Your share in a unique portfolio of private companies
£1.35 billion
Portfolio value
(31 January 2026)
4.8%
Portfolio return
(12 months to 31 Jan 2026 on a local currency basis)
£194 million
New investments
(12 months to 31 Jan 2026)
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.
48%
of portfolio investment
47%
of portfolio investment
North America
48%
of portfolio investment
Europe
47%
of portfolio investment
Focus on developed markets
Portfolio composition at 31 January 2026
The Portfolio is focused on developed private equity markets, invested across North America (48%) and Europe (47%).
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 2026
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 (14%)
- Direct investments (34%)
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 29% of the Portfolio.
Portfolio performance
Portfolio sector snapshot
30%
Technology, media & telecom
15%
Consumer goods & services
13%
Healthcare
11%
Business services
10%
Industrials
22%
Financials, education, leisure and other
Focus on sectors with resilient growth characteristics
Portfolio composition at 31 January 2026
The Portfolio is well diversified and weighted towards sectors with resilient growth characteristics. Technology (30.1%), Business Services (11.0%), Healthcare (12.6%) and Education (5.1%) 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 (14.5% and 10.3% 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 (10.6% and 2.3% 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 2026, exposure to quoted companies was valued at £52.4m, equivalent to 3.9% of the Portfolio value (31 Jan 2025: 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 | 1.2% |
| Other companies | 2.7% | |
| Total | 3.9% |
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