Our Portfolio

Investment activity

Healthy investment activity despite disrupted first half







Year ended 31 January 2021

Whilst there was a slowdown in investment activity in the first half of the year at the onset of the COVID-19 pandemic, we continued to source attractive investment opportunities and maintained a healthy level of investment activity for the year, deploying capital into both High Conviction Investments and Third Party Funds. In total we invested £139m, of which £90m was in Third Party Funds and £49m (36%) was in High Conviction Investments.

Our Third Party Funds generated over 20 direct investment opportunities. Of these 20, we completed three new Direct Investments in the year for a total of £16m. These new investments were made in:

Company Manager Company sector / description ICG Enterprise Trust investment during the year
Visma Hg Provider of business management software and outsourcing services £4m
AML RightSource Gridiron Provider of compliance and regulatory services and solutions £6m
Curium Pharma ICG Strategic Equity Supplier of nuclear medicine diagnostic pharmaceuticals £6m

The remaining £33m of High Conviction Investments made in the year were through ICG funds (£22m), Secondary Investments (£9m) and add-on investments for existing Direct Investments (£2m).

13 new fund Commitments to both existing and new manager relationships

We continued to commit selectively to top-tier managers who are aligned with our long-term strategic objectives and have an investment approach that complements our defensive growth focus. We completed 13 new Third Party Fund Commitments in the year totalling £95m. Three 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 top tier managers. The managers we back tend to raise funds which are often oversubscribed and therefore difficult to access to new investors.

We made the following Commitments to funds with investment mandates:

Fund Focus ICG Enterprise Trust Commitment during the year
Apax X  Global buyouts in the technology & telecoms, services, healthcare, and consumer sectors  €10m (£9m) 
Bain Capital Tech Opportunities  Mid-market buyouts and late stage growth capital in technology and technology-enabled businesses in North America  $5m (£4m)
Bain XIII  Large buyouts in North America   $10m (£8m)
Charlesbank X  Mid-market buyouts in North America  $10m (£7m)
Clayton, Dubilier & Rice XI  Mid-market and large buyouts in North America   $10m (£7m)
CVC VIII  Large buyouts in Europe  €15m (£14m)
FSN Capital VI  Mid-market buyouts in Northern Europe  €10m (£9m)
Gridiron IV   Mid-market buyouts in the US  $3m (£2m)
Top-up to existing Commitment
Hg Genesis 9 and Hg Saturn 2   Northern European software and services  £9m
Leeds VII   Mid-market buyouts in North America  $10m (£7m)
New Mountain VI   Mid-market buyouts in North America  $14m (£10m)
PAI Mid-market   Lower mid-market buyouts in Europe  €10m (£9m)

Share price (ICGT)

-22.00P (-1.82%)
5:12PM 25 Sep 2021
The share price information is delayed by at least 15 minutes

Net Asset Value

As of 30 April 2021
Next update: Q2 results, 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


The information contained herein and on the pages that follow does not constitute an offer to sell, or the solicitation of an offer to acquire or subscribe for, any securities in any jurisdiction where such an offer or solicitation is unlawful or would impose any unfulfilled registration, qualification, publication or approval requirements on ICG Enterprise Trust PLC (the "Company") or its affiliates or agents. Equity securities in the Company have not been and will not be registered under the applicable securities laws of the United States, Australia, Canada, Japan or South Africa (each an “Excluded Jurisdiction”). The equity securities in the Company referred to herein and on the pages that follow may not be offered or sold within an Excluded Jurisdiction, or to any U.S. person ("U.S. Person") as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or to any national, resident or citizen of an Excluded Jurisdiction.

The promotion of the Company and the distribution of this website and the materials contained by it in the United Kingdom are restricted by law. Accordingly, this website and any materials contained by it should only be accessed by, and are directed only at:
(i) persons outside the United Kingdom to whom it is lawful to communicate to; or
(ii) persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “Order”); or
(iii) high net worth companies, unincorporated associations and partnerships and trustees of high value trusts as described in Article 49(2) of the Order, provided that in each case the website and any materials in are only directed at persons who are "qualified investors" as defined in article 2(1)(e) of Directive 2003/71/EC (as amended) (the "Prospectus Directive") ("Relevant Persons"). Accordingly, this website does not constitute, and does not contain the information required to be contained in, a prospectus as required under the Prospectus Directive.

This website is communicated by ICG Alternative Investment Limited (“ICG AIL”), which is authorised and regulated by the UK Financial Conduct Authority. In communicating this website ICG AIL is acting for the Company and is not responsible for advising persons viewing this website or any other person, or for providing them with the protections which would be given to those who are clients of ICG AIL under the rules of the FCA.
The information on the pages that follow may contain forward looking statements. Any statement other than a statement of historical fact is a forward looking statement. Actual results may differ materially from those expressed or implied by any forward looking statement. The Company does not undertake any obligation to update or revise any forward looking statements. You should not place undue reliance on any forward looking statement, which speaks only as of the date of its issuance.

Your access to this website is governed by the above terms. The Company may change these terms. The changes will be posted on the website. Your access to this website is governed by the version of these terms then in force.

By clicking "I understand and agree" below, you represent, warrant and agree that you (1) have read and understood these terms and the other information set out above, (2) agree to be bound by the terms, (3) do not have a registered address in, and are not resident or located in, an Excluded Jurisdiction (or, if you do, you will not seek to make any investment in the securities of the Company), (4) are not a U.S. Person or a national, resident or citizen of an Excluded Jurisdiction (or, if you are, you will not seek to make any investment in the securities of the Company), (5) are permitted under applicable laws and regulations to receive the information contained in the pages that follow, and (6) agree that you will not transmit or otherwise send any information contained in this website to any person in the United States or to any U.S. Person for the purpose of that person considering an investment in the securities of the Company, or to any publication with a general circulation in the United States.
If you cannot so certify and agree, you must click the button labelled "I decline" or otherwise exit this website.