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Share price

1,050 p
8:54AM 8 Mar 2021

Net Asset Value

1,243 p
As of 31 Oct 2020
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Our Portfolio

Portfolio overview

In this section

A balanced and well positioned portfolio of unquoted investments generating strong and consistent returns.

56%

In third party funds

44%

In high conviction investments

47%

Top 30 companies as a % of the portfolio

We focus on the buyout segment of the private equity market, in which target companies are almost invariably established, profitable and cash generative, which we believe will generate the most consistently strong returns.

We invest in companies managed by ICG and other leading private equity managers, in both cases through specialist funds as well as directly. This approach allows us to proactively increase exposure to companies that we have a high conviction will outperform, enabling us to strike the right balance between concentration and diversification. While diversification at both the manager and company level reduces risk, concentration in our high conviction investments enhances returns and allows individual portfolio companies to make a difference to performance.

Portfolio of leading private equity funds provides a base of strong diversified returns

Our third-party funds portfolio makes up 56% of the Portfolio and underpins our strategy providing a base of strong diversified returns and deal flow for the third-party direct co-investments and secondary investments in our high conviction portfolio.

The underlying funds have a bias to mid-market and large-cap European and US private equity managers and over the last five years this portfolio has generated a constant currency return of 11% p.a.1

High conviction portfolio of actively sourced investments enhance returns

Our high conviction portfolio includes investments managed directly by the five ICG investment teams that we partner with as well as our third party co-investments and secondary funds.  The common theme in our high conviction portfolio is that we have selected the underlying companies and this approach is in contrast to a conventional fund of funds in which the third party managers make all the underlying investment decisions.  

Our high conviction portfolio is weighted towards investments in our 30 largest underlying companies and has generated a constant currency return of 18% p.a1. over the last five years. We have a strategic goal of increasing the weighting to these investments to 50% - 60% of the Portfolio.

ICG managed investments (23% of the Portfolio)

We invest in five of ICG’s 21 strategies. A key strategic advantage for ICG Enterprise is the proprietary access we have to deal flow from ICG, and the ICG portfolio is broadly split between funds and co-investments. Many of our investments include a mixture of subordinated debt and equity, targeting returns broadly in line with our usual equity investments, but the subordinated debt element significantly reduces the overall risk.

Third party co-investments (16% of the Portfolio)

These are investments directly into a company alongside a private equity fund. These opportunities enable us to proactively increase exposure to companies we have a high conviction will outperform through the cycle.

Secondary fund investments (5% of the Portfolio)

This is when we acquire an existing interest from a seller in a private equity fund that is already substantially invested. We favour funds that are at a stage when the underlying assets’ performance is visible.

All data at 31 July 2020 except where specified otherwise 
1Annualised return for five year period ended at 31 July 2020

High conviction investments underpinned by a portfolio of leading third party funds

23.5%
ICG Managed Investments

Within the ICG weighting, we are invested in five of ICG's strategies with a focus on funds that have a bias to equity returns targeting annualised returns of 13% - 20%. Of the 23.5% invested with ICG, 10.6% is via funds (both primary and secondary investments) and 12.9% is via co-investments.

15.9%
Third-party direct co-investments

A fifth of the portfolio is weighted towards third party co-investments and secondary investments.

5.1%
Third-party secondary investments
Insights and source of deal flow for third party co-investments and secondary investments.

8.7% invested in funds managed by the former manager, Graphite Capital, a leading mid-market buyout manager.

55.6%
Third-party primary funds

46.9% invested in other third party funds. The funds portfolio has a bias to mid-market and large cap European and US private equity managers.

Hover to expand each coloured section

44% - High conviction investments

  • Underlying companies selected by ICG
  • Increases exposure to attractive assets
  • Enhances returns, increases visibility and control
  • Enables greater flexibility in portfolio management
  • Targeting 50% – 60% weighting
  • Five year constant currency returns of 18% p.a. for period to 31 July 2020

56% - Third party fund investments

  • Underlying companies selected by 36 leading private equity managers
  • Strong relationships in many cases over multiple fund cycles
  •  A base of strong diversified returns
  • Source of deal flow and insights for the high conviction portfolio
  • Five year constant currency returns of 11% p.a. for period to 31 July 2020

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About us

Our approach

Striking the right balance
Our Portfolio

Our Portfolio

A portfolio that strikes the right balance between concentration and diversification, risk and reward.
Shareprice Net Asset Value

Share price (ICGT)

1,050p
10.25P (0.99%)
8:54AM 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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