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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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ICGT results to January 2022 reported a further strong year, with an NAV per share total return of 24.4%, its 13th consecutive year of double-digit NAV growth, and representing a five-year CAGR of 16.4% (post all fees), three times the FTSE All-Share Index total return. The portfolio generated a 29.4% return on a local-currency basis to January 2022. Total proceeds and new investments were a record £342.9m and £303.7m, respectively, generating net proceeds of £39.2m. Uplifts on exits continued, at 36%, in line with historical averages and showing a conservative NAV. New investment focused on high-return, High Conviction mandates (61%), including secondary investments.
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