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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 report, ICGT in personal pensions: do as the professionals do, published on 14 September, we explored the reasons why PE, and ICGT in particular, may be suitable for personal pensions. ICGT’s interim results, announced on 5 October, confirmed the core reason – outperformance. The NAV total return in the six months to end-July was 11.1% (37.5% YoY, 57% over three years, 111% over five years), with a portfolio return in local currency of 14.9% (48.5% YoY). The six-month realisation proceeds of £175m were higher than the average annual level for the prior five years. The 34 full exits were at a 26% uplift to carrying value and a 2.8x multiple to cost. The discount to NAV is 23%.
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