Your share in a unique portfolio of private companies
£1.39 billion
Portfolio value
(30 Apr 2025)
0.6%
Portfolio return
(three months to 30 Apr 2025 on a local currency basis)
£48 million
New investments
(three months to 30 Apr 2025)
We make private equity rewarding and accessible
A global focus
We identify and invest in profitable and exciting businesses across the world to deliver value and growth.
45%
of portfolio investment
49%
of portfolio investment
North America
45%
of portfolio investment
Europe (inc. UK)
49%
of portfolio investment
Focus on developed markets
Portfolio composition at 31 January 2025
The Portfolio is focused on developed private equity markets, invested across North America (46%) and Europe including the UK (48%).
Portfolio by geography
Our investment strategy
We invest in resilience and deliver growth – by investing in buyouts of businesses that are profitable, cash generative and exhibit characteristics that we believe will deliver strong and attractive returns across economic cycles. There are a number of themes that contribute to a business having, in our view, such characteristics. These include (among others) attractive market positioning, providing mission-critical services to their clients and customers, pricing power, and structurally high margins.
We believe a share in ICG Enterprise Trust gives you access to a unique portfolio of private companies.
Portfolio composition at 31 January 2025
We take an active approach to portfolio construction, with a flexible mandate that enables us to deploy capital in:
- Primary investments (52% of the Portfolio)
- Secondary investments (15%)
- Direct investments (33%)
We invest in funds managed by ICG and other leading private equity managers who focus on creating long-term value and building sustainable growth through active management and strategic change.
Investments managed by ICG account for 28% of the Portfolio.
Portfolio performance
Portfolio sector snapshot
30%
Technology, media & telecom
18%
Consumer goods & services
12%
Healthcare
12%
Business services
8%
Industrials
20%
Financials, education, leisure and other
Focus on sectors with resilient growth characteristics
Portfolio composition at 31 January 2025
The Portfolio is well diversified and weighted towards sectors with resilient growth characteristics. Technology (29.9%), Business Services (12.4%), Healthcare (11.5%) and Education (5.0%) make up 58.8% of the Portfolio. We feel these are particularly attractive sectors, benefitting from structural growth trends. Within our exposure to the Consumer and Industrial sectors (18.1% and 7.8% respectively), we have a bias towards companies with more resilient business models, non-cyclical growth drivers and high recurring revenue streams. We have relatively low exposure to the Financials and Leisure sectors (7.6% and 4.0% respectively).
Portfolio by sector
Quoted companies
We do not actively invest in publicly quoted companies but gain listed investment exposure when IPOs are used as a route to exit an investment. In these cases, exit timing typically lies with the third party manager alongside whom we have invested.
At 31 January 2025, exposure to quoted companies was valued at £73.1m, equivalent to 4.8% of the Portfolio value (31 Jan 2024: 4.8%).
Only one quoted investment individually accounted for 0.5% or more of the Portfolio value:
Company |
Ticker |
% value of Portfolio |
| Chewy | CHWY-US | 2.0% |
| Other companies | 2.8% | |
| Total | 4.8% |
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