Largest investments

Top 30 companies

The table below presents the 30 companies in which ICG Enterprise Trust had the largest investments by value at 31 July 2023. The valuations are gross of underlying managers fees and carried interest.

	Company	Manager	Year of investment(s)	Country	% of Portfolio value
1	Minimax Supplier of fire protection systems and services → Read case study	ICG	2018	Germany	3.1%
2	PetSmart Retailer of pet products and services → Read case study	BC Partners	2015	United States	2.7%
3	Froneri Manufacturer and distributor of ice cream products	PAI	2013 / 2019	United Kingdom	2.2%
4	Leaf Home Solutions Provider of home maintenance services	Gridiron	2016	United States	1.7%
5	European Camping Group Operator of premium campsites and holiday parks → Read case study	PAI	2021 / 2023	France	1.4%
6	Yudo Designer and manufacturer of hot runner systems	ICG	2017 / 2018	South Korea	1.4%
7	Curium Pharma Supplier of nuclear medicine diagnostic pharmaceuticals	ICG	2020	United Kingdom	1.4%
8	AML RightSource Provider of compliance and regulatory services and solutions	Gridiron	2020	United States	1.3%
9	Circana (formerly known as IRI) Provider of mission-critical data and predictive analytics to consumer goods manufacturers → Read case study	New Mountain	2022	United States	1.3%
10	Precisely Provider of enterprise software	Clearlake / ICG	2021 / 2022	United States	1.3%
11	Newton Provider of management consulting services	ICG	2021 / 2022	United Kingdom	1.2%
12	Ambassador Theatre Group Operator of theatres and ticketing platforms	ICG / Providence	2021	United Kingdom	1.2%
13	David Lloyd Leisure Operator of premium health clubs	TDR	2013 / 2020	United Kingdom	1.2%
14	Crucial Learning Provider of corporate training courses focused on communication skills and leadership development	Leeds Equity	2019	United States	1.1%
15	DomusVi Operator of retirement homes	ICG	2017 / 2021	France	1.1%
16	Visma Provider of business management software and outsourcing services → Read case study	Hg Capital / ICG	2017 / 2020	Norway	1.1%
17	PSB Academy Provider of private tertiary education	ICG	2018	Singapore	1.1%
18	Ivanti Provider of IT management solutions	Charlesbank / ICG	2021	United States	1.1%
19	Planet Payment Provider of integrated payments services focused on hospitality and luxury retail	Advent / Eurazeo	2021	Ireland	1.0%
20	DigiCert Provider of enterprise internet security solutions → Read case study	ICG	2021	United States	1.0%
21	ECA Group Provider of autonomous systems for the aerospace and maritime sectors	ICG	2022	France	1.0%
22	Davies Group Provider of specialty business process outsourcing services	BC Partners	2021	United Kingdom	1.0%
23	KronosNet Provider of tech-enabled customer engagement and business solutions	ICG	2022	Spain	0.9%
24	Class Valuation Provider of residential mortgage appraisal management services	Gridiron	2021	United States	0.9%
25	Brooks Automation Provider of semiconductor manufacturing solutions	THL	2021 / 2022	United States	0.8%
26	WCT Provider of clinical research outsourcing services	The Jordan Company	2021	United States	0.8%
27	Archer Technologies Developer of governance, risk and compliance software intended for risk management	Cinven	2023	United States	0.7%
28	AMEOS Group Operator of private hospitals	ICG	2021	Switzerland	0.6%
29	RegEd Provider of SaaS-based governance, risk and compliance enterprise software solutions → Read case study	Gryphon	2018 / 2019	United States	0.6%
30	Visage Provider of CEO leadership and coaching for small and mid-size businesses in the US	Gridiron	2022	United States	0.6%
	Total of the 30 largest underlying investments				36.8%

The 30 largest fund investments

The table below presents the 30 largest funds by value at 31 July 2023. The valuations are net of underlying managers’ fees and carried interest.

	Fund	Year of commitment	Value £m	Outstanding commitment £m
1	ICG Strategic Equity Fund III GP-led secondary transactions	2018	34.8	10.8
2	ICG Europe VII Mezzanine and equity in mid-market buyouts	2018	33.4	6.6
3	ICG LP Secondaries Fund I LP-led secondary transactions	2022	33.2	26.0
4	ICG Ludgate Hill I Secondary portfolio → Read case study	2021	31.7	14.0
5	Gridiron Capital Fund III Mid-market buyouts → Read case study	2016	30.2	4.0
6	CVC European Equity Partners VII Large buyouts	2017	30.0	1.7
7	PAI Strategic Partnerships Mid-market and large buyouts	2019	29.0	0.3
8	Graphite Capital Partners VIII Mid-market buyouts	2013	27.2	1.0
9	PAI Europe VII Mid-market and large buyouts	2017	26.5	1.5
10	Gridiron Capital Fund IV Mid-market buyouts → Read case study	2019	23.7	1.0
11	ICG Strategic Equity Fund IV GP-led secondary transactions	2021	23.0	14.9
12	ICG Ludgate Hill III Secondary portfolio	2022	21.3	3.3
13	Resolute IV Mid-market buyouts	2018	20.5	1.5
14	Sixth Cinven Fund Large buyouts	2016	19.8	1.6
15	Resolute II Secondary fund restructuring	2018	18.9	1.1
16	Oak Hill V Mid-market buyouts → Read case study	2019	18.9	1.0
17	CVC European Equity Partners VI Large buyouts	2013	18.0	1.9
18	Advent Global Private Equity IX Large buyouts	2019	17.1	0.8
19	Advent Global Private Equity VIII Large buyouts	2016	17.1	0.0
20	Seventh Cinven Fund Large buyouts	2019	16.9	3.8
21	AEA VII Mid-market buyouts → Read case study	2019	16.3	0.6
22	BC European Capital X Large buyouts	2016	16.0	1.4
23	Resolute V Mid-market buy-outs	2021	15.7	1.1
24	New Mountain Partners V Mid-market buyouts	2017	15.4	1.7
25	ICG Augusta Partners Co-Investor Secondary fund restructurings	2018	15.3	17.6
26	Thomas H Lee Equity Fund VIII Mid-market and large buyouts	2017	15.2	2.2
27	Gryphon V Mid-market buyouts → Read case study	2019	14.9	1.7
28	Graphite Capital Partners IX Mid-market buyouts	2018	14.8	5.8
29	BC European Capital IX Large buyouts	2011	14.0	0.6
30	ICG Europe Mid-Market Fund Mezzanine and equity in mid-market buyouts	2019	13.1	7.6
	Total of the largest 30 fund investments		642.2	138.3
	Percentage of total investment Portfolio		45.9%

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Portfolio analysis

The Portfolio is appropriately diversified by sector and geography

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Portfolio performance

Continuing our track record of growth

About private equity investment trusts

A private equity investment trust is listed on the London Stock Exchange and invests its shareholders’ funds in unquoted companies.

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How to invest

ICG Enterprise is listed on the London Stock Exchange (ICGT.LN) and its shares can be bought and sold just as those of any other listed company

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