When we started this newsletter in May 2023, the intention was to provide you with a short summary of the topics that were top of our minds at that moment as Portfolio Managers for ICG Enterprise. Since then, the style and content have evolved, but the underlying aim has remained the same: to share our thinking in an engaging and transparent way.
Recent events are creating challenges: uncertainty and volatility have felt more persistent than they have for some time. There are significant concerns around artificial intelligence, private credit and geopolitical developments in the Middle East, combining to create a complex environment for investors and portfolio managers alike.
There are a few things we can be clear about…
- ICGT has a relatively low exposure to software (it represents around 12% of our portfolio1), and where we do invest, it is in profitable, cash‑generative businesses backed by world‑class private equity firms;
- The closed ended structure of the investment trust means we can manage the portfolio without having to worry about redemptions. This is in contrast to certain evergreen structures in private credit that have been seeing redemptions in recent quarters, impacting their portfolio construction and ability to invest consistently across cycles; and
- ICGT has no direct exposure to the Middle East.
Against this backdrop, the team is spending time understanding how AI may present both risks and opportunities across the portfolio. We are also reflecting on the second‑order effects of the broader macroeconomic uncertainty: it seems likely that transaction activity in private markets may remain subdued, and that interest rate cuts may be slower and further out than had been anticipated at the start of the year.
ICG Enterprise Trust’s focus on investing in profitable, cash‑generative businesses in Europe and North America, backed by high‑quality private equity managers, remains highly relevant. The strong balance sheet and liquidity position that ICG Enterprise Trust enjoys mean the portfolio is well positioned to act on opportunities, even in a period of slower activity – while maintaining the share buyback programmes and progressive dividend policy.
For investors, we continue to believe a share in ICG Enterprise Trust provides access to a differentiated, actively managed portfolio of private companies, with the potential to generate attractive long‑term growth. We remain focused on navigating this environment with discipline and care, and we are grateful for the confidence you continue to place in us as long‑term investors.
With best wishes,
Oliver and Colm
Shareholder Seminar 2026
A video of March’s Shareholder Seminar 2026 is now available online. Oliver & Colm were joined by our Chair, Jane Tufnell, where we reviewed the implementation of our long-term investment strategy in 2025 and beyond, and set out the positioning of our portfolio for long-term resilient growth.
Watch the recording.
Past performance is not a reliable indicator of future results.
Unsure of some of these terms? See our Glossary.
1 Source: ICG Enterprise Trust, data as at 31 July 2025
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