ICG Enterprise Trust Plc: Q1 Update for the three months ended 30 April 2022

June 28, 2022 9:30 AM EDT

ICG Enterprise Trust plc
Q1 Update for the three months ended 30 April 2022
28 June 2022

NAV per Share Total Return of 4.5% in the first quarter;
27.9% in the last twelve months


  • NAV per Share of 1,761p (31 January 2022: 1,690p), NAV per Share Total Return of 4.5% during the quarter; 27.9% during the last twelve months
  • Portfolio Return on a Local Currency Basis during the quarter of 2.0% (Sterling return: 5.2%); 30.2% during the last twelve months. Portfolio valued at £1,244m on 30 April 2022
  • Disciplined transaction activity: new Investments of £59.1m and Realisation Proceeds of £48.8m during the quarter, including 17 Full Exits executed at an average of 23% Uplift to Carrying Value and 2.7x Multiple to Cost
  • First quarter dividend of 7p per share; progressive dividend policy maintained
  • Revolving Credit Facility increased to €240m in May, and maturity extended to February 2026
  • Board strengthened further by the appointment of two additional Non-Executive Directors

Oliver Gardey
Head of Private Equity Fund Investments, ICG
The 4.5% growth in ICGT’s NAV per Share Total Return in the first quarter reflects the resilience of our Portfolio, which grew 2.0% during the quarter on a local currency basis. Our Portfolio of private companies continues to generate attractive shareholder returns and, while realisation proceeds are lower than during Q1 FY22, the 17 Full Exits from our Portfolio were executed at attractive uplifts to carrying values.

We are currently in an unusual environment, which is presenting attractive primary and secondary opportunities. Furthermore, our Manager’s expertise in structured transactions with downside protection is generating differentiated investment opportunities for ICG Enterprise Trust. We were able to capitalise on these factors during the quarter, making a number of primary commitments to high-performing managers and sourcing attractive secondary and direct investment opportunities. Discipline is crucial, and we remain highly selective in our investment process.

Looking ahead, we believe ICGT’s focus on investing in companies with defensive growth characteristics through our actively managed portfolio positions us well to generate long-term value. We are invested in high quality companies that we expect to show resilient operational and financial performance across economic cycles, and our Portfolio offers diversified exposure across vintages, sectors and countries.


 3 months1 year3 years5 years10 years
Performance to 30 April 2022     
NAV per Share Total Return4.5%27.9%20.3%17.4%13.8%
Share Price Total Return(6.7%)5.2%10.9%11.5%13.3%
FTSE All-Share Index Total Return1.1%8.7%4.5%4.8%7.2%

  Three months to:12 months to:
  30 Apr. 202230 Apr. 202130 Apr. 202230 Apr. 2021
Portfolio Return on a Local Currency Basis 2.0%3.4%30.2%37.0%
NAV per Share Total Return 4.5%1.6%27.9%29.8%
Realisation Proceeds £49m£100m£282m£208m
Total New Investment £59m£32m£331m£139m


Investor / Analyst enquiries:

Oliver Gardey, Head of Private Equity Fund Investment, ICG: +44 (0) 20 3545 2000

Colm Walsh, Managing Director of Private Equity Fund Investments, ICG

Chris Hunt, Head of Shareholder Relations, ICG

Livia Bridgman Baker, Shareholder Relations, ICG        

Media enquiries:

Clare Glynn, Corporate Communications, ICG: +44 (0) 20 3545 1395


Company timetable

Ex-dividend date: 7 July 2022

Record date: 8 July 2022  

Payment of dividend: 22 July 2022  


ICG Enterprise Trust is a leading listed private equity investor focused on creating long-term growth by delivering consistently strong returns through selectively investing in profitable private companies, primarily in Europe and the US.

As a listed private equity investor, our purpose is to provide shareholders with access to the attractive long-term returns generated by investing in private companies, with the added benefit of daily liquidity.

We invest in companies directly via co-investments and through 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.

We have a long track record of delivering strong returns through a flexible mandate and highly selective approach that strikes the right balance between concentration and diversification, risk and reward.


Included in this document are Alternative Performance Measures (“APMs”). APMs have been used if considered by the Board and the Manager to be the most relevant basis for shareholders in assessing the overall performance of the Company, and for comparing the performance of the Company to its peers and its previously reported results. The Glossary in the Company’s H1 results includes further details of APMs and reconciliations to International Financial Reporting Standards (“IFRS”) measures, where appropriate.

In the Manager’s Review and Supplementary Information, all performance figures are stated on a Total Return basis (i.e., including the effect of re-invested dividends). ICG Alternative Investment Limited, a regulated subsidiary of Intermediate Capital Group plc, acts as the Manager of the Company.


This report may contain forward looking statements. These statements have been made by the directors in good faith based on the information available to them up to the time of their approval of this report and should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying such forward-looking information. These written materials are not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration under the US Securities Act of 1933, as amended, or an exemption therefrom. The issuer has not and does not intend to register any securities under the US Securities Act of 1933, as amended, and does not intend to offer any securities to the public in the United States. No money, securities or other consideration from any person inside the United States is being solicited and, if sent in response to the information contained in these written materials, will not be accepted.


Portfolio Structure
We invest in businesses directly, through ICG managed funds, and through third-party private equity managers. We believe that this combination of investments results in a differentiated and balanced portfolio construction, striking the right balance between concentration and diversification, risk and reward.

ICGT’s Portfolio composition as at 30 April 2022 is shown below:

Investment category

% of Portfolio
ICG managed investments358.728.8%
Third party Direct Investments201.516.2%
Third party Secondary Investments60.04.8%
High Conviction Investments620.249.9%
Third Party Funds623.550.1%
Total 1,243.7100.0%

Portfolio performance

  • Portfolio valued at £1,244m on 30 April 2022
  • Portfolio Return on a Local Currency Basis of 2.0% during the quarter
  • High Conviction Investments (49.9% of the Portfolio) generated local currency returns of 2.1% during the quarter and Third Party Funds (50.1% of the Portfolio) generated local currency returns of 1.9%

Movement in the Portfolio to 30 April 2022Three months
Opening Portfolio1,172.2
Total New Investments59.1
Total Proceeds(48.8)
Net (proceeds)/investments10.3
Valuation movement*23.1
Currency movement38.1
Closing Portfolio1,243.7
% Portfolio growth (local currency)2.0%
% currency movement3.1%
% Portfolio growth (Sterling)5.2%
Effect of cash drag0.1%
Expenses and other income(0.5)%
Co-investment Incentive Scheme Accrual(0.3)%
Impact of share buybacks and dividend reinvestment0.0%
NAV per share Total Return4.5%

* 83% of the Portfolio is valued using 30 March 2022 (or later) valuations (Q1 22: 82%)

New investment

  • £59.1m of Total New Investment in the quarter; 52.8% (£31.2m) invested into High Conviction Investments with the remaining 47.2% (£27.9m) being drawdowns on a range of Commitments to Third Party Funds
  • Within our High Conviction Investments, we made a new co-investment of £12.8m alongside our Manager and deployed £16.7m in drawdowns to ICG-managed funds (principally LP Secondaries I and ICG Europe Fund VIII). The detail of the co-investment made during the period is set out below:
CompanyManagerCompany sectorDescriptionInvestment
NewtonICGBusiness ServicesProvider of management consulting services£12.8m
  • The balance of £1.7m of High Conviction Investments made during the quarter comprises co-investments alongside third-party managers and drawdowns on commitments acquired through secondary transactions

New commitments

  • During the period we made a total of £119.0m of new fund Commitments, of which £45.5m was to the ICG-managed LP Secondaries Fund I, supporting our strategic target to increase our exposure to the secondary market
  • The breakdown of new Commitments was as follows:
FundManagerFocusICG Enterprise Trust Commitment during the period
ICG LP Secondaries Fund IICGSecondary portfolio of mid-market and large buyouts$60.0m (£45.5m)
PAI Europe VIIIPAIMid-market and large buyouts€25.0m (£20.9m)
Advent XAdventLarge buyouts€20.0m (£16.8m)
Gridiron VGridironMid-market buyouts$20.0m (£15.0m)
Permira VIIIPermiraLarge buyouts€15.0m (£12.6m)
Hg Genesis XHg CapitalMid-market buyouts€5.0m (£4.2m)
Hg Saturn IIIHg CapitalMid-market and large buyouts$5.0m (£4.0m)

Realisation activity

  • Realisation proceeds of £48.8m received during the quarter, of which £37.9m was generated from 17 Full Exits executed at an average of 23% Uplift to Carrying Value and 2.7x Multiple to Cost

Quoted Companies

  • We do not invest directly in publicly quoted companies, but gain listed investment exposure when IPOs are used to exit an investment. Public market valuations are typically more volatile than those observed in private markets
  • At 30 April 2022, quoted companies representing 9.2% of the Portfolio were valued by reference to the latest market price (31 January 2022; 10.3%)
  • Only one quoted investment individually accounted for 0.5% or more of the Portfolio value:

 CompanyTicker% value of Portfolio
1Chewy (part of PetSmart holding)1CHWY-US3.5%
Other  5.7%
Total  9.2%
1 % value of Portfolio includes entire holding of PetSmart and Chewy. Majority of value is within Chewy

Balance sheet and financing

  • Total liquidity of £166.4m, comprising £15.4m cash and £151.0m undrawn bank facility

Cash at 31 January 202241.3
Realisation Proceeds48.8
Third Party Fund drawdowns(27.9)
High Conviction Investments(31.2)
Shareholder returns(4.1)
FX and other(11.3)
Cash at 30 April 202215.4
Available undrawn debt facilities151.0
Cash and undrawn debt facilities (total available liquidity)166.4
  • Portfolio represented 103.1% of net assets

 £m% of net assets
Total Portfolio1,243.7103.1%
Net current liabilities(52.6)(4.4%)
Net assets1,206.5100%
  • Undrawn commitments of £491.9m, of which 19.1% (£93.9m) were to funds outside of their investment period


  • Maintaining a progressive dividend policy
  • First quarter dividend of 7p per share
  • In the absence of any unforeseen circumstances, it is the Board’s current intention to declare total dividends of at least 30p per share for the financial year ended 31 January 2023. This would represent an increase of 3p (11.1%) per share compared to the financial year ended 31 January 2022


  • Total Proceeds of £45.0m
  • New investments of £4.8m, 14.6% into High Conviction Investments
  • Post period-end, we increased the size of our Revolving Credit Facility ("RCF") to €240m (from €200m previously), in keeping with the Company’s higher net asset value. In addition, the maturity of the RCF was also extended by one year to February 2026. The other key terms remain unchanged. The RCF is available for general corporate purposes, including short-term financing of investments such as the Drawdown on Commitments to funds


  • Adiba Ighodaro and Janine Nicholls have been appointed as Non-Executive Directors of the Company, and will join the Board on 1 July 2022
  • Sandra Pajarola has retired from the Board, effective 28 June 2022, having served as a Non-Executive Director of the Company for nine years

ICG Private Equity Fund Investments Team
28 June 2022


Top 30 companies
The table below presents the 30 companies in which ICG Enterprise Trust had the largest investments by value at 30 April 2022.

 CompanyManagerYear of investmentCountryValue as a %
of Portfolio
 Retailer of pet products and servicesBC Partners2015United States3.5%
 Supplier of fire protection systems and servicesICG2018Germany2.7%
 Provider of mission-critical data and predictive analytics to consumer goods manufacturersNew Mountain2018United States2.6%
 Designer and manufacturer of hot runner systemsICG2017 / 2018South Korea2.1%
5Leaf Home Solutions    
 Provider of home maintenance servicesGridiron2016United States1.9%
6DOC Generici+    
 Manufacturer of generic pharmaceutical productsICG2019Italy1.6%
7Endeavor Schools+    
 Provider of private schoolingLeeds Equity2018United States1.6%
 Manufacturer and distributor of ice cream productsPAI2013 / 2019United Kingdom1.5%
 Provider of business management software and outsourcing servicesHg Capital / ICG2017 / 2020Norway1.3%
10AML RightSource+    
 Provider of compliance and regulatory services and solutionsGridiron2020United States1.2%
 Operator of retirement homesICG2017 / 2021France1.2%
12David Lloyd Leisure+    
 Operator of premium health clubsTDR2013 / 2020United Kingdom1.2%
 Provider of enterprise internet security solutionsICG2021United States1.2%
 Provider of management consulting servicesICG2021 / 2022United Kingdom1.2%
15Ambassador Theatre Group+    
 Operator of theatres and ticketing platformsICG / Providence2021United Kingdom1.1%

 CompanyManagerYear of investmentCountryValue as a %
of Portfolio
16Curium Pharma+    
 Supplier of nuclear medicine diagnostic pharmaceuticalsICG2020United Kingdom1.1%
 Provider of IT management solutionsCharlesbank / ICG2021United States1.1%
18PSB Academy+    
 Provider of private tertiary educationICG2018Singapore1.0%
19Planet Payment+    
 Provider of integrated payments services focused on hospitality and luxury retailAdvent / Eurazeo
20Class Valuation+    
 Provider of residential mortgage appraisal management servicesGridiron2021United States0.8%
21European Camping Group+    
 Operator of premium campsites and holiday parksPAI2021France0.8%

 Provider of enterprise softwareICG2021United States0.8%
23MoMo Online Mobile Services    
 Operator of remittance and payment services via mobile e-walletICG2019Vietnam0.7%
24Brooks Automation+    
 Provider of semiconductor manufacturing solutionsThomas H. Lee2021 / 2022United States0.7%
25Davies Group+    
 Specialty business process outsourcing service providerBC Partners2021United Kingdom0.7%
 Provider of SaaS-based governance, risk and compliance enterprise software solutionsGryphon2018 / 2019United States0.7%
27Crucial Learning+    
 Provider of corporate training courses focused on communication skills and leadership developmentLeeds Equity2019United States0.6%
28Travel Nurse Across America    
 Provider of travel nurse staffing servicesGridiron2016United States0.6%
29AMEOS Group+    
 Operator of private hospitalsICG2021Switzerland0.6%
 Provider of recruitment servicesGraphite2014United Kingdom0.5%
 Total of the 30 largest underlying investments   38.0%

+ All or part of this investment is held directly as a Co-investment or other Direct Investment

30 largest fund investments
The table below presents the 30 largest funds by value at 30 April 2022. The valuations are net of underlying managers’ fees and Carried Interest.

 FundYear of commitmentCountry/ regionValue £mOutstanding commitment £m
1ICG Ludgate Hill I    
 Secondary portfolio2021Europe/North America43.113.8
2ICG Strategic Equity Fund III    
 Secondary fund restructurings2018Global37.511.0
3Graphite Capital Partners VIII     
 Mid-market buyouts2013UK36.64.4
4ICG Europe VII    
 Mezzanine and equity in mid-market buyouts2018Europe34.810.1
5Gridiron Capital Fund III    
 Mid-market buyouts2016North America31.44.3
6CVC European Equity Partners VII    
 Large buyouts2017Europe/North America27.32.1
7CVC European Equity Partners VI     
 Large buyouts2013Europe/North America25.22.1
8Thomas H Lee Equity Fund VIII    
 Mid-market and large buyouts2017North America21.33.6
9Sixth Cinven Fund    
 Large buyouts2016Europe20.51.3
10ICG LP Secondaries Fund I    
 Secondary portfolio2023Europe/North America19.313.2
11BC European Capital IX     
 Mid-market and large buyouts2011Europe/North America19.10.7
12PAI Strategic Partnerships     
 Mid-market and large buyouts2019Europe18.80.6
13New Mountain Partners V    
 Mid-market buyouts2017North America18.11.0
14Advent IX    
 Large buyouts2019Europe/North America17.23.8
15Permira V     
 Large buyouts2013Europe/North America17.00.4
16Oak Hill V    
 Mid-market buyouts2019North America17.01.8
17Gridiron Capital Fund IV    
 Mid-market buyouts2019North America17.02.8
18BC European Capital X    
 Large buyouts2016Europe16.92.5

 FundYear of commitmentCountry/ regionValue £mOutstanding commitment £m
19Resolute IV    
 Mid-market buyouts2018North America16.41.7
20Advent Global Private Equity VIII    
 Large buyouts2016Europe/North America16.40.0
21ICG Strategic Equity Fund IV    
 Secondary fund restructurings2021Global16.218.6
22TDR Capital III    
 Mid-market and large buyouts2013Europe15.31.6
23PAI Europe VI    
 Mid-market and large buyouts2013Europe15.21.3
24Gryphon V    
 Mid-market buyouts2019North America14.01.9
25ICG Augusta Partners Co-Investor    
 Secondary fund restructurings2018Global13.818.9
26ICG Ludgate Hill II    
 Secondary portfolio2022North America13.35.7
27PAI Europe VII    
 Mid-market and large buyouts2017Europe13.310.3
28Resolute II Continuation Fund     
 Secondary fund restructurings2018North America12.82.2
29AEA VII    
 Mid-market buyouts2019North America12.24.1
30Leeds Equity Partners VI    
 Mid-market buyouts2017North America11.81.0
 Total of the largest 30 fund investments  608.8                146.6
 Percentage of total investment Portfolio  49.0% 

Portfolio at 30 April 2022
All data is presented on a look-through basis to the investment portfolio held by the Company, consistent with the commentary in previous annual and interim reports

Portfolio by calendar year of investment % of value of underlying investments
2022 3.7%
2021 25.5%
2020 11.8%
2019 15.5%
2018 17.2%
2017 9.1%
2016 5.4%
2015 5.0%
2014 and older 6.8%
Total 100.0%

Portfolio by sector% of value of underlying investments
Consumer goods and services19.5%
Business services12.3%

Portfolio by geographic distribution based on location of company headquarters% of value of underlying investments
North America42.3% 

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