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The portfolio was valued at £682m at 31 October 2018.
Focus on mid-market and large companies
The Portfolio is biased towards the mid-market (48%) and large deals (44%), which we view as more defensive than smaller deals, benefiting from experienced management teams and often leading market positions.
Portfolio by investment type %
|Mid-market buyout companies||48|
Portfolio becoming more geographically diverse
The Portfolio is focused on developed private equity markets: primarily continental Europe (39%), the UK (30%) and the US (26%), with almost no 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 and we have a target to increase the US focus to 30% – 40% of the Portfolio. Over the same period, the UK bias has reduced from 45%. We expect both of these trends to gather pace as the benefits of being part of ICG’s global alternative asset manager platform are further realised.
Portfolio by geography %
Sector bias towards sectors with non-cyclical growth drivers
The Portfolio is weighted towards sectors that primarily have non-cyclical growth drivers, such as demographics, with 21% of the Portfolio invested in healthcare and education and 15% in business services. The remainder of the portfolio is broadly spread across the industrial (21%), consumer goods and services (15%), leisure (9%) and TMT (10%) sectors.
Portfolio by sector %
|Heathcare and education||21|
|Consumer goods and services||15|
Attractive and well-balanced vintage year exposure
The Portfolio’s maturity profile balances near-term realisation prospects with a strong pipeline of medium to longer-term growth. Investments completed in 2014 or earlier, which are more likely to generate gains from realisations in the shorter-term, represent 34% of the Portfolio. Against this, 66% of value is in investments made since 2015, providing the Portfolio with medium to longer term growth potential as value created within these businesses translates into gains.