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The portfolio was valued at £806m at 31 January 2020
Focus on mid-market and large companies
The Portfolio is biased towards mid-market (42%) and large deals (46%) which we view as more defensive than smaller deals, benefiting from stronger management teams and often market leading positions.
Portfolio by investment type %
Portfolio increasingly focused on international markets
The Portfolio is focused on developed private equity markets, primarily continental Europe (37%), the US (30%) and the UK (27%). Investments in the Asia Pacific region represent 6% of value, which is primarily in developed Asian markets such as South Korea and Singapore through ICG’s Asia Pacific subordinated debt and equity team. We have minimal emerging markets exposure. In line with one of our strategic objectives, our weighting to the US has increased from 14% at the time of the move to ICG in 2016. Over the same period, the UK bias has reduced from 45%.
Portfolio by geography %
Portfolio bias towards sectors with defensive growth characteristics
The Portfolio is weighted towards more resilient sectors, such as healthcare, technology and business services. 23% of the Portfolio is invested in healthcare (17%) and education (6%), 15% in business services with the remainder of the portfolio broadly spread across the technology (14%), industrial (16%), consumer goods and services (15%), leisure (8%) sectors. Within our exposure to the consumer and industrial sectors, we have a bias to companies with more defensive business models with non-cyclical growth drivers and high recurring revenue streams.
Portfolio by sector %
|Heathcare and education||23.2|
|Consumer goods and services||15.1|
Well-balanced vintage year exposure
Our vintage year exposure is balanced with 44% of the Portfolio invested in transactions completed in 2016 or earlier, and 56% of the value in investments made in 2017 or later.