ICG Enterprise Trust Newsletter – December 2025

2025 reflections & our "Investment Company of the Year" award

Good morning,

We are delighted to share that ICG Enterprise Trust won the Private Equity and Growth Capital category at the Investment Week Investment Company of the Year Awards 2025, in partnership with the Association of Investment Companies.

These are prestigious awards in our sector, judged by a panel of industry experts who carefully assess those “who have delivered consistently strong performance for investors across a variety of sectors and the judges believe can continue to perform well in the future”. We’re delighted to be recognised among such strong competition.

For more information, visit this link.

2025 has been a positive and proactive year for ICG Enterprise Trust. In our start-of-year newsletter, we noted a number of reasons for optimism, many of which have materialised:

Private companies are proving to be resilient. Data from ICG’s Head of Economic and Investment Research, Nick Brooks, shows companies growing earnings at a healthy pace, and interest coverage ratios stabilising at comfortable levels (watch here). ICGT’s underlying Portfolio delivered 15% earnings growth LTM¹.
Realisations: We recorded a 15% realisation rate in H1². We have had liquidity from five of our top 10 companies this year – Minimax (#1); Froneri (#2); Chewy (#3); Datasite (#4); European Camping Group (#8)². We also proactively executed a secondary sale in April.
Secondaries: We increased our medium-term target allocation to 25-30% during the year. The asset class is highly diversified, has an attractive risk-reward profile and ICG has market-leading expertise, and it will play an increasingly important role in our Portfolio going into 2026.

That said, the increase in transaction activity across the wider private equity market has been slower than some commentators expected, and the year has certainly seen periods of pronounced volatility.

In that environment, we believe our long-term approach investing in profitable, cash-generative private companies backed by some of the world’s most experienced managers is an attractive place to be, consistent with our aims of “Investing in resilience, delivering growth”.

In the meantime, on behalf of the entire ICG Enterprise Trust team, thank you for your support in 2025 and we wish you a joyful and restful break over the festive season.

With best wishes,

Oliver and Colm

Past performance is not a reliable indicator of future results.

Unsure of some of these terms? See our Glossary.

¹ EBITDA growth, LTM to 31 July 2025
² Six months to 31 July 2025, Total Proceeds divided by Opening Portfolio
3 Brackets represent the position of the respective company exposure in ICGT’s portfolio at 31 January 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 – December 2025

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Annual Report and Accounts 2025

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

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Q1 update for the three months ended 30 April 2025

ICG Enterprise Trust Newsletter – December 2025

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