commitment	Value £m	Outstanding commitment £m
1	PAI Strategic Partnerships** Mid-market and large buyouts	2019	34.7	0.1
2	ICG Strategic Equities Fund IV GP-led secondary transactions	2021	33.7	6.3
3	ICG Europe VIII Mezzanine and equity in mid-market buyouts	2021	31.8	9.7
4	CVC European Equity Partners VII Large buyouts	2017	25.8	3.2
5	ICG LP Secondaries Fund I LP LP-led secondary transactions	2022	23.7	26.6
6	PAI Europe VII Mid-market and large buyouts	2017	23.2	2.5
7	ICG Strategic Equities Fund III GP-led secondary transactions	2018	22.1	10.5
8	ICG Ludgate Hill (Feeder B) Secondary portfolio	2021	22.1	14.0
9	Resolute IV Mid-market buyouts	2018	21.9	0.7
10	Gridiron Capital Fund III Mid-market buyouts → Read case study	2016	21.5	1.2
11	Gridiron Capital Fund IV Mid-market buyouts → Read case study	2019	21.4	0.5
12	Oak Hill V Mid-market buyouts → Read case study	2019	19.7	0.5
13	Seventh Cinven Large buyouts	2019	19.4	2.8
14	Graphite Capital Partners Mid-market buyouts	2018	17.2	0.9
15	Advent Global Private Equity IX Large buyouts	2019	16.3	0.5
16	ICG Ludgate Hill III Secondary portfolio	2022	16.1	5.3
17	Resolute V Mid-market buyouts	2021	15.7	1.4
18	Investindustrial VII Mid-market buyouts	2019	15.7	4.2
19	ICG Augusta Partners Co-Investor** Secondary fund restructurings	2018	15.1	16.4
20	Graphite Capital Partners VIII* Mid-market buyouts	2013	15.0	3.6
21	ICG Ludgate Hill (Feeder) II Boston SCSp Secondary portfolio	2022	14.7	5.1
22	ICG Strategic Equities Fund V GP-led secondary transactions	2023	14.2	28.3
23	Tailwind Capital Partners III Mid-market buyouts	2018	14.1	1.4
24	CVC Capital Partners VIII Large buyouts	2020	13.9	0.5
25	ICG Europe VII Mezzanine and equity in mid-market buyouts	2018	13.3	5.9
26	New Mountain Partners VI Mid-market buyouts	2020	13.3	1.8
27	Thomes H Lee Equity Fund IX Mid-market and large buyouts	2021	12.7	3.8
28	ICG Europe Mid-Market Fund Mezzanine and equity in mid-market buyouts	2019	12.4	5.0
29	Gridiron Capital Fund III Mid-market buyouts	2022	12.1	4.1
30	Bowmark Capital Partners VI Mid-market buyouts	2018	11.5	3.1
	Total of the largest 30 fund investments		564.3	169.9
	Percentage of total investment Portfolio		40.0%

*Includes the associated top up funds
**All or part of interest acquired through a secondary purchase

Disclaimer

The information contained herein and on the pages that follow does not constitute an offer to sell, or the solicitation of an offer to acquire or subscribe for, any securities in any jurisdiction where such an offer or solicitation is unlawful or would impose any unfulfilled registration, qualification, publication or approval requirements on ICG Enterprise Trust PLC (the "Company") or its affiliates or agents. Equity securities in the Company have not been and will not be registered under the applicable securities laws of the United States, Australia, Canada, Japan or South Africa (each an “Excluded Jurisdiction”). The equity securities in the Company referred to herein and on the pages that follow may not be offered or sold within an Excluded Jurisdiction, or to any U.S. person ("U.S. Person") as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or to any national, resident or citizen of an Excluded Jurisdiction.

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Top holdings

Jump to:

Top 30 companies

Company

Manager

Year of investment(s)

Country

% of Portfolio value

Total of the 30 largest underlying investments

39.5%

The 30 largest fund investments

Fund

Year of commitment

Value £m

Outstanding commitment £m

Total of the largest 30 fund investments

564.3

169.9

*Includes the associated top up funds
**All or part of interest acquired through a secondary purchase

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Annual Report and Accounts 2025

ICG Enterprise Trust announces realisation of Minimax

Interim results for the six months ended 31 July 2025

Global Economic and Private Markets Update: Remarkable Resilience

Q1 update for the three months ended 30 April 2025

Top holdings

Jump to:

Top 30 companies

Company

Manager

Year of investment(s)

Country

% of Portfolio value

Total of the 30 largest underlying investments

39.5%

The 30 largest fund investments

Fund

Year of commitment

Value £m

Outstanding commitment £m

Total of the largest 30 fund investments

564.3

169.9

*Includes the associated top up funds **All or part of interest acquired through a secondary purchase

*Includes the associated top up funds
**All or part of interest acquired through a secondary purchase