ICG Enterprise Trust PLC

In this first edition of our LinkedIn newsletter, our portfolio managers discuss our interim results roadshow and the recent FCA announcement on cost disclosures for investment trusts. #PrivateEquity #InvestmentTrusts #ListedPE

Over the next few weeks, we will shine a light on some of our investments and provide case studies on companies and managers in the ICG Enterprise Trust (ICGT) portfolio. Capital at risk*. One such example of a leading manager we work with is TJC. Since 2018 we have made a series of commitments in TJC funds, totalling ~$60m. TJC is a private equity firm that specialises in buying and building businesses in partnership with management. Most recently we made a commitment of $15m during FY24 to TJC’s latest fund, Resolute VI. We invested in TJC due to several desirable characteristics, including its strong reputation in the US mid-market, with a stable, tenured team who have worked together for over 20 years. TJC is also a pioneer of more operationally focused Private Equity, having established its Operations Management Group in 1988. Our largest holding in TJC, Worldwide Clinical Trials (WCT), which is a provider of clinical research services, was sold in December 2023 and generated proceeds of £12.5m at a significant uplift to its previous value 📈. 👉Discover more information about our investments in TJC: https://lnkd.in/ehbuCMk9 #PrivateEquity #InvestmentTrusts #ListedPE *Investments involve risks, including the risk of capital loss. Past performance is not a reliable indicator of future results.

Over the next few weeks, we will shine a light on some recent investments and provide case studies on companies and managers in the ICG Enterprise Trust (ICGT) portfolio. Capital at risk*. First up is Multiversity, the #1 online higher education group in Italy with 200k+ students enrolled across three accredited online universities.👩🎓 Multiversity is a high quality asset and a leading player in the education sector in Italy. Multiversity also has an excellent track record with a number of defensive growth attributes and a differentiated student proposition. 🔗Read more about our investment in Multiversity: https://lnkd.in/dqyPUViP #PrivateEquity #InvestmentTrusts #ListedPE *Investments involve risks, including the risk of capital loss. Past performance is not a reliable indicator of future results.

The October edition of our monthly newsletter focuses on our H1 results. Portfolio Managers Oliver Gardey and Colm Walsh discuss ICG Enterprise Trust’s top new investments in the period and give their thoughts on the final few months of the year, in what they see as a clear shifting towards a rate reduction cycle across the US and Europe. 📰 Read: https://lnkd.in/eUnhgFgP 📨 Subscribe: https://lnkd.in/ewHv9dbQ 📰 H1 results in full: https://lnkd.in/eNWynyfF #PrivateEquity #InvestmentTrusts #ListedPE Investments involve risks, including the risk of capital loss. Past performance is not a reliable indicator of future results.

ICG Enterprise Trust is pleased to share its interim results for the six months ended 31 July 2024. Oliver Gardey, Head of Private Equity Fund Investments at ICG, said: "Over the last five years – a period that encompasses COVID-19, inflation, interest rate hikes and geopolitical uncertainty – our Portfolio has delivered attractive growth; our NAV per Share Total Return has been 80%; and we have enhanced our shareholder distribution policy. "I am confident in the transatlantic Portfolio we have constructed. I believe our strategy to invest in profitable, cash generative middle market companies positions us well to deliver attractive returns for our shareholders." Read our H1 update: https://lnkd.in/eNWynyfF #PrivateEquity #PrivateMarkets #InvestmentTrusts #ListedPE #Investing Investments involve risk, including the risk of capital loss. Past performance is not a reliable indicator of future results.

What are the typical uplifts of portfolio companies on exit? Capital at Risk* In the three months to April 2024, there were two Full Exits, of which the weighted average Uplift to Carrying Value was 29.2% and the weighted average Multiple to Cost was 4.4x. This continues a long-term track record of exiting companies at an uplift to carrying value. Demystifying the vocabulary used by private equity investment trusts. 🔗 Learn more about Private Equity Investment Trusts: https://lnkd.in/e8iEsth3 #DemystifyingPE #PrivateEquity #InvestmentTrusts #ListedPE * Investments involve risks, including the risk of capital loss. Past performance is not a reliable indicator of future results.

What are private equity realisations? Capital at Risk* Realisation is the term used to describe the Full Exit or Partial Exit of an underlying investment. Realisation activity during the three months to 30 April 2024 generated Total Realisation Proceeds of £29m, and we continue to expect a pick-up in transaction volumes in the coming quarters. Demystifying the vocabulary used by private equity investment trusts. 🔗 Learn more about Private Equity Investment Trusts: https://lnkd.in/e8iEsth3 #DemystifyingPE #PrivateEquity #InvestmentTrusts #ListedPE * Investments involve risks, including the risk of capital loss. Past performance is not a reliable indicator of future results.

What are private equity investments? Capital at Risk* Total new investments represent the total of direct co-investment and fund investment drawdowns in respect of the Portfolio. We aim for the investments in our Portfolio to be appropriately diversified, by backing managers and companies across investment strategy, geography and sector. Demystifying the vocabulary used by private equity investment trusts. 🔗 Learn more about Private Equity Investment Trusts: https://lnkd.in/e8iEsth3 #DemystifyingPE #PrivateEquity #InvestmentTrusts #ListedPE * Investments involve risks, including the risk of capital loss. Past performance is not a reliable indicator of future results.

What are private equity commitments? Capital at Risk* Commitments represent the amount of capital that each investor agrees to contribute to a fund or a specific investment. ICG Enterprise Trust commits to a variety of top-tier managers across North America and Europe. We partner with managers with track records of investing well through cycles and who shares our investment approach. Demystifying the vocabulary used by private equity investment trusts. 🔗 Learn more about Private Equity Investment Trusts: https://lnkd.in/e8iEsth3 #DemystifyingPE #PrivateEquity #InvestmentTrusts #ListedPE * Investments involve risks, including the risk of capital loss. Past performance is not a reliable indicator of future results.

What are the forms of shareholder distributions? Capital at Risk* Dividends and share buybacks are two forms of returning money to shareholders. Dividends are a distribution of a portion of a Company’s earnings to its shareholders, and share buybacks are when a Company repurchases its own shares from the open market. ICG Enterprise Trust has a progressive dividend policy and a current dividend yield of approximately 2.7%. We were also one of the first in our sector to announce a long-term share buyback programme in October 2022, and announced an opportunistic share buyback programme in May 2024. Demystifying the vocabulary used by private equity investment trusts. 🔗 Learn more about Private Equity Investment Trusts: https://lnkd.in/e8iEsth3 #DemystifyingPE #PrivateEquity #InvestmentTrusts #ListedPE * Investments involve risks, including the risk of capital loss. Past performance is not a reliable indicator of future results.