Quarterly update for three months to 31 October 2017
- Realisation activity key driver of growth in the quarter – NAV per share of 930p
- Highly cash generative portfolio
- YTD distributions exceed total proceeds received in the previous two financial years
- Continued progress against strategic goals
- Selective investment in compelling opportunities and increased exposure to ICG managed assets
- Move to progressive annual dividend policy and quarterly payments
- NAV and share price continue to outperform FTSE All-Share over one, three, five and ten years
Emma Osborne, Head of Private Equity Fund Investments, ICG, commented:
“The portfolio remains highly cash generative with over £215m of realisations year-to-date, a record period for the portfolio, and outweighing total proceeds received in the previous two financial years.
“Pricing for new investments is high and there is intense competition for good quality assets. Our flexible investment strategy allows us to be nimble, giving us greater control and visibility on the portfolio and enabling us to increase exposure to companies we believe will outperform through the cycle. In the current market conditions, our focus has been on high quality, defensive direct co-investments and secondary investments in both Europe and the US. As always discipline is key.