Our Portfolio


Increasing our exposure to Visma, a leading provider of business-critical software in the Nordic and Benelux region.

Total Investment
Increasing our exposure to Visma, a leading provider of business-critical software in the Nordic and Benelux region.
Key stats
Region Nordics and the Netherlands
Date invested 2014 & 2017
Sector TMT
Underlying managers ICG & Cinven
Portfolio High conviction

Visma is a leading provider of mission-critical accounting, resource planning and payroll software to small and medium-sized businesses, as well as the public sector. With a customer base of more than 600,000 enterprises, Visma has significant revenues in the Nordic regions and the Netherlands.

In September 2017, a consortium led by HgCapital, and which included ICG, acquired control of Visma from KKR and Cinven, in a transaction that valued the business at £4.2 billion. ICG Enterprise co-invested directly as well as through its commitment to ICG Europe VI. Additionally, ICG Enterprise retained 60% of its original 2014 investment in the business, which was made both directly and through Cinven V. In 2019, our investment in Visma was partially realised, with our co-investment managed by Cinven realised, generating a 2.5x
return. We still retain an interest in Visma via our ICG fund holding and co-investment. 

ICG has a long history of investing in Visma, initially investing in the public to private de-listing of the business in 2006 alongside HgCapital. The business’s performance over the 11 years since has been consistently strong, with revenues, profit, employee numbers and research and development investment growing every year, including through the financial crisis. Visma has also completed more than 120 acquisitions over the same period.

For more information visit Visma's website.

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Share price (ICGT)

34.00P (3.23%)
2:52AM 17 May 2022
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Net Asset Value

As of 31 January 2022
Full year results for the twelve months ended 31 January 2022
Year Net assets NAV per share Share price Dividends per share
Jan 2021 £952m 1,384p 966p 24p
Jan 2020 £794m 1,152p 966p 23p
Jan 2019 £731m 1,057p 822p 22p
Jan 2018 £664m 959p 818p 21p
Jan 2017 £613m 871p 698p 20p
Jan 2016 £521m 731p 545p 11p
Jan 2015 £507m 695p 575p 15.5p
Jan 2014 £494m 677p 563p 15.5p
Jan 2013 £460m 631p 487p 5p
Jan 2012 £415m 569p 357p 5p
Jan 2011 £389m 534p 308p 2.25p
Dec 2009 £338m 464p 305p 2.25p
Dec 2008 £327m 449p 187p 4.5p