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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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Our note, Spotlight on secondaries, published on 2 March, highlighted ICGT’s strong NAV growth in the quarter to October 2021, and that one highlight was secondary fund investments. We reviewed the attractions of that market and why ICGT was increasing its allocations to it. Looking forward, the full-year results to January 2022 are expected in early May, and we expect a continuation of the strong trends reported in recent quarters, notably i) good underlying company EBITDA growth, ii) continued strong realisation and investment activity (especially in secondary for the latter), iii) a modest rise in YoY debt/EV and EV/EBITDA multiples, and iv) a small rise in overall commitments.
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