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Executing against a substantial investment pipeline
CAPITAL DEPLOYED
INVESTED IN HIGH CONVICTION INVESTMENTS
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