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Key messages from ICGT’s 2026 shareholder seminar (our note here) were i) double-digit investee company EBITDA growth and strong realisation activity, ii) proactive management, inter alia, of the origination network, co-investments, secondary sales, buybacks and dividends,  iii) a strong balance sheet, iv) well positioned for future, and v) the benefit of having ICG as the manager. ICGT’s unique portfolio of private companies has delivered superior long-term growth. More recently, we note multiple director share purchases in March/April 2026.

  • Core objective:  ICGT aims for PE-levels of returns but with less risk and providing investors with much better liquidity. Risk is reduced by its niche focus (buyouts over venture, developed markets, mid-market and larger over small), with alpha generated from top-tier GP and company selection.
  • April newsletter: The key messages were i) ICGT has a relatively low exposure to software (ca.12% of portfolio), and where it does invest, it is in profitable, cash‑generative businesses, ii) the closed-ended structure means redemptions are not an issue, and iii) ICGT has no direct exposure to the Middle East.
  • Valuation:  ICGT’s NAV valuations are conservative (regular realisation uplifts), the ratings undemanding, and the ongoing carry value against cost is modest. The 35% discount to NAV is anomalous, we believe, with defensive, market-beating returns, and is above pre COVID-19 levels. The 2026E yield is 2.9%.
  • Risks: PE’s post-expense returns are market-beating, but it is an above-average cost model. Experience has been of continued NAV outperformance in economic downturns, but 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 identifying managers and investments where value can be added, with a strategic focus on defensive growth and exploiting ICG synergies. Valuations appear conservative, and governance is strong. It seems anomalous, in our view, to have this record of outperformance and to trade at a discount to NAV.
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