Largest investments
Top 30 companies
The table below presents the 30 companies in which ICG Enterprise Trust had the largest investments by value at 31 January 2025. The valuations are gross of underlying managers’ fees and carried interest.
Company |
Manager |
Year of investment(s) |
Country |
% of Portfolio value |
|
| 1 | Minimax Supplier of fire protection systems and services → Read case study |
ICG | 2018 | Germany | 3.1% |
| 2 | Froneri Manufacturer and distributor of ice cream products |
PAI | 2013 / 2019 | United Kingdom | 2.5% |
| 3 | Chewy Retailer of pet products and services → Read case study |
BC Partners | 2022 | United States | 2.0% |
| 4 | Datasite Provider of software focused on virtual data rooms |
ICG | 2024 | United States | 1.6% |
| 5 | Leaf Home Solutions Provider of home maintenance services |
Gridiron | 2016 | United States | 1.6% |
| 6 | Visma Provider of business management software and outsourcing services → Read case study |
Hg / ICG | 2024 | Norway | 1.6% |
| 7 | Circana Operator of mission-critical data and predictive analytics to consumer goods manufacturers |
New Mountain | 2022 | United States | 1.6% |
| 8 | European Camping Group Operator of premium campsites and holiday parks → Read case study |
PAI | 2021 / 2023 | France | 1.5% |
| 9 | Davies Group Provider of specialty business process outsourcing services |
BC Partners | 2021 | United Kingdom | 1.5% |
| 10 | Ambassador Theatre Group Operator of theatres and ticketing platforms |
ICG | 2021 | United Kingdom | 1.4% |
| 11 | Precisely Provider of enterprise software |
Clearlake / ICG | 2021 / 2022 | United States | 1.3% |
| 12 | Newton Provider of management consulting services |
ICG | 2021 / 2022 | United Kingdom | 1.3% |
| 13 | David Lloyd Leisure Operator of premium health clubs |
TDR | 2013 / 2020 | United Kingdom | 1.3% |
| 14 | Curium Pharma Supplier of nuclear medicine diagnostic pharmaceuticals |
ICG | 2020 | United Kingdom | 1.3% |
| 15 | PSB Academy Provider of private tertiary education |
ICG | 2018 | Singapore | 1.3% |
| 16 | Crucial Learning Provider of corporate training courses focused on communication skills and leadership development |
Leeds Equity | 2019 | United States | 1.3% |
| 17 | Class Valuation Provider of residential mortgage appraisal management services |
Gridiron | 2021 | United States | 1.3% |
| 18 | Domus Operator of retirement homes |
ICG | 2017 / 2021 | France | 1.2% |
| 19 | Yudo Designer and manufacturer of hot runner systems |
ICG | 2017 / 2018 | South Korea | 1.2% |
| 20 | ECA Group Provider of autonomous systems for the aerospace and maritime sectors |
ICG | 2022 | France | 1.1% |
| 21 | Brooks Automation Provider of semiconductor manufacturing solutions |
THL | 2021 / 2022 | United States | 1.0% |
| 22 | Planet Payment Provider of integrated payments services focused on hospitality and luxury retail |
Advent / Eurazeo / ICG | 2021 | Ireland | 1.0% |
| 23 | Ivanti Provider of IT management solutions |
Charlesbank / ICG | 2021 | United States | 1.0% |
| 24 | Vistage Provider of CEO leadership and coaching for small and mid-size businesses in the US |
Gridiron | 2022 | United States | 1.0% |
| 25 | Audiotonix Manufacturer of audio mixing consoles |
PAI | 2024 | United Kingdom | 0.9% |
| 26 | DigiCert Provider of enterprise security solutions → Read case study |
ICG | 2021 | United States | 0.9% |
| 27 | Ping Identity Provider of intelligent access management solutions |
Thoma Bravo | 2022 / 2023 | United States | 0.9% |
| 28 | KronosNet Provider of tech-enabled customer engagement and business solutions |
ICG | 2022 | Spain | 0.8% |
| 29 | Archer Technologies Developer of governance, risk and compliance software |
Cinven | 2023 | United States | 0.7% |
| 30 | Silvus Technologies Developer of mobile communications datalinks used in law enforcement, unmanned systems and other commercial/industrial applications |
TJC | 2019 | United States | 0.7% |
Total of the 30 largest underlying investments |
40.2% |
The 30 largest fund investments
The table below presents the 30 largest fund investments by value at 31 July 2024. The valuations are net of underlying managers’ fees and carried interest.
Fund |
Year of commitment |
Value £m |
Outstanding commitment £m |
|
| 1 | PAI Strategic Partnerships** Mid-market and large buyouts |
2019 | 32.2 | 0.2 |
| 2 | ICG Strategic Equities Fund III GP-led Secondary transactions |
2018 | 31.1 | 10.8 |
| 3 | CVC European Equity Partners VII Large buyouts |
2017 | 29.4 | 1.1 |
| 4 | ICG Strategic Equities Fund IV GP-led secondary transactions |
2021 | 27.6 | 9.9 |
| 5 | Gridiron Capital Fund III Mid-market buyouts → Read case study |
2016 | 26.4 | 4.0 |
| 6 | ICG Europe VII Mezzanine and equity in mid-market buyouts |
2018 | 29.3 | 5.0 |
| 7 | ICG Ludgate Hill (Feeder B) SCSp Secondary portfolio |
2021 | 24.8 | 13.7 |
| 8 | PAI Europe VII Mid-market and large buyouts |
2017 | 24.4 | 2.6 |
| 9 | Gridiron Capital Fund IV Mid-market buyouts → Read case study |
2019 | 24.0 | 0.6 |
| 10 | Resolute IV Mid-market buyouts |
2018 | 23.3 | 1.0 |
| 11 | ICG Augusta Partners Co-Investor** Secondary fund restructurings |
2018 | 21.9 | 17.1 |
| 12 | Seventh Cinven Large buyouts |
2019 | 20.2 | 0.7 |
| 13 | ICG Ludgate Hill III Secondary portfolio |
2022 | 20.0 | 5.5 |
| 14 | ICG Europe VIII Mezzanine and equity in mid-market buyouts |
2021 | 19.3 | 16.9 |
| 15 | Oak Hill V Mid-market buyouts → Read case study |
2019 | 18.2 | 0.9 |
| 16 | Advent Global Private Equity IX Large buyouts |
2019 | 17.0 | 0.8 |
| 17 | Graphite Capital Partners IX Mid-market buyouts |
2018 | 17.0 | 3.0 |
| 18 | Graphite Capital Partners VIII* Mid-market buyouts |
2013 | 20.9 | 1.8 |
| 19 | Resolute V Mid-market buy-outs |
2021 | 16.1 | 1.3 |
| 20 | AEA VII Mid-market buyouts → Read case study |
2019 | 16.1 | 0.5 |
| 21 | Sixth Cinven Fund Large buy-outs |
2016 | 15.3 | 2.9 |
| 22 | ICG Ludgate Hill (Feeder) II Boston SCSp Secondary portfolio |
2022 | 14.9 | 5.2 |
| 23 | Permira VII Large buyouts |
2019 | 14.0 | 1.3 |
| 24 | Investindustrial VII Mid-market buyouts |
2019 | 13.8 | 4.3 |
| 25 | BC European Capital X Large buyouts |
2016 | 13.3 | 1.4 |
| 26 | ICG LP Secondaries Fund I LP LP-led secondary transactions |
2022 | 13.0 | 38.2 |
| 27 | New Mountain Partners VI Mid-market buyouts |
2020 | 12.4 | 1.2 |
| 28 | Bowmark Capital Partners VI Mid-market buyouts |
2018 | 12.3 | 3.4 |
| 29 | New Mountain Partners V Mid-market buyouts |
2017 | 11.4 | 1.1 |
| 30 | CVC Capital Partners VIII Large buyouts |
2020 | 11.4 | 2.2 |
Total of the largest 30 fund investments |
591.1 |
158.6 |
||
| Percentage of total investment Portfolio | 42.0% |
*Includes the associated top up funds
**All or part of interest acquired through a secondary purchase
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