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Share price

1,055 p
9:59AM 8 Mar 2021

Net Asset Value

1,243 p
As of 31 Oct 2020
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Our Portfolio

Investment activity

In this section

Continued selective investment activity  

£52m

CAPITAL DEPLOYED

10%

INVESTED IN HIGH CONVICTION INVESTMENTS

5

NEW PRIMARY COMMITMENTS

Six months ended 31 July 2020

We have continued to commit selectively to top-tier managers through the first half of the financial year. A key area of focus in our selection and due diligence process has been assessing and understanding the performance of managers during periods of significant financial stress. We invested £52m in the six months with 10% of investments into our high conviction portfolio, reflecting the decline in co-investment opportunities and lower levels of deal activity. This compares to £64m invested in the first six months of 2019.

We completed five new primary fund commitments in the six months totalling £35m. These third party fund commitments were raised by managers we have backed successfully before: two European funds (Hg Genesis 9 and Saturn 2), two global funds (CVC VIII and Apax X), and one US fund (Bain Capital Tech Opportunities). The managers we back tend to raise funds which are often oversubscribed and therefore difficult to access to new investors. The calibre of these managers speaks to the relationships which we have built with these firms over many years.

We made the following commitments to funds with investment mandates which are aligned with our long-term strategic objectives as well as a bias towards sectors which are aligned with our defensive growth focus:

  • €15m (£13m) to CVC VIII, a European buyout strategy. CVC is one of our longest standing manager relationships
  • Two commitments to Hg (Saturn 2 and Genesis 9) totalling £9m. These funds are focussed on predominantly Northern European software and services businesses
  • $5m (£4m) to Bain Capital Tech Opportunities, a fund focused on mid-market buyouts and late stage growth capital in technology and technology-enabled businesses, predominantly in North America
  • €10m (£9m) commitment to Apax X, a global buyout fund focused on the technology & telecoms, services, healthcare, and consumer sectors.

We will continue to be highly disciplined in our investment approach focusing on high quality, defensive businesses. We remain well placed to take advantage of attractive investment opportunities as they arise.

Shareprice Net Asset Value

Share price (ICGT)

1,055p
14.50P (1.39%)
9:59AM 8 Mar 2021
The share price information is delayed by at least 15 minutes
Share price information

Net Asset Value

1,243p
As of 31 October 2020
Next update: TBC
NAV information
Year Net assets NAV per share Share price Dividends per share
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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