ICG Enterprise Trust Newsletter – July 2025

Oliver and Colm talk portfolio performance, market outlook and investor engagement

Firstly to flag a short video Colm did a few weeks ago in which he talks about how, by offering a diversified portfolio of private companies on international stock exchanges, listed private equity gives investors access to private companies for the price of a single share.

We are half-way through the year already – there has certainly been no shortage of headlines so far. As we approach the summer, a few thoughts on performance and outlook for the coming quarters.

Portfolio performance

We released Q1 results last week. Our Portfolio continues to perform well and our buyback programme has generated further shareholder value. We have generated the strongest NAV per Share Total Return performance amongst our peer group over the last year¹, and 14.8% annualised growth over the last 5 years².

We believe that our investment strategy, focused on resilient mid-market companies, can play a valuable role in investors’ portfolios. Combined with our capital allocation policy, and a robust balance sheet, we believe that we are well-positioned to navigate the current environment.

Market outlook

In recent weeks we have been at SuperReturn in Berlin (the world’s largest PE conference) and also spent some time in the US speaking with various US managers. It’s a great opportunity to get a pulse of the market. We’re hearing some consistent themes from the top-tier managers we back: that the high quality companies we invest in should continue to perform well and be highly sought-after. These are companies typically with recurring revenues and inelastic demand, fuelled by secular tailwinds.

Investor engagement

June has been a rewarding month meeting investors, headlined by our Annual General Meeting and Shareholder Seminar. The key messages from the Seminar were:

Private equity remains a structurally attractive allocation within an investment portfolio
A share in ICGT gives you exposure to a unique portfolio of profitable private companies, which is difficult to replicate in public markets
We have a nimble approach to portfolio construction across primary, secondary and co-investments across North America and Europe

We also explored the role secondaries play in our portfolio, where we are seeing some compelling investment opportunities. A recording of the seminar will be available on our website soon.

With best wishes for the summer,

Oliver and Colm

Past performance is not a reliable indicator of future results.

Unsure of some of these terms? See our Glossary.

¹ Source: Deutsche Numis, data from Morningstar (accessed on 27 June), peer group defined as PIN, HVPE, PPET, CTPE, HGT, NBPE, OCI and PEY

² To 30 April 2025

Authors

Oliver Gardey

Head of Private Equity Fund Investments, ICG

Colm Walsh

Managing Director, Private Equity Fund Investments, ICG

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ICG Enterprise Trust Newsletter – July 2025

Portfolio performance

Market outlook

Investor engagement

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ICG Enterprise Trust Newsletter – July 2025

Portfolio performance

Market outlook

Investor engagement

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