ICG Enterprise Trust Newsletter – June 2025

Oliver and Colm identify two topics top of mind within our investment committee

We have been on the road meeting many of you over recent weeks post full-year results. It is great to see our proposition resonating: resilient portfolio companies growing strongly, translating to 10.5% NAV per Share Total Return for the 12 months to 31 January 2025, and 14.5% annualised return over the last five years. Looking forward, two topics are top of mind within our investment committee currently:

  • Firstly, how to capitalise on the current lower levels of transaction activity in private markets. We are seeing significant opportunity in secondaries, a point highlighted in a recent McKinsey Global Private Markets Report: “returns of secondaries funds have been higher than those of PE on average over the past three vintages… Secondaries funds also offer a stronger liquidity profile than most other private capital funds”. Our in-house expertise in this area is a key differentiator. We are seeing prices softening again after a rally in 2024, and the team is reviewing several opportunities to continue to grow our exposure to this market to reach our medium-term portfolio construction target of 25-30%.
     
  • Secondly, how we are mitigating the impact of economic uncertainty and volatility around global trade. We focus on mid-market and asset-lite businesses typically with limited exposure to the first-order impact of tariffs. A diversified portfolio, with balanced exposure to the US and to Europe, positions us well to navigate this environment, and our regular monitoring of portfolio companies gives us comfort on the underlying resilience of our current investments.

We will talk in greater detail about these topics (and more) in our Shareholder Seminar on Wednesday 18 June – institutional investors and research analysts can register here. A recording will be available on our website in the days following the seminar.

Oliver and Colm

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