ICG Enterprise Trust Newsletter – June 2026

Good morning,

Over recent weeks, we have spent a good deal of time with shareholders following the release of our full year results. These conversations are always valuable, helping us understand what matters most to shareholders and ensuring our communication remains clear, relevant, and useful.

We come away encouraged by the thoughtfulness and long-term perspective many of our shareholders bring. In periods when the sector faces headwinds, that ongoing dialogue becomes even more important.

There remains real interest in listed private equity as a way to access:

• high-quality businesses, and
• long-term compounding growth

That is what we aim to achieve.

In particular, a number of shareholders have focused on the strong operating performance of our underlying portfolio companies; our track record of realised valuation creation (we had 49 full exits in FY26 with an average of 3x return).

There has also been a focus on the valuation of our portfolio implied by our current discount, and how we are using ICGT’s balance sheet and capital allocation flexibility in response.

In actively managing ICGT’s portfolio in this environment, we are focusing on buying resilient businesses at attractive valuations, maintaining a long-term perspective, and allocating capital thoughtfully, including through share buybacks where we believe that is an attractive use of capital. Our focus in recent years on preserving a strong balance sheet means we have the financial resources to do this alongside investing through the cycle.

We continue to be on the road meeting current and prospective partners: I (Colm) am spending time this month in the epicentre of the tech world, San Francisco. It’s always energising, and I’ll talk more about this in next month’s letter, including why it has left us excited about the value creation opportunity across our portfolio.

We appreciate the continued time and perspective shareholders bring, and we look forward to continuing that dialogue in the months ahead.

With best wishes,
Oliver and Colm

Past performance is not a reliable indicator of future results.

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Authors

Oliver Gardey

Head of Private Equity Fund Investments, ICG

Colm Walsh

Managing Director, Private Equity Fund Investments, ICG