×

ICGT hosted its latest annual investor seminar on 18 June 2025 (see here). ICGT’s key takeaways were on slide 33 and included i) PE remains a structurally attractive allocation within an investment portfolio, ii) a share in ICG Enterprise Trust gives investors exposure to a unique portfolio of profitable and cash-generative private companies across North America and Europe, iii) a nimble approach to portfolio construction across primary, secondary and co-investments, supported by robust balance sheet, and iv) the board and manager adopt a holistic approach to maximising shareholder value.

  • Seminar topics: The meat of the seminar came in sessions on i) proactive approach to portfolio management (slides 7-13), ii) investing for long-term growth (slides 15-24 with a Gridiron Capital case study), and iii) the role of secondaries in the portfolio (slides 26-31).
  • 1Q update: NAV per share of 2,011p; LTM NAV per share total return 6.3% (5-year annualised: 14.8%). 1Q portfolio local currency return 0.6%, offset by FX (portfolio sterling return -2.4% and NAV per share total return of -2.6%. Total proceeds £149m, (including £62m secondary sale) and new investments £48m.
  • Valuation: ICGT’s NAV valuations are conservative (regular realisation uplifts). The ratings are undemanding, and the ongoing carry value against cost is modest. The 31% discount to NAV is anomalous, we believe, with defensive, market-beating returns, and is above the levels seen pre COVID-19. The 2025E yield is 2.8%.
  • Risks: PE’s post-expense returns are consistently market-beating, but this is an above-average cost model. Even though actual experience has been of continued NAV outperformance in economic downturns, sentiment is likely to be adverse. We believe ICGT’s permanent capital structure is right for unquoted and illiquid assets.
  • Investment summary: ICGT has consistently generated superior returns, by adding value in an attractive market, having a strategic focus on defensive growth and exploiting ICG synergies. Valuations appear conservative, and governance is strong. ICGT focuses on delivering resilient, risk-adjusted returns. The risks are primarily sentiment-driven on costs and cyclicality, and on the liquidity of the underlying assets. It seems anomalous, in our view, to have a consistent record of outperformance and to trade at a 31% discount to NAV.
Download the full report

Request a meeting

If you'd like to be introduced to the team at ICG Enterprise Trust, get in touch.

Request a meeting
Download the full report