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 2026. The valuations are gross of underlying managers’ fees and carried interest.

	Company	Manager	Year of investment(s)	Country	% of Portfolio value
1	Exail Provider of autonomous systems for the aerospace and maritime sectors → Read case study	ICG	2022	France	3.4%
2	Circana Provider of mission-critical data and predictive analytics to consumer goods manufacturers → Read case study	New Mountain	2022	United States	2.2%
3	Visma Provider of business management software and outsourcing services → Read case study	Hg / ICG	2017 / 2020 / 2024	Norway	2.0%
4	Ambassador Theatre Group Operator of theatres and ticketing platforms	ICG	2021	United Kingdom	1.7%
5	Davies Group Provider of speciality business process outsourcing services	BC	2021	United Kingdom	1.6%
6	Vistage Provider of CEO leadership and coaching for small and mid-size businesses in the US	Gridiron	2022	United States	1.6%
7	Crucial Learning Provider of corporate training courses focused on communication skills and leadership development	Leeds Equity	2019	United States	1.4%
8	Minimax Supplier of fire protection systems and services → Read case study	ICG	2018 / 2024 / 2025	Germany	1.4%
9	Leaf Home Solutions Provider of home maintenance services	Gridiron	2016 / 2025	United States	1.3%
10	DomusVi Operator of nursing homes	ICG	2017 / 2021	France	1.3%
11	Brooks Automation Provider of semiconductor manufacturing solutions	TH Lee	2021 / 2022	United States	1.3%
12	KronosNet Provider of tech-enabled customer engagement and business solutions	ICG	2022	Spain	1.2%
13	Audiotonix Manufacturer of audio mixing consoles	PAI	2024	United Kingdom	1.2%
14	European Camping Group Operator of premium campsites and holiday parks → Read case study	PAI	2021 / 2022 / 2023 / 2025	France	1.2%
15	Planet Payment Provider of integrated payments services focused on hospitality and luxury retail	Eurazeo / ICG	2021	Ireland	1.2%
16	Class Valuation Provider of residential mortgage appraisal management services	Gridiron	2021	United States	1.2%
17	Precisely Provider of enterprise software	Clearlake / ICG	2021 / 2022	United States	1.2%
18	DigiCert Provider of enterprise security solutions → Read case study	ICG	2021	United States	1.1%
19	Multiversity Provider of online higher education	CVC / ICG	2024	Italy	1.0%
20	Newton Provider of management consulting services	ICG	2021 / 2022	United Kingdom	1.0%
21	Archer Technologies Developer of governance, risk and compliance software intended for risk management	Cinven	2023	United States	0.9%
22	Pharmacy2U Operator of an online pharmacy business	G Square	2026	United Kingdom	0.9%
23	Ping Identity Provider of cyber security solutions	Thoma Bravo	2022 / 2023	United States	0.9%
24	Dayforce Provider of human capital management solutions	Thoma Bravo	2026	United States	0.9%
25	Chewy Online retailer of pet food and products → Read case study	BC	2014 / 2015 / 2022	United States	0.8%
26	Global Market Foods Speciality distributor of international foods → Read case study	Audax	2026	United States	0.8%
27	Greenix Provider of pest control services	Gridiron Capital	2025	United States	0.8%
28	AMEOS Group Operator of private hospitals	ICG	2021	Switzerland	0.8%
29	AML RightSource Provider of compliance and regulatory services and solutions	Gridiron Capital	2020	United States	0.7%
30	Ivanti Provider of IT management solutions	Charlesbank Capital Partners / ICG	2021	United States	0.7%
	Total of the 30 largest underlying investments				37.7%

The 30 largest fund investments

The table below presents the 30 largest fund investments by value at 31 July 2026. The valuations are net of underlying managers’ fees and carried interest.

	Fund	Year of commitment	Value £m	Outstanding commitment £m
1	ICG Europe VIII Mezzanine and equity in mid-market buy-outs	2021	32.7	11.1
2	ICG Strategic Equities Fund IV GP-led secondary transactions	2021	31.5	6.7
3	ICG LP Secondaries I LP-led secondary transactions → Read case study	2022	28.0	22.2
4	Advent Global Private Equity X Large buyouts	2022	20.5	5.2
5	ICG Strategic Equities Fund V GP-led secondary transactions	2023	19.4	24.9
6	Seventh Cinven Large buyouts	2019	18.7	1.7
7	PAI Europe VII Mid-market and large buyouts	2017	18.6	1.4
8	ICG Ludgate Hill (Feeder) Domino SCSp Secondary portfolio	2025	17.8	4.2
9	CVC European Equity Partners VII Large buyouts	2017	17.7	3.1
10	Oak Hill V Mid-market buyouts → Read case study	2019	17.6	0.4
11	Gridiron Capital Fund V Mid-market buyouts → Read case study	2022	16.6	1.7
12	Investindustrial VII Mid-market buyouts	2019	16.3	3.9
13	ICG Augusta Partners Co-Investor** Secondary fund restructurings	2018	16.1	16.1
14	Gridiron Capital Fund III Mid-market buyouts → Read case study	2016	15.9	1.2
15	ICG Ludgate Hill (Feeder B) Waterfall SCSp Secondary portfolio	2021	15.9	13.9
16	Resolute V Mid-market buyouts	2021	15.7	0.6
17	ICG Strategic Equities Fund III GP-led secondary transactions	2018	14.7	10.3
18	Graphite Capital Partners VIII* Mid-market buyouts	2013	14.6	4.1
19	BC Partners Fund XI Large buyouts	2021	14.5	1.3
20	CVC Capital Partners VIII Large buyouts	2020	14.5	0.5
21	ICG Europe Mid-Market Fund Mezzanine and equity in mid-market buyouts	2019	14.4	4.9
22	ICG Ludgate Hill (Feeder) II Boston SCSp Secondary portfolio	2022	14.3	5.0
23	Gridiron Capital Fund IV Mid-market buyouts → Read case study	2019	14.0	0.4
24	PAI Europe VIII Mid-market and large buyouts	2022	13.8	9.8
25	Thomas H Lee Equity Fund IX Mid-market and large buyouts	2021	13.6	4.0
26	ICG Ludgate Hill (Feeder) IIIA Porsche SCSp Secondary portfolio	2022	13.4	5.2
27	Advent Global Private Equity IX Large buyouts	2019	13.4	0.4
28	Graphite Capital Partners IX Mid-market buyouts	2018	13.1	0.5
29	ICG Europe VII Mezzanine and equity in mid-market buyouts	2018	12.6	5.8
30	Oak Hill VI (Offshore) Mid-market buy-outs	2024	11.9	1.7
	Total of the largest 30 fund investments		512.2	172.5
	Percentage of total investment Portfolio		37.0%

*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

37.7%

The 30 largest fund investments

Fund

Year of commitment

Value £m

Outstanding commitment £m

Total of the largest 30 fund investments

512.2

172.5

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

About us

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Annual Report and Accounts 2026

ICG Enterprise Trust announces realisation of Froneri, its largest portfolio company

Interim results for the six months ended 31 July 2026

The Times Tempus: ‘Buy’ rating for ICG Enterprise Trust

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

37.7%

The 30 largest fund investments

Fund

Year of commitment

Value £m

Outstanding commitment £m

Total of the largest 30 fund investments

512.2

172.5

*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