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 2024. 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	3.4%
2	Froneri Manufacturer and distributor of ice cream products	PAI	2013 / 2019	United Kingdom	2.4%
3	Leaf Home Solutions Provider of home maintenance services	Gridiron	2016	United States	1.8%
4	European Camping Group Operator of premium campsites and holiday parks → Read case study	PAI	2021 / 2023	France	1.6%
5	Newton Provider of management consulting services	ICG	2021 / 2022	United Kingdom	1.5%
6	Yudo Designer and manufacturer of hot runner systems	ICG	2017 / 2018	South Korea	1.5%
7	PSB Academy Provider of private tertiary education	ICG	2018	Singapore	1.4%
8	Chewy Retailer of pet products and services → Read case study	BC Partners	2014 / 2015	United States	1.4%
9	Circana Provider of mission-critical data and predictive analytics to consumer goods manufacturers	New Mountain	2022	United States	1.4%
10	Curium Pharma Supplier of nuclear medicine diagnostic pharmaceuticals	ICG	2020	United Kingdom	1.3%
11	Precisely Provider of enterprise software	Clearlake/ ICG	2021 / 2022	United States	1.3%
12	Visma Provider of business management software and outsourcing services → Read case study	HgCapital / ICG	2017 / 2020	Norway	1.3%
13	Ambassador Theatre Group Operator of theatres and ticketing platforms	ICG	2021	United Kingdom	1.3%
14	Crucial Learning Provider of corporate training courses focused on communication skills and leadership development	Leeds Equity	2019	United States	1.3%
15	Domus Operator of retirement homes	ICG	2017 / 2021	France	1.2%
16	Davies Group Provider of specialty business process outsourcing services	BC Partners	2021	United Kingdom	1.1%
17	Ivanti Provider of IT management solutions	Charlesbank / ICG	2021	United States	1.1%
18	David Lloyd Leisure Operator of premium health clubs	TDR	2013 / 2020	United Kingdom	1.1%
19	AML RightSource Provider of compliance and regulatory services and solutions	Gridiron	2020	United States	1.1%
20	Class Valuation Provider of residential mortgage appraisal management services	Gridiron	2021	United States	1.1%
21	Planet Payment Provider of integrated payments services focused on hospitality and luxury retail	Advent / Eurazeo / ICG	2021	Ireland	1.1%
22	ECA Group Provider of autonomous systems for the aerospace and maritime sectors	ICG	2022	France	1.1%
23	Vistage Provider of CEO leadership and coaching for small and mid-size businesses in the US	Gridiron / ICG	2022	United States	1.0%
24	VettaFi Provider of master limited partnerships (“MLP”) indices	ICG	2018	United States	1.0%
25	DigiCert Provider of enterprise security solutions → Read case study	ICG	2021	United States	1.0%
26	KronosNet Provider of tech-enabled customer engagement and business solutions	ICG	2022	Spain	0.9%
27	Brooks Automation Provider of semiconductor manufacturing solutions	THL	2021 / 2022	United States	0.9%
28	Ping Identity Provider of intelligent access management solutions	Thoma Bravo	2022 / 2023	United States	0.7%
29	AMEOS Group Operator of private hospitals	ICG	2021	Switzerland	0.7%
30	Archer Technologies Developer of governance, risk and compliance software intended for risk management	Cinven	2023	United States	0.7%
	Total of the 30 largest underlying investments				38.6%

The 30 largest fund investments

The table below presents the 30 largest fund investments by value at 31 January 2024. The valuations are net of underlying managers’ fees and carried interest.

	Fund	Year of commitment	Value £m	Outstanding commitment £m
1	ICG Strategic Equity Fund III GP-led secondary transactions	2018	39.4	10.9
2	ICG Europe VII Mezzanine and equity in mid-market buyouts	2018	35.0	6.5
3	PAI Strategic Partnerships** Mid-market and large buyouts	2019	30.6	0.3
4	Gridiron Capital Fund III Mid-market buyouts → Read case study	2016	28.9	4.1
5	CVC European Equity Partners VII Large buyouts	2017	28.4	1.1
6	ICG Strategic Equity Fund IV GP-led secondary transactions	2021	28.0	10.4
7	Graphite Capital Partners VIII* Mid-market buyouts	2013	27.4	2.2
8	Gridiron Capital Fund IV Mid-market buyouts → Read case study	2019	25.2	0.7
9	PAI Europe VII Mid-market and large buyouts	2017	24.6	2.9
10	ICG Ludgate Hill (Feeder B) SCSp Secondary portfolio	2021	24.4	13.9
11	ICG LP Secondaries Fund I LP LP-led secondary transactions	2022	22.0	34.8
12	Resolute IV Mid-market buyouts	2018	21.6	1.0
13	ICG Ludgate Hill III Secondary portfolio	2022	21.1	4.7
14	Oak Hill V Mid-market buyouts → Read case study	2019	17.7	0.9
15	Sixth Cinven Fund Large buyouts	2016	17.2	1.6
16	Seventh Cinven Large buyouts	2019	17.2	2.9
17	Advent Global Private Equity IX Large buyouts	2019	16.9	0.8
18	AEA VII Mid-market buyouts → Read case study	2019	16.5	0.5
19	Graphite Capital Partners IX Mid-market buyouts	2018	15.9	4.5
20	New Mountain Partners V Mid-market buyouts	2017	15.9	1.2
21	Resolute V Mid-market buy-outs	2021	15.8	0.9
22	ICG Augusta Partners Co-Investor** Secondary fund restructurings	2018	15.5	17.4
23	BC European Capital X Large buyouts	2016	14.9	1.4
24	ICG Ludgate Hill (Feeder) II Boston SCSp Secondary portfolio	2022	14.7	5.3
25	ICG Europe Mid-Market Fund Mezzanine and equity in mid-market buyouts	2019	13.8	5.5
26	Permira VII Large buyouts	2019	13.7	1.5
27	Investindustrial VII Mid-market buyouts	2019	13.2	4.2
28	Permira V** Large buyouts	2013	12.8	0.4
29	Tailwind Capital Partners III Mid-market buyouts	2018	11.9	1.5
30	Bowmark Capital Partners VI Mid-market buyouts	2018	11.6	1.4
	Total of the largest 30 fund investments		611.8	145.2
	Percentage of total investment Portfolio		45.3%

*All or part of interest acquired through a secondary sale.
**Includes the associated Top Up funds.

Balanced constructor from colorful curved wooden planks in the form of spiral figure on a light pink background with soft shadows

Portfolio analysis

The Portfolio is appropriately diversified by sector and geography

3D rendered financial performance bar chart results shot on a reflective background

Portfolio performance

Continuing our track record of growth

About private equity investment trusts

A private equity investment trust is listed on the London Stock Exchange and invests its shareholders’ funds in unquoted companies.

Studio shot of a young businesswoman using a digital tablet against a grey background

How to invest

ICG Enterprise is listed on the London Stock Exchange (ICGT.LN) and its shares can be bought and sold just as those of any other listed company

Related content

Disclaimer

The information contained herein and on the pages that follow does not constitute an offer to sell, or the solicitation of an offer to acquire or subscribe for, any securities in any jurisdiction where such an offer or solicitation is unlawful or would impose any unfulfilled registration, qualification, publication or approval requirements on ICG Enterprise Trust PLC (the "Company") or its affiliates or agents. Equity securities in the Company have not been and will not be registered under the applicable securities laws of the United States, Australia, Canada, Japan or South Africa (each an “Excluded Jurisdiction”). The equity securities in the Company referred to herein and on the pages that follow may not be offered or sold within an Excluded Jurisdiction, or to any U.S. person ("U.S. Person") as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or to any national, resident or citizen of an Excluded Jurisdiction.

Any communication on this website is only addressed to and is only directed at persons in any member state of the European Economic Area ("EEA Member State") where any required notification or registration for "marketing" as that term is defined in Article 4(1)(x) of Directive 2011/61/EU on alternative investment fund managers ("AIFMD") has been made and who are both: (i) "qualified investors" in that Member State within the meaning of Article 2(e) of EU Prospectus Regulation (EU/2017/1129), as amended, including any relevant implementing measure in an EEA Member State which has implemented the EU Prospectus Regulation; and (ii) "professional investors" in that EEA Member State within the meaning of Article 4(1)(ag) AIFMD. A list of EEA Member States in which a notification or registration has been made for marketing to professional investors under AIFMD is available on request.

This website is communicated by the Company. The Company is managed by ICG Alternative Investment Limited (“ICG AIL”), which is authorised and regulated by the UK Financial Conduct Authority ("FCA"). In its involvement preparing the communications on this website ICG AIL is acting for the Company and is not responsible for advising persons viewing this website or any other person, or for providing them with the protections which would be given to those who are clients of ICG AIL under the rules of the FCA.

The information on the pages that follow may contain forward looking statements. Any statement other than a statement of historical fact is a forward looking statement. Actual results may differ materially from those expressed or implied by any forward looking statement. The Company does not undertake any obligation to update or revise any forward looking statements. You should not place undue reliance on any forward looking statement, which speaks only as of the date of its issuance.

Access to electronic versions of these materials is being made available on the website in good faith and for information purposes only. Making press announcements and other documents relating to any offering of securities available in electronic format does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for securities, nor does it constitute a recommendation by any party to sell or buy securities. Past performance cannot be relied on as a guide to future performance.

Your access to this website is governed by the above terms. The Company may change these terms. The changes will be posted on the website. Your access to this website is governed by the version of these terms then in force.

By clicking "I understand and agree" below, you represent, warrant and agree that you (1) have read and understood these terms and the other information set out above, (2) agree to be bound by the terms, (3) do not have a registered address in, and are not resident or located in, an Excluded Jurisdiction (or, if you do, you will not seek to make any investment in the securities of the Company), (4) are not a U.S. Person or a national, resident or citizen of an Excluded Jurisdiction (or, if you are, you will not seek to make any investment in the securities of the Company), (5) are permitted under applicable laws and regulations to receive the information contained in the pages that follow, and (6) agree that you will not transmit or otherwise send any information contained in this website to any person in the United States or to any U.S. Person for the purpose of that person considering an investment in the securities of the Company, or to any publication with a general circulation in the United States.

If you cannot so certify and agree, you must click the button labelled "I decline" or otherwise exit this website.