Our Portfolio

Investment activity

Executing against a substantial investment pipeline







Six months ended 31 July 2021

We deployed substantial capital in the period, particularly into High Conviction Investments. In total we invested £133m, of which £101m (76%) was in High Conviction Investments and £32m was in the form of drawdowns from Third Party Funds.

Over 25 potential direct investment opportunities were generated in the period from our Third Party Funds and the ICG platform. Of these, we selectively completed five new Direct Investments for a total of £37m. These new investments were made in:

Company Manager Company sector / description ICG Enterprise Trust investment during the period
AMEOS Group ICG Private hospital operator in the DACH region £4m
Class Valuation Gridiron Capital Provider of residential mortgage appraisal management services £7m
DigiCert ICG Internet security software platform and leading provider of secure sockets layer (“SSL”) certificates £7m
DomusVi ICG Operator of retirement homes £10m
Ivanti Charlesbank Provider of enterprise IT software £9m

In addition, the investment team utilised their secondary investment network and unique access to the ICG platform to execute a £32m secondary investment alongside our Manager into an LP secondary portfolio of mature private equity funds. Secondary investments form an important part of our investment strategy and over the long term we expect these investments to represent 10-20% of the Portfolio value (31 July 2021: 12%).

The remaining £32m of High Conviction Investments made in the period were through ICG funds (£30m) and add-on investments for existing Direct Investments (£2m).

Nine new fund Commitments to both existing and new manager relationships

We continued to benefit from the broader ICG platform, committing £64m to two ICG funds in the period. These were in attractive strategies we have invested in previously. We also selectively committed to a number of leading third party private equity managers who complement our long-term strategic objectives, share values which are aligned to our ESG framework and have an investment approach that suits our defensive growth focus. We completed seven new Third Party Fund Commitments in the period totalling £69m. Four of these Commitments were to managers with whom we have not invested before, demonstrating our ability to source and execute new opportunities to work with leading managers.

In total we made £133m of Commitments as follows:

Fund Focus ICG Enterprise Trust Commitment during the period
BC Partners XI European and North American mid-market buyouts €15m (£13m)
Bregal Unternehmerkapital III* European mid-market buyouts €10m (£9m)
GHO Capital III* European and North American mid-market buyouts €10m (£9m)
GI Partners VI-A* North American mid-market buyouts $10m (£7m)
Hellman and Friedman X* North American mid-market and large buyouts $10m (£7m)
ICG Europe Fund VIII European structured and equity financing in mid-market buy-outs €40m (£35m)
ICG Strategic Equity IV Secondary fund restructurings $40m (£29m)
Resolute V North American mid-market buyouts $15m (£11m)
TH Lee IX North American mid-market and large buyouts $20m (£14m)

* New manager relationship during the period

Share price (ICGT)

-32.00P (-2.54%)
7:17PM 23 Jan 2022
The share price information is delayed by at least 15 minutes

Net Asset Value

As of 31 July 2021
Next update: Q3 results for quarter ended 31 October 2021
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


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