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Share price

1,066 p
9:52PM 1 Jul 2022

NAV per share

1761 p
As of 30 Apr 2022
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Our Portfolio

Investment activity

In this section

Executing against a substantial investment pipeline

£303.7m

CAPITAL DEPLOYED

61%

INVESTED IN HIGH CONVICTION INVESTMENTS

11

NEW PRIMARY COMMITMENTS

Twelve months ended 31 January 2021

During the period we were able to successfully execute on a number of attractive investments in our pipeline. In total during the year, we invested £303.7m, of which £185.6m (61.1%) was in High Conviction Investments and £118.1m were primary Drawdowns from Third Party Funds.

Within the £185.6m of High Conviction Investments, £108.7m was invested alongside ICG and £76.9m was deployed through Third Party managers. Fund investments represented £100.5m of High Conviction Investments, with £85.1m invested across 21 individually-selected Co-investments. 10 of these Co-investments represent new investments for ICG Enterprise Trust, and 11 were follow-on investments (totalling £5.1m) to companies already held in our Portfolio. Of the 10 new investments, four were alongside ICG and six were alongside Third Party managers. These new investments were made in:

Company Manager Company sector / description ICG Enterprise Trust investment during the period
Ambassador Theatre Group ICG Operator of theatres and ticketing platforms £11.4m
DomusVi ICG Operator of retirement homes £11.2m
Planet Payment Eurazeo / Advent  Provider of integrated payments services focused on hospitality and luxury retail £9.6m
Ivanti Charlesbank Provider of enterprise IT software £8.8m
Davies Group BC Partners Provider of business process outsourcing services to the insurance sector £8.7m
Brooks Automation Thomas H. Lee Provider of semiconductor manufacturing solutions £7.7m
Class Valuation Gridiron Provider of residential mortgage appraisal management services £6.9m
European Camping Group PAI Operator of premium campsites and holiday parks £6.9m
DigiCert ICG Provider of enterprise internet security solutions £6.7m
AMEOS Group ICG Operator of private hospitals £4.2m


New commitments

During the year we made a total of £189.9m of new Commitments to funds, of which £117.3m was to ICG-managed funds and £72.6m were to Third Party Funds..

During the period we committed £117.3m to four ICG-managed funds, including to three funds that focus on Secondary transactions. The breakdown of Commitments made to ICG-managed funds was as follows:

Fund Focus ICG Enterprise Trust Commitment during the period
ICG Ludgate Hill I Secondary portfolio of mid-market and large buyouts €45.0m (£38.7m)
ICG Europe Fund VIII Mezzanine and equity in mid-market buyouts €40m (£34.8m)
ICG Strategic Equity Fund IV Secondary fund restructurings $40m (£28.8m)
ICG Ludgate Hill II Secondary portfolio of mid-market and large buyouts $20m (£15.0m)

During the year we committed £72.6m to Third Party Funds including Commitments made to new funds and Commitments inherited as part of fund positions acquired in the secondary market. We sought to identify leading managers who complement our long-term strategic objectives, are committed to values aligned to our Responsible Investing framework and have an investment approach that suits our defensive growth focus. In the period we made combined Commitments of £69.3m into seven new Third Party Funds, four of which were to managers with whom we have not invested before, demonstrating our continued ability to originate and execute new opportunities to work with leading managers.

The breakdown of Commitments made to new Third Party Funds was as follows:

Fund Focus ICG Enterprise Trust Commitment during the period
Thomas H. Lee IX North American mid-market and large buyouts $20m (£14.1m)
BC Partners XI European and North American mid-market buyouts €15m (£12.8m)
Resolute V North American mid-market buyouts $15m (£10.9m)
Bregal Unternehmerkapital III* European mid-market buyouts €10m (£8.6m)
GHO Capital III* European and North American mid-market buyouts €10m (£8.6m)
GI Partners VI* North American mid-market buyouts $10m (£7.2m)
Hellman and Friedman X* North American mid-market and large buyouts $10m (£7.1m)

* New manager relationship during the period

Shareprice Net Asset Value

Share price (ICGT)

1,066p
-14.00P (-1.30%)
9:52PM 1 Jul 2022
The share price information is delayed by at least 15 minutes
Share price information

NAV per share

1761p
As of 30 April 2022
Full year results for the twelve months ended 31 January 2022
NAV information
Year Net assets NAV per share Share price Dividends per share
Jan 2022 £1,158m 1,690p 1,200p 27p
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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