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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 Hardman and Co (the “Company”) or its affiliates or agents. Equity securities in the ICG Enterprise Trust 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 ICG Enterprise Trust 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.
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In our note, Spotlight on secondaries, published on 2 March, we noted that ICGT had had a further strong quarter of NAV growth to October 2021 and that one highlight was secondary fund investments. The strategic allocation to these assets could rise to 20%-25% of ICGT’s portfolio over the next few years. The reasons ICGT is increasing the weighting include i) these assets have known underlying investments, ii) they return cash quickly, and iii) they do not incur material future commitments – all fitting ICGT’s portfolio management well. The raised allocation reflects the experience/relationships of the dedicated investment team, who have a good secondary investment track record.
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