REG-Preliminary Results for the twelve months ended 31 January 2026
07/05/2026 07:00
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ICG Enterprise Trust plc Preliminary Results for the twelve months ended 31 January 2026 7 May 2026
Highlights * Portfolio Return on a Local Currency Basis of 4.8% (5-year annualised: 11.8%)
* Negative FX impact of (3.6)% due to one of the largest 12-month appreciations of GBP vs USD in a decade. Over last 5 and 10 years, FX impact broadly neutral
* NAV per Share Total Return of 0.5% and Share Price Total Return of 17.3%. NAV per Share of 2,045p at 31 Jan 2026
* Portfolio net cashflow of £ 188 m , with 25% of Opening Portfolio Value realised during the year
* 49 Full Exits during the year at a weighted-average Multiple of Cost of 3.0x and Uplift to Carrying Value of 11.2%
* Robust balance sheet: £227m total available liquidity ; £33m net debt (£1,353m Portfolio Value)
* Buybacks of £28m during year added 22p to NAV per Share. Total dividends of 39p per share for FY26 (+8% YoY; 13th consecutive year of ordinary dividend per share increases). Board renews both buyback programmes and reaffirms progressive dividend policy
Jane Tufnell Oliver Gardey
Chair of ICG Enterprise Trust plc Portfolio Manager for ICG Enterprise Trust plc
"ICGT's Portfolio of mature, profitable private companies has "Our actively-managed Portfolio is performing well across a number of important metrics. EBITDA growth of our portfolio companies was approximately 13% over the last twelve months (1), and 25% of the opening Portfolio value was realised during the year. ICGT's low net debt and high liquidity gives us the flexibility to continue to deploy capital into high quality new investments, maintaining vintage diversification to support long-term growth. Macroeconomic uncertainty has risen post year-end; transaction activity in the near-term may slow. However, the Portfolio is positioned to benefit from a number of growth trends, with broad diversification and low leverage. This provides resilience and flexibility in the face of market turbulence."
remained resilient during FY26. In recent years the Board and
Manager have taken a number of steps to enhance ICGT's offering
to shareholders, including through a differentiated capital
allocation policy. This year, we have returned £51m to
shareholders through buybacks and dividends, equivalent to 4% of
opening NAV. The Board is renewing the long-term and
opportunistic buyback programmes for FY27, and is reaffirming
its commitment to the progressive dividend policy. Over the last
five years, dividends per share have grown at an annualised rate
of 10%. As an investment trust, ICGT does not need to
accommodate subscriptions or redemptions. This enables us to
manage the Portfolio actively to achieve long-term compounding
growth for our shareholders. With our low net debt and high
liquidity, we are well positioned to continue executing our
strategy into FY27 and beyond."
(1) Based on Enlarged Perimeter covering 70% of the Portfolio
PERFORMANCE OVERVIEW
Annualised
Performance to 31 January 2026 3 months 6 months 1 year 3 years 5 years 10 years
Portfolio Return on a Local Currency Basis 1.5% 2.9% 4.8% 7.0% 11.8% 14.9%
NAV per Share Total Return (1.1)% 1.2% 0.5% 4.2% 10.0% 12.9%
Share Price Total Return 0.5% 4.4% 17.3% 13.1% 12.6% 13.8%
FTSE All-Share Index Total Return 5.7% 12.7% 21.1% 13.0% 12.6% 9.0%
Financial year ended: Jan 2022 Jan 2023 Jan 2024 Jan 2025 Jan 2026
Fund performance Portfolio return (local currency) 29.4% 10.5% 5.9% 10.2% 4.8%
Portfolio return (sterling) 27.6% 17.0% 3.2% 10.6% 1.2%
NAV £1,158m £1,301m £1,283m £1,332m £1,273m
NAV per Share Total Return (%) 24.4% 14.5% 2.1% 10.5% 0.5%
Investment activity New Investments £304m £287m £137m £181m £194m
As % opening Portfolio 32% 24% 10% 13% 13%
Total Proceeds £343m £252m £239m £151m £382m
As % opening Portfolio 36% 22% 17% 11% 25%
Shareholder experience Closing share price 1,200p 1,150p 1,226p 1,342p 1,534p
Total dividends per share 27p 30p 33p 36p 39p
Share Price Total Return 27.1% (2.3)% 9.6% 12.5% 17.3%
Total shareholder distributions £21m £22m £35m £59m £51m
As % Opening NAV 2.2% 1.9% 2.7% 4.5% 3.9%
Portfolio activity overview for FY26 Primary Direct Secondary Total ICG-managed
Local Currency return 5.2% 6.0% 0.8% 4.8% 6.9%
Sterling return 2.5% 1.5% (4.3)% 1.2% 3.4%
New Investments £84m £69m £41m £194m £62m
Total Proceeds £192m £126m £64m £382m £113m
New Fund Commitments £134m — £67m £201m £108m
Closing Portfolio value £701m £457m £195m £1,353m £398m
% Total Portfolio 51.8% 33.8% 14.4% 100.0% 29.4%
COMPANY TIMETABLE
A presentation for investors and analysts will be held at 10:30am BST today. A
link to the presentation can be found on the Results & Reports page
(https://www.globenewswire.com/Tracker?data=cyTrr16Rtj4PuGgjg2jMGmpZTHbK7L5Of-G_isvBWjOujGduN_h6_h7UHhho3eMoZCK-NHFHlh-_50HAl-DlQUMaUp5UIITPjs5bFyBKC8sNB0Qe2Lzes8N1qFo9UC8FyZqmY7rZMwxibqV0MZm5OqdfiCHS-nkQ6Tg_b7TWTfE=)
of the Company website. A recording of the presentation will be made available
on the Company website after the event.
FY26 Final Dividend
Ex-dividend date 2 July 2026
Record date 3 July 2026
Dividend payment date 17 July 2026
Annual General Meeting The Annual General Meeting will be held on Thursday 25 June 2026. The Board will be communicating the format of the meeting separately in the Notice of Meeting. This will include details of how shareholders may register their interest in attending the Annual General Meeting. Shareholder Seminar In March 2026, ICGT held its annual Shareholder Seminar. We explored a number of topics: * 2025 in review – including several realisation case studies
* Our new and established manager relationships – across both ICG plc and leading third party managers
* Inside ICG Europe Mid-Market – insights from the ICG Europe team on current themes and deal flow
* Positioning for long term growth – why ICGT’s portfolio can benefit from several long-term growth trends
A recording is available at this link: https://www.icg-enterprise.co.uk/cmd
ENQUIRIES
Institutional investors and analysts:
Martin Li, Shareholder
Relations +44 (0) 20 3545 1816
Nathan Brown, Deutsche
Numis +44 (0) 20 7260 1426
David Harris, Cadarn Capital +44
(0) 20 7019 9042
Media:
Clare Glynn, Corporate Communications, ICG +44 (0) 20 3545 1850
ABOUT ICG ENTERPRISE TRUST
ICG Enterprise Trust is a leading listed private equity investor focused on
creating long-term growth by delivering consistently strong returns through
selectively investing in profitable, cash-generative private companies,
primarily in Europe and the US, while offering the added benefit to
shareholders of daily liquidity.
We invest in companies directly as well as through funds managed by ICG plc
and other leading private equity managers who focus on creating long-term
value and building sustainable growth through active management and strategic
change.
NOTES
Included in this document are Alternative Performance Measures (“APMs”).
APMs have been used if considered by the Board and the Manager to be the most
relevant basis for shareholders in assessing the overall performance of the
Company, and for comparing the performance of the Company to its peers and its
previously reported results. The Glossary includes further details of APMs and
reconciliations to International Financial Reporting Standards (“IFRS”)
measures, where appropriate.
In the Manager’s Review and Supplementary Information, all performance
figures are stated on a Total Return basis (i.e. including the effect of
re-invested dividends). ICG Alternative Investment Limited, a regulated
subsidiary of Intermediate Capital Group plc, acts as the Manager of the
Company.
DISCLAIMER
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 ICG Enterprise Trust
PLC (the "Company") or its affiliates or agents. Equity securities in the
Company 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 the Company
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.
The information on the pages that follow may contain forward looking
statements. Any statement other than a statement of historical fact is a
forward looking statement. Actual results may differ materially from those
expressed or implied by any forward looking statement. The Company does not
undertake any obligation to update or revise any forward looking statements.
You should not place undue reliance on any forward looking statement, which
speaks only as of the date of its issuance.
CHAIR’S STATEMENT
Dear fellow shareholders,
ICGT’s strategy is to invest in profitable, cash-generative private
companies that can deliver long-term growth. A share in the Company provides
access to a unique portfolio of such companies in the US and Europe, which is
impossible to replicate in public markets.
For the 12 months to 31 January 2026, ICGT generated a NAV per Share Total
Return of 0.5% and the discount to NAV of its shares narrowed from 35% to 24%.
Shareholders received a Share Price Total Return of 17.3% for the year.
Over the last five years, ICGT has delivered an annualised NAV per Share Total
Return of 10.0% and an annualised Share Price Total Return of 12.6%.
In the months between the end of our financial year and the publication of
this report, the environment for private equity has become more complicated
and macroeconomic uncertainty has increased in a number of areas. In that
context, I am confident in the experienced and dedicated team that manages
ICGT, and I believe the Company has an attractive portfolio. We will remain
focused on executing our investment strategy and allocating our capital
thoughtfully.
Performance
ICGT’s portfolio returned 4.8% in local currency terms and 1.2% in sterling
terms during FY26. Portfolio companies in aggregate have continued to generate
double digit growth in profits(1), and have modest leverage in the context of
private equity.
NAV per Share Total Return was 0.5% for FY26. This was a disappointing result
albeit in a challenging market. The Board continues to have great confidence
in our Portfolio of mature cash generative companies to deliver attractive
returns for our shareholders.
At 31 January 2026, ICGT had net debt of £33m and Total Available Liquidity
of £227m, which the Board judges appropriate in the current environment.
Shareholder engagement
2025 saw a high level of engagement with shareholders. I and the Manager met
with a wide range of investors, and we welcomed several new investors to our
shareholder register. We were also pleased to win Investment Week’s
‘Investment Company of the Year 2025’ award in the private equity
category.
These conversations, together with the newsletter survey the Manager ran in
October 2025, have helped to refine our programme of initiatives to engage
with our existing shareholder base and attract new investors. The Board will
oversee delivery of these initiatives and monitor their effectiveness.
Capital allocation
During the year, the Manager made new investments of £194m and committed
£201m to new funds, in line with the programme approved and regularly
reviewed by the Board. The Portfolio generated net cashflow of £188m.
Alongside this investment activity, ICGT bought back 3% of its opening share
count at an average discount of 32.3%. The Board regularly reviews the
effectiveness of the programmes with the Manager and our advisers. The share
buybacks undertaken during the year enhanced the NAV per Share Total Return by
1.1%.
We maintain the progressive dividend policy, with total FY26 dividends of 39p
per share. This represents an 8% increase on the prior year and the 13(th)
consecutive year of ordinary dividend per share increases.
Looking ahead
I believe there is substantial value in ICGT’s shares, and your Board is
committed to working with the Manager and other partners to support the
marketing of ICGT to a wide range of current and potential shareholders.
ICGT is managed by an experienced team with the resources, network and track
record to navigate complex markets. The Company has a robust capital structure
and liquidity, and an investment strategy that supports our objective of
delivering long-term compounding returns.
Thank you for your continued support.
Jane Tufnell
Chair
6 May 2026
(1) EBITDA, based on Enlarged Perimeter covering 70% of the Portfolio.
MANAGER’S REVIEW
Alternative Performance Measures
The Board and the Manager monitor the financial performance of the Company on
the basis of Alternative Performance Measures (‘APM’), which are
non-UK-adopted IAS measures. The APM predominantly form the basis of the
financial measures discussed in this review, which the Board believes assists
shareholders in assessing their investment and the delivery of the investment
strategy.
The Company holds certain investments in subsidiary entities. The substantive
difference between APM and UK-IAS is the treatment of the assets and
liabilities of these subsidiaries. The APM basis ‘looks through’ these
subsidiaries to the underlying assets and liabilities they hold, and it
reports the investments as the Portfolio APM, gross of the liability in
respect of the Co-investment Incentive Scheme. Under UK-IAS, the Company and
its subsidiaries are reported separately. The assets and liabilities of the
subsidiaries, which include the liability in respect of the Co-investment
Incentive Scheme, are presented on the face of the UK-IAS balance sheet as a
single carrying value. The same is true for the UK-IAS and APM basis of the
cash flow statement.
The following table sets out UK-IAS metrics and the APM equivalents:
IFRS (£m) 31 January 2026 31 January 2025 APM (£m) 31 January 2026 31 January 2025
Investments 1,309 1,470 Portfolio 1,353 1,523
NAV 1,273 1,332 Realisation Proceeds 316 151
Cash flows from the sale of portfolio investments 60 20 Total Proceeds 382 151
Cash flows related to the purchase of portfolio investments 51 34 Total New Investment 194 181
The Glossary includes definitions for all APM and, where appropriate, a
reconciliation between APM and UK-IAS.
Why private equity
Every day the lives of those living and working in the US and Western Europe
are touched by companies owned by private equity: retailers, payments
processors, home security, pet food, health services – the list is long.
What typically unites these companies is that they are profitable and cash
generative. These companies are actively managed by their shareholders, with
management teams heavily incentivised to generate returns. Increasingly,
companies with these characteristics are choosing to grow under private equity
ownership and to stay private for longer. Within that, ICGT focuses on a
subset of those companies that we expect will generate resilient growth. As
more companies are owned by private equity, we believe it is a structurally
attractive allocation within an investment portfolio, with a track record of
attractive returns, and significant opportunity to continue that trajectory.
A share in ICGT gives you access to a unique portfolio of private companies.
Our investment strategy
Within developed markets, we focus on investing in buyouts of profitable,
cash-generative businesses that exhibit resilient growth characteristics,
which we believe will generate strong long-term compounding returns across
economic cycles.
We take an active approach to Portfolio construction, with a flexible mandate
that enables us to deploy capital in Primary, Secondary and Direct
Investments. Geographically, we focus on the developed markets of North
America and Europe which have deep and mature private equity markets.
Medium-term target Five-year average (1) 31 January 2026
1. Target Portfolio composition ( 2)
Investment category
Primary ~40-50% 53% 52%
Direct ~30-35% 30% 34%
Secondary ~25-30% 17% 14%
Geography
North America ~50% 45% 48%
Europe ~50% 49% 47%
Other — 6% 5%
1. Five-year average is the linear average of FY exposures for FY22-FY26.
2. As a percentage of Portfolio.
ICG Enterprise Trust benefits from access to ICG-managed funds and Direct
Investments, which represented 29% of the Portfolio value at period end and
generated a 6.9% return on a Local Currency Basis.
Performance overview
At 31 January 2026, our Portfolio was valued at £1,353m, and the Portfolio
Return on a Local Currency Basis for the financial year was 4.8% (FY25:
10.2%).
Due to the geographic diversification of our Portfolio, the reported value is
impacted by changes in foreign exchange rates. During the period, FX movements
affected the Portfolio negatively by £55m, driven by Sterling’s 10.4%
appreciation against the US Dollar in the year. In sterling terms, Portfolio
growth during the period was 1.2%.
The net result for shareholders was that ICG Enterprise Trust generated a NAV
per Share Total Return of 0.5% during FY26, ending the period with a NAV per
Share of 2,045p.
Movement in the Portfolio £m Twelve months to 31 January 2026 Twelve months to 31 January 2025
Opening Portfolio (1) 1,523 1,349
Total New Investments 194 181
Total Proceeds (382) (151)
Portfolio net cashflow (188) 30
Valuation movement (2) 73 138
Currency movement (55) 6
Closing Portfolio 1,353 1,523
1 Refer to the Glossary. 2 93% of the Portfolio valuations are dated 31 December 2025 or later (FY25: 97%).
NAV per Share Total Return Twelve months to 31 January 2026 Twelve months to 31 January 2025
% Portfolio growth (local currency) 4.8% 10.2%
% currency movement (3.6)% 0.4%
% Portfolio growth (Sterling) 1.2% 10.6%
Impact of gearing 0.2% 0.7%
Management fee (1.2)% (1.3)%
Finance costs and other expenses (0.5)% (0.6)%
Co-investment Incentive Scheme Accrual (0.1)% (0.7)%
Impact of share buybacks 1.1% 1.8%
NAV per Share Total Return 0.5% 10.5%
For Q4 the Portfolio Return on a Local Currency Basis was 1.5% and the NAV per
Share Total Return was (1.1)%.
Executing our investment strategy
Commitments in the financial year Total New Investments in the financial year Growth in the financial year Total Proceeds in the financial year
Making commitments to funds, which expect to be drawn over 3 to 5 years Cash deployments into portfolio companies, either through funds or directly Driving growth and value creation of our portfolio companies Cash realisations of investments in Portfolio companies, plus Fund Disposals
£ 201 m (FY25: £83m) £194m (FY25: £181m) £ 73 m (FY25: £138m) £382m (FY25: £151m)
Commitments
Our structure and investment mandate enable us to commit through the cycle,
maintaining vintage diversification for our Portfolio and sowing the seeds for
future growth.
During the year we made 11 new Fund Commitments totalling £201m, including
£88m to funds managed by ICG plc, as detailed below:
Commitment during the period
Fund Manager Local currency £m
ICG LP Secondaries Fund II ICG $90.0m £67.3m
ICG Europe IX ICG €25.0m £20.9m
Advent GPE XI Advent €20.0m £17.1m
TH Lee X THL $20.0m £15.8m
Hg Saturn IV Hg $20.0m £15.4m
Green Equity Investor X Leonard Green $20.0m £14.8m
Integrum II Integrum $18.0m £13.8m
GHO Capital IV GHO €15.0m £12.4m
New Mountain Strategic Equity II New Mountain $15.0m £11.0m
Hg Genesis XI Hg €10.0m £8.7m
Stone Point - Trident X Stone Point $5.0m £3.7m
At 31 January 2026, ICG Enterprise Trust had outstanding Undrawn Commitments
of £635.3m. Total Undrawn Commitments at 31 January 2026 comprised £470.5m
of Undrawn Commitments to funds within their Investment Period, and a further
£164.8m were to funds outside their Investment Period.
Movement in outstanding Commitments Year to 31 January 2026 £m
Undrawn Commitments as at 1 February 2025 553.2
New Fund Commitments 201.0
New Commitments relating to Co-investments 79.5
Drawdowns (193.7)
Currency and other movements, including repayment of commitments which can be reinvested (4.7)
Undrawn commitments as at 31 January 2026 635.3
31 January 2026 £m 31 January 2025 £m
Undrawn Commitments – funds in Investment Period 470.5 419.1
Undrawn Commitments – funds outside Investment Period 164.8 134.1
Total Undrawn Commitments 635.3 553.2
Total available liquidity (including facility) (227.1) (124.6)
Overcommitment net of total available liquidity 408.2 428.6
Overcommitment % of net asset value 32.1% 31.1%
Commitments are made in the funds’ underlying currencies. The currency split
of the Undrawn Commitments at 31 January 2026 was as follows:
31 January 2026 31 January 2025
Undrawn Commitments £m % £m %
US Dollar 381.6 60.1% 310.3 56.1%
Euro 229.1 36.1% 213.1 38.5%
Sterling 24.6 3.9% 29.8 5.4%
Total 635.3 100% 553.2 100%
Investments
Total New Investments were £194m during the period, of which 32% (£62m) were
alongside ICG. New investments by category are detailed in the table below:
Investment Category Cost (£m) % of New Investments
Primary 84.3 43.4%
Direct 69.2 35.6%
Secondary 40.7 21.0%
Total 194.2 100.0%
The five largest new investments in the period were as follows:
Investment Description Manager Country Cost £m (1)
Project Domino Diversified secondaries portfolio ICG Multiple 18.7
Dayforce Provider of human capital management solutions Thoma Bravo United States 11.2
Global Market Foods Specialty distributor of international foods Audax United States 10.9
Headlands Research Operator of a network of clinical trial sites TH Lee United States 9.1
Minimax Supplier of fire protection systems and services ICG Germany 8.3
Total of top 5 largest underlying new investments 58.1
1 Represents ICG Enterprise Trust’s indirect investment (share of fund cost)
plus any Direct Investments in the period.
Occasionally ICGT simultaneously has both a realisation from and an investment
into the same company in the same period. This typically occurs when an
underlying fund sells a company that is purchased by another fund within
ICGT’s portfolio. During FY26 shareholders will note that Minimax appears
both in the top 5 realisations and top 5 new investments, which is a result of
this situation.
Growth
The Portfolio grew by £73m (+4.8%) on a Local Currency Basis in the 12 months
to 31 January 2026, driven by realised gains and supported by earnings growth
on a weighted-average basis across the Enlarged Perimeter of 13%.
No single movement at the level of an individual fund or direct investment had
a positive or negative impact of greater than 0.5% on the overall Portfolio
valuation.
Growth across the Portfolio was split as follows:
* By investment type: growth was spread across Primary (+5.2%), Secondary
(+0.8%) and Direct (+6.0%)
* By geography: North America and Europe experienced growth of +5.6% and +3.9%
respectively
The growth in the Portfolio is underpinned by the performance of our portfolio
companies, which delivered robust financial performance during the period:
Top 30 Enlarged Perimeter
Portfolio coverage 37% 70%
Last Twelve Months ('LTM') revenue growth 10% 10%
LTM EBITDA growth 14% 13%
Net Debt / EBITDA 4.7x 4.8x
Enterprise Value / EBITDA 15.9x 15.7x
Note: values are weighted averages for the respective Portfolio segment; Enlarged Perimeter represents the aggregate value of the Top 30 Companies and a representative sample of primary funds; see Glossary for definition and calculation methodology
Quoted Company Exposure
We do not actively invest in publicly quoted companies but gain listed
investment exposure when IPOs are used as a route to exit an investment. In
these cases, exit timing typically lies with the manager with whom we have
invested.
At 31 January 2026, ICG Enterprise Trust’s exposure to quoted companies was
valued at £52.4m, equivalent to 3.9% of the Portfolio value (31 January 2025:
4.8%). Across the Portfolio, quoted positions resulted in a £20.7m decrease
in Portfolio NAV during the period. This negatively impacted the Portfolio
Return on a Local Currency Basis by approximately 1.4%. The share price of our
largest listed exposure, Chewy, decreased by 25% in local currency (USD)
during the period.
At 31 January 2026, Chewy was the only quoted investment that individually
accounted for 0.5% or more of the Portfolio value:
Company Ticker 31 January 2026 % of Portfolio value
Chewy CHWY-US 1.2%
Other companies 2.7%
Total 3.9%
Realisations
During FY26, the ICG Enterprise Trust Portfolio generated Total Proceeds of
£382m.
Realisation activity during the period included 49 Full Exits generating
proceeds of £196m. These were completed at a weighted average Uplift to
Carrying Value of 11.2% and represent a weighted average Multiple to Cost of
3.0x for those investments.
The five largest underlying realisations in the period were as follows:
Investment Description Manager Country Proceeds £m
Minimax Supplier of fire protection systems and services ICG Germany 48.8
Froneri Manufacturer and distributor of ice cream products PAI United Kingdom 38.1
Datasite Global Corporation Provider of SaaS software focused on virtual data rooms ICG United States 22.5
PSB Academy Provider of private tertiary education ICG Singapore 19.2
European Camping Group Operator of premium campsites and holiday parks PAI France 18.8
Total of 5 largest underlying realisations 147.4
Balance sheet and liquidity
Net assets at 31 January 2026 were £1,273m, equal to 2,045p per share.
The Company had net debt of £33m and at 31 January 2026, the Portfolio
represented 106% of net assets (31 January 2025: 114%).
£m % of net assets
Portfolio 1,352.9 106.3%
Cash 33.8 2.7%
Drawn debt (66.6) (5.2)%
Co-investment Incentive Scheme Accrual (44.4) (3.5)%
Other net current liabilities (3.2) (0.3)%
Net assets 1,272.6 100.0%
Our policy is to be fully invested through the cycle, while ensuring that we
have sufficient financial resources to be able to meet existing obligations
and take advantage of attractive investment opportunities as they arise.
The Company utilises a €300m (£260m) credit facility to enhance balance
sheet flexibility. During the year the credit facility was extended by one
year and matures in May 2029.
At 31 January 2026, ICG Enterprise Trust had a cash balance of £33.8m (31
January 2025: £3.9m) and total available liquidity of £227.1m (31 January
2025: £124.6m).
£m
Cash at 31 January 2025 3.9
Total Proceeds 382.3
New investments (194.2)
Debt repaid (73.6)
Dividends and buybacks (51.3)
Management fees (16.2)
FX and other expenses (17.1)
Cash at 31 January 2026 33.8
Available undrawn debt facilities 193.3
Total available liquidity 227.1
Dividend and share buyback
ICG Enterprise Trust has a progressive dividend policy alongside two share
buyback programmes to return capital to shareholders. In total ICGT returned
£51m to shareholders in FY26 through dividends and buybacks.
Dividends
The Board has proposed a dividend of 12p per share in respect of the fourth
quarter, taking total dividends for the year to 39p (FY25: 36p). This is the
13th consecutive year in which ordinary dividend per share increased.
Share Buybacks
The following purchases have been made under the Company's share buyback
programmes:
Long-term Opportunistic Total
FY26 (3) Since inception (1) FY26 (3) Since inception (2) FY26 (3) Since inception
Number of shares purchased 1,007,501 3,754,189 1,031,221 2,523,396 2,038,722 6,277,585
% of opening shares since buyback started 9.2%
Capital returned to shareholders through buybacks £13.9m £46.4m £13.9m £32.2m £27.8m £78.6m
Number of days shares have been acquired 82 264 12 23 94 287
Weighted average discount to last reported NAV 31.7% 36.5% 32.8% 34.8% 32.3% 35.8%
NAV per Share accretion (p) 21.5 72.6
NAV per Share accretion (% of NAV) 1.1% 3.7%
1. Since October 2022 (which was when the long-term share buyback programme
was launched) up to and including 31 January 2026.
2. Since May 2024 (which was when the opportunistic buyback programme was
launched) up to and including 31 January 2026.
3. Based on date of settlement.
Note: aggregate consideration excludes commission, PTM and SDRT.
The Board believes the long-term buyback programme demonstrates the
Manager’s discipline around capital allocation; underlines the Board’s
confidence in the long-term prospects of the Company, its cash flows and NAV;
will enhance the NAV per Share; and, over time, may positively influence the
volatility of the Company’s discount and its trading liquidity. The Board
reconfirms the long-term share buyback programme is intended to operate at any
discount to NAV.
The opportunistic buyback programme is intended to enable us to take advantage
of attractive trading levels when we have the ability to purchase a meaningful
number of shares. The size of the opportunistic buyback programme will be
subject to a number of considerations, including the availability of shares
and our cash flow experience and expectations.
The Board has renewed both long-term and opportunistic buyback programmes for
FY27, with the opportunistic buyback sized at up to £25m.
Foreign exchange rates
The details of relevant foreign exchange rates applied in this report are
provided in the table below:
Average rate for FY26 Average rate for FY25 31 January 2026 year end 31 January 2025 year end
GBP:EUR 1.16 1.18 1.15 1.20
GBP:USD 1.33 1.28 1.37 1.24
EUR:USD 1.14 1.08 1.19 1.04
Activity since the period end
Notable activity between 1 February 2026 and 31 March 2026 has included:
* 2 new Fund Commitments for a combined value of £30m
* Total New Investments of £17m
* Total Proceeds of £27m
From 1 February 2026 up to and including 30 April 2026, 942,647 shares £13.7m
were bought back at a weighted-average discount to NAV of 29.9%.
Post Period-end: Volatility In Public Market Software Companies
Post period-end, public market software companies experienced increased share
price volatility amid concerns over the impact of Artificial Intelligence
(‘AI’) on the sector.
The investment team’s view is that, in general, software companies can be
very attractive investments. Business models are characterised by high
margins, sticky recurring revenues, low capital intensity and structural
growth driven by digitalisation. The understandably strong investor appetite
drove software valuations to become elevated and, in our view, unsupportable.
Over the past six years, ICGT has taken a disciplined approach to software
investing, declining opportunities in several high-quality companies where
valuations were considered unsustainable.
As a result, ICGT’s software exposure is 12%, which we believe is below the
private market average. This exposure is focused on mission-critical
businesses in areas such as accounting, payroll and compliance, which we
consider resilient and, in every case, we only invested after stress-testing
the impact of reduced exit valuations.
Looking ahead, we believe a number of our software companies are
well-positioned to benefit from AI, particularly those with deterministic
products and deep domain expertise.
The average EV/EBITDA multiple of our software investments at year-end was
21.6x. By comparison(1), the S&P 500 Software Industry Index stood at 27x at
the start of 2026.
As public market movements feed through to private valuations over the coming
quarters, we believe ICGT’s limited exposure, the quality of the existing
software companies and our disciplined approach should continue to support
portfolio resilience.
ICG Private Equity Funds Investments Team
6 May 2026
1. Indicative software index, noting differences in size and composition of
software company
SUPPLEMENTARY INFORMATION
This section presents supplementary information regarding the Portfolio (see
Manager’s Review and the Glossary for further details and definitions).
Portfolio composition
Portfolio by calendar year of investment % of value of underlying investments 31 January 2026 % of value of underlying investments 31 January 2025
2026 0.7% —%
2025 9.7% 0.5%
2024 12.5% 10.1%
2023 8.5% 7.6%
2022 19.7% 18.5%
2021 22.3% 25.7%
2020 7.9% 8.6%
2019 8.2% 10.3%
2018 2.9% 7.3%
2017 and older 7.6% 11.4%
Total 100.0% 100.0%
Portfolio by sector % of value of underlying investments 31 January 2026 % of value of underlying investments 31 January 2025
TMT 30.1% 29.9%
Consumer goods and services 14.5% 18.1%
Healthcare 12.6% 11.5%
Business services 11.0% 12.4%
Financials 10.6% 7.8%
Industrials 10.3% 7.6%
Education 5.1% 5.0%
Leisure 2.3% 4.0%
Other 3.5% 3.7%
Total 100.0% 100.0%
Portfolio by fund currency (1) £m 31 January 2026 % 31 January 2025 £m 31 January 2025 %
USD 771 57.0% 796 52.4%
EUR 478 35.3% 584 38.4%
GBP 104 7.7% 140 9.2%
Total 1,353 100.0% 1,520 100.0%
(1)Currency exposure by reference to the reporting currency of each fund .
Portfolio Dashboard
The tables below provide disclosure on the composition and dispersion of
financial and operational performance for the Top 30 and the Enlarged
Perimeter. At 31 January 2026, the Top 30 Companies represented 36.9% of the
Portfolio by value and the Enlarged Perimeter represented 69.6% of total
Portfolio value. This information is prepared on a value-weighted basis, based
on contribution to Portfolio value at 31 January 2026. Datasets for Top 30
companies and ‘Enlarged perimeter’ are not distinct and will have some
overlap.
% of value at 31 January 2026
Sector exposure Top 30 Enlarged Perimeter
TMT 34.2% 31.2%
Industrials 14.1% 14.3%
Consumer goods and services 11.5% 13.1%
Business services 16.8% 13.1%
Healthcare 14.2% 12.8%
Leisure 2.8% 3.2%
Education 6.4% 6.1%
Financials —% 3.3%
Other —% 3.0%
Total 100.0% 100.0%
% of value at 31 January 2026
Geographic exposure (1) Top 30 Enlarged Perimeter
North America 48.6% 48.0%
Europe 48.4% 49.5%
Other 3.0% 2.5%
Total 100.0% 100.0%
1 Geographic exposure is calculated by reference to the location of the headquarters of the underlying Portfolio companies
% of value at 31 January 2026
LTM revenue growth Top 30 Enlarged Perimeter
<0% 10.5% 16.7%
0-10% 40.6% 36.2%
10-20% 34.6% 26.8%
20-30% 9.3% 7.1%
>30% 5.0% 7.0%
n.a. —% 6.3%
Weighted average 10.2% 9.5%
Note: for consistency, any excluded investments are excluded for all dispersion analysis.
% of value at 31 January 2026
LTM EBITDA growth Top 30 Enlarged Perimeter
<0% 11.6% 15.6%
0-10% 35.5% 30.3%
10-20% 18.5% 19.5%
20-30% 17.8% 12.0%
>30% 16.7% 15.6%
n.a. —% 6.9%
Weighted average 13.9% 13.1%
Note: for consistency, any excluded investments are excluded for all dispersion analysis.
% of value at 31 January 2026
EV/EBITDA multiple Top 30 Enlarged Perimeter
0-10x 7.8% 9.1%
10-12x 10.1% 14.5%
12-13x 10.9% 9.3%
13-15x 23.7% 16.5%
15-17x 15.8% 15.5%
17-20x 8.5% 8.1%
>20x 21.2% 19.7%
n.a. 2.0% 7.3%
Weighted average 15.9x 15.7x
Note: for consistency, any excluded investments are excluded for all dispersion analysis.
% of value at 31 January 2026
Net Debt / EBITDA Top 30 Enlarged Perimeter
<2x 16.2% 12.5%
2-4x 8.8% 13.8%
4-5x 26.0% 22.1%
5-6x 20.0% 17.5%
6-7x 23.2% 18.9%
>7x 5.8% 7.9%
n.a. —% 7.3%
Weighted average 4.7x 4.8x
Note: for consistency, any excluded investments are excluded for all dispersion analysis.
Top 30 companies
The table below presents the 30 companies in which ICG Enterprise Trust had
the largest investments by value at 31 January 2026. The valuations are gross
of underlying managers’ fees and carried interest.
Company Manager Year of investment Country Value as a % of Portfolio
1 Circana
Provider of mission-critical data and predictive analytics to consumer goods manufacturers New Mountain 2022 United States 2.1%
2 Visma
Provider of business management software and outsourcing services Hg / ICG 2017/ 2020 / 2024 Norway 2.0%
3 Leaf Home Solutions
Provider of home maintenance services Gridiron 2016 / 2025 United States 1.8%
4 Curium Pharma
Supplier of nuclear medicine diagnostic pharmaceuticals ICG 2020 United Kingdom 1.8%
5 Exail
Provider of autonomous systems for the aerospace and maritime sectors ICG 2022 France 1.7%
6 Davies Group
Provider of speciality business process outsourcing services BC 2021 United Kingdom 1.6%
7 Crucial Learning
Provider of corporate training courses focused on communication skills and leadership development Leeds Equity 2019 United States 1.4%
8 Vistage
Provider of CEO leadership and coaching for small and mid-size businesses in the US Gridiron 2022 United States 1.4%
9 Ambassador Theatre Group
Operator of theatres and ticketing platforms ICG 2021 United Kingdom 1.4%
10 Precisely
Provider of enterprise software Clearlake / ICG 2021 / 2022 United States 1.3%
11 KronosNet
Provider of tech-enabled customer engagement and business solutions ICG 2022 Spain 1.3%
12 Minimax
Supplier of fire protection systems and services ICG 2018 / 2024 / 2025 Germany 1.3%
13 Chewy
Online retailer of pet food and products BC 2014 / 2015 / 2022 United States 1.2%
14 Planet Payment
Provider of integrated payments services focused on hospitality and luxury retail Eurazeo / ICG 2021 Ireland 1.2%
15 Audiotonix
Manufacturer of audio mixing consoles PAI 2024 United Kingdom 1.1%
16 Class Valuation
Provider of residential mortgage appraisal management services Gridiron 2021 United States 1.1%
17 Yudo
Designer and manufacturer of hot runner systems ICG 2017 / 2018 South Korea 1.1%
18 DigiCert
Provider of enterprise security solutions ICG 2021 United States 1.1%
19 DomusVi
Operator of nursing homes ICG 2017 / 2021 France 1.1%
20 Brooks Automation
Provider of semiconductor manufacturing solutions TH Lee 2021 / 2022 United States 1.0%
21 European Camping Group
Operator of premium campsites and holiday parks PAI 2021 / 2022 / 2023 / 2025 France 1.0%
22 Multiversity
Provider of online higher education CVC / ICG 2024 Italy 0.9%
23 Ping Identity
Provider of cyber security solutions Thoma Bravo 2022 / 2023 United States 0.9%
24 Datavant
Provider of healthcare data ICG 2023 United States 0.9%
25 Archer
Developer of governance, risk and compliance software intended for risk management Cinven 2023 United States 0.9%
26 Newton
Provider of management consulting services ICG 2021 / 2022 United Kingdom 0.8%
27 Dayforce
Provider of human capital management solutions Thoma Bravo 2026 United States 0.8%
28 Global Market Foods
Speciality distributor of international foods Audax 2026 United States 0.8%
29 AMEOS Group
Operator of private hospitals ICG 2021 Switzerland 0.8%
30 Avid Bioservices
Provider of biologic drug development and manufacturing services GHO 2025 United States 0.7%
Total of the 30 largest underlying investments 36.9%
The 30 largest fund investments
The table below presents the 30 largest fund investments by value at 31
January 2026. The valuations are net of underlying managers’ fees and
carried interest.
Fund Year of commitment Value £m Outstanding commitment £m
1 ICG Strategic Equities Fund IV
GP-led secondary transactions 2021 34.1 5.6
2 ICG Europe VIII
Mezzanine and equity in mid-market buyouts 2021 32.3 11.2
3 ICG Strategic Equities Fund III
GP-led secondary transactions 2018 21.7 10.2
4 CVC European Equity Partners VII
Large buyouts 2017 21.3 3.1
5 ICG LP Secondaries Fund I LP
LP-led secondary transactions 2022 21.1 28.4
6 Gridiron Capital Fund III
Mid-market buyouts 2016 20.1 1.2
7 Seventh Cinven
Large buyouts 2019 19.8 1.7
8 PAI Europe VII
Mid-market and large buyouts 2017 18.5 1.5
9 ICG Ludgate Hill (Feeder B)
Secondary portfolio 2021 18.4 14.1
10 ICG Strategic Equities Fund V
GP-led secondary transactions 2023 17.9 26.9
11 Oak Hill V
Mid-market buyouts 2019 17.6 0.5
12 ICG Ludgate Hill (Feeder) Domino
Secondary portfolio 2025 17.4 4.0
13 Resolute V
Mid-market buy-outs 2021 17.1 0.6
14 Investindustrial VII
Mid-market buyouts 2019 16.3 4.1
15 ICG Augusta Partners Co-Investor**
Secondary fund restructurings 2018 16.2 15.8
16 Gridiron Capital Fund V
Mid-market buyouts 2022 15.0 1.7
17 Graphite Capital Partners VIII*
Mid-market buyouts 2013 14.7 4.1
18 Tailwind Capital Partners III
Mid-market buyouts 2018 14.6 1.1
19 Advent Global Private Equity IX
Large buyouts 2019 14.6 0.5
20 CVC Capital Partners VIII
Large buyouts 2020 14.6 0.5
21 ICG Ludgate Hill III
Secondary portfolio 2022 14.6 5.2
22 Graphite Capital Partners IX
Mid-market buyouts 2018 14.5 0.9
23 ICG Ludgate Hill (Feeder) II Boston SCSp
Secondary portfolio 2022 13.9 4.9
24 Gridiron Capital Fund IV
Mid-market buyouts 2019 13.5 0.4
25 Advent Global Private Equity X
Large buyouts 2022 13.3 6.5
26 New Mountain Partners VI
Mid-market buy-outs 2020 13.2 1.6
27 ICG Europe VII
Mezzanine and equity in mid-market buyouts 2018 12.9 5.9
28 Thomas H Lee Equity Fund IX
Mid-market and large buyouts 2021 12.8 3.3
29 Bowmark Capital Partners VI
Mid-market buyouts 2018 12.6 4.0
30 ICG Europe Mid-Market Fund
Mezzanine and equity in mid-market buyouts 2019 12.4 5.0
Total of the largest 30 fund investments 517.2 174.3
Percentage of total investment Portfolio 38.2%
* Includes the associated Top Up funds.
** All or part of interest acquired through a secondary sale.
HOW WE MANAGE RISK
Identifying and evaluating the strategic, financial and operational impact of
our key risks
The execution of the Company’s investment strategy is subject to a variety
of risks and uncertainties, and the Board and Manager have identified several
principal risks to the Company’s business.
As part of this process, the Board has put in place an ongoing process to
identify, assess and monitor the principal and emerging risks facing the
Company, including those that would threaten its business model, future
performance, solvency or liquidity.
RISK MANAGEMENT FRAMEWORK
The Board is responsible for risk management and determining the Company’s
overall risk appetite. The Audit Committee assesses and monitors the risk
management framework and specifically reviews the controls and assurance
programmes in place.
Principal Risks
The Company’s principal risks are individual risks, or a combination of
risks, that could threaten the Company’s business model, future performance,
solvency or liquidity.
Details of the Company’s principal risks, potential impact, controls and
mitigating factors are set out on pages 23 to 26.
Other Risks
Other risks, including reputational risk, are actively managed and mitigated
as part of the wider risk management framework of the Company and the Manager.
Emerging Risks
Emerging risks are considered by the Board and are regularly assessed to
identify any potential impact on the Company and to determine whether any
actions are required. Emerging risks often arise from regulatory, legislative,
macro-economic and political changes.
The Company depends upon the experience, skill and reputation of the employees
of the Manager. The Manager’s ability to retain the services of these
individuals, who are not obligated to remain employed by the Manager, and
recruit successfully, is a significant factor in the success of the Company.
PRINCIPAL RISKS AND UNCERTAINTIES
The Company considers its principal risks (as well as several underlying risks
comprising each principal risk) in four categories:
1. Investment risks
The risk to performance resulting from ineffective or inappropriate investment
selection, execution or monitoring.
2. External risks
The risk of failing to deliver the Company’s investment objective and
strategic goals due to external factors beyond the Company’s control.
3. Operational risks
The risk of loss resulting from inadequate or failed internal processes,
people or systems and external events, including regulatory risk.
4. Financial risks
The risk of adverse impact on the Company due to having insufficient resources
to meet its obligations or counterparty failure and the impact any material
movement in foreign exchange rates may have on underlying valuations.
RISK ASSESSMENT PROCESS
A comprehensive risk assessment process is undertaken regularly to re-evaluate
the impact and probability of each risk materialising and the strategic,
financial and operational impact of the risk. Where the residual risk is
determined to be outside appetite, appropriate action is taken. Further
information on risk factors is set out within the financial statements.
Risk Appetite And Tolerance
The Board acknowledges and recognises that in the normal course of business,
the Company is exposed to risk and it is willing to accept a certain level of
risk in managing the business to achieve its targeted returns. The Board’s
risk appetite framework provides a basis for the ongoing monitoring of risks
and enables dialogue with respect to the Company’s current and evolving risk
profile, allowing strategic and financial decisions to be made on an informed
basis.
The Board considers several factors to determine its acceptance for each
principal risk and categorises acceptance for each risk as low, moderate and
high.
Where a risk is approaching or is outside the tolerance set, the Board will
consider the appropriateness of actions being taken to manage the risk. In
particular, the Board has a lower tolerance for financing risk with the aim to
ensure that even under a stress scenario, the Company is likely to meet its
funding requirements and financial obligations. Similarly, the Board has a low
risk tolerance concerning operational risks including legal, tax and
regulatory compliance and business process and continuity risk.
How we manage and mitigate our key risks
RISK IMPACT MITIGATION CHANGE IN THE YEAR
INVESTMENT RISKS
INVESTMENT PERFORMANCE The Manager selects the fund investments and Direct Investments for the Company’s Portfolio, executing the investment strategy approved by the Board. The underlying managers of those funds in turn select individual investee companies. The origination, investment selection and management capabilities of both the Manager and the third-party managers are key to the performance of the Company. Poor origination, investment selection and monitoring by the Manager and/or third-party managers which may have a negative The Manager has a strong track record of investing in private equity through multiple economic cycles. The Manager has a highly selective investment approach and disciplined process, which is overseen by ICG Enterprise Trust’s Investment Committee within the Manager, which comprises a balance of skills and perspectives. Further, the Company’s Portfolio is diversified, reducing the likelihood of a single investment decision impacting Portfolio performance. STABLE The Board is responsible for ensuring that the investment policy is met. The day-to-day management of the Company’s assets is delegated to the Manager under investment guidelines determined by the Board. The Board regularly reviews these guidelines to ensure they remain appropriate and monitors compliance with the guidelines through regular reports from the Manager, including performance reporting. The Board also reviews the investment strategy at least annually. Following this assessment and other considerations, the Board concluded that investment performance risk has remained stable.
impact on Portfolio performance.
VALUATION In valuing its investments in private equity funds and unquoted companies and publishing its NAV, the Company relies to a significant extent on the accuracy of financial and other information provided by the underlying managers to the Manager. There is the potential for inconsistency in the valuation methods adopted by the managers of these funds and companies and for valuations to be misstated. Incorrect valuations being provided would lead to an incorrect overall NAV. The Manager carries out a formal valuation process quarterly including a review of third-party valuations. This process includes a comparison of unaudited valuations to latest audited reports, as well as a review of any potential adjustments that are required to ensure the valuations of the underlying investments are in accordance with the fair market value principles required under UK-adopted International Accounting Standards (‘IAS’). STABLE The Board regularly reviews and discusses the valuation process in detail with the Manager, including the sources of valuation information and methodologies used. Following this assessment and other considerations, the Board concluded that there was no material change in valuation risk.
EXTERNAL RISKS
POLITICAL AND MACRO-ECONOMIC UNCERTAINTY Political and macro-economic uncertainty and other global events, such as pandemics and conflicts, that are outside the Company’s control could adversely impact the environment in which the Company and its investment portfolio companies operate. Changes in the political or macro-economic environment could significantly affect the performance of existing investments (and The Manager uses a range of complementary approaches to inform strategic planning and risk mitigation, including active investment management, profitability and balance sheet scenario planning and stress testing to ensure resilience across a range of outcomes. The process is supported by a dedicated in-house economist and professional advisers where appropriate. INCREASING The Board monitors and reviews the potential impact on the Company from political and economic developments on an ongoing basis, including input and discussions with the Manager. Incorporating these views and other considerations, the Board concluded that this risk had increased.
valuations) and prospects for realisations. In addition, they could impact the number of credible investment opportunities the
Company can originate.
CLIMATE CHANGE The underlying managers of the fund investments and Direct Investments in the Company’s Portfolio fail to ensure that their portfolio companies respond to the emerging threats from climate change. Climate-related transition risks, driven in particular by abrupt shifts in the political and technological landscape, impact the The Manager has a well-defined, firm-wide Responsible Investing Policy and sustainable investing framework in place. A tailored sustainable investing framework applies across all stages of the Company’s investment process. STABLE The Board monitors and reviews the potential impact to the Company from failures by underlying managers to mitigate the impact of climate change on portfolio company valuation.
value of the Company’s Portfolio.
THE LISTED PRIVATE EQUITY SECTOR The listed private equity sector could fall out of favour with investors leading to a reduction in demand for the Company’s shares. A change in sentiment to the sector has the potential to damage the Company’s reputation and impact the performance of the Private equity continues to outperform public markets over the long term and has proved to be an attractive asset class through various cycles. The Manager is active in marketing the Company’s shares to a wide variety of investors to ensure the market is informed about the Company’s performance and investment proposition. In setting the capital allocation policy, including the allocations to dividends and share buybacks, the Board monitors the discount to NAV and considers appropriate solutions to address any ongoing or substantial discount to NAV. STABLE The Board receives regular updates from the Company’s broker and is kept informed of all material discussions with investors and analysts.
Company’s share price and widen the discount the shares trade at relative to NAV per Share, causing shareholder dissatisfaction.
FOREIGN EXCHANGE The Company has continued to expand its geographic diversity by making investments in different countries. Accordingly, most investments are denominated in US dollars and euros. The Company does not hedge its foreign exchange exposure. Therefore, movements in exchange rates between these currencies may The Board regularly reviews the Company’s exposure to currency risk and reconsiders possible hedging strategies on at least an annual basis. Furthermore, the Company’s multicurrency bank facility permits the borrowings to be drawn in euros and US dollars, as required. STABLE The Board reviewed the Company’s exposure to currency risk and possible hedging strategies and concluded that there was no material change in foreign exchange risk during the year and that it remains appropriate for the Company not to hedge its foreign exchange exposure.
have a material effect on the underlying sterling valuations of the investments and performance of the Company.
OPERATIONAL RISKS
REGULATORY, LEGAL AND TAX COMPLIANCE Failure by the Manager to comply with relevant regulation and legislation could have an adverse impact on the Company. Additionally, adherence to changes in the legal, regulatory and tax framework applicable to the Manager could become onerous, lessening competitive or market opportunities. The failure of the Manager and the Company to comply with the rules of professional conduct and relevant laws and regulations The Board is responsible for ensuring the Company’s compliance with all applicable regulatory, legal and tax requirements. Monitoring of this compliance has been delegated to the Manager, of which the in-house Legal, Compliance and Risk functions provide regular updates to the Board covering relevant changes to regulation and legislation. The Board and the Manager continually monitor regulatory, legislative and tax developments to ensure early engagement in any areas of potential change. STABLE The Company remains responsive to a wide range of developing regulatory areas; and will continue to enhance its processes and controls in order to remain compliant with current and expected legislation.
could expose the Company to regulatory sanction and penalties as well as significant damage to its reputation.
KEY PROFESSIONALS Loss of key professionals at the Manager could impair the Company’s ability to deliver its investment strategy and meet its external obligations if replacements are not found in a timely manner. If the Manager’s team is not able to deliver its objectives, investment opportunities could be missed or misevaluated, while The Board has frequent dialogue with the Manager about its resourcing model and succession planning. The Manager employs an active and comprehensive approach to attract, retain and develop talent. This includes a well-defined recruitment process, succession planning, competitive long-term compensation and incentives. STABLE The Board reviewed the Company’s exposure to people risk and concluded that the Manager continues to operate sustainable succession, competitive remuneration and retention plans. The Board believes that the risk in respect of people remains stable.
existing investment performance may suffer.
THE MANAGER AND THIRD-PARTY PROVIDERS (INCLUDING BUSINESS PROCESSES, BUSINESS CONTINUITY AND CYBER) The Company is dependent on third parties for the provision of services and systems, especially those of the Manager, the Administrator and the Depositary. Failure by a third-party provider to deliver services in accordance with its contractual obligations could disrupt or compromise The Audit Committee formally assesses the internal controls of the Manager, the Administrator and Depositary on an annual basis to ensure adequate controls are in place. The assessment in respect of the current year is discussed in the Report of the Audit Committee. The Management Agreement and agreements with other third-party service providers are subject to notice periods that are designed to provide the Board with adequate time to put in place alternative arrangements. STABLE The Board carries out a formal annual assessment (supported by the Manager’s internal audit function) of the Manager’s internal controls and risk management systems. The Board also received regular reporting from the Manager and other third parties. Following this review and other considerations, the Board concluded that there was no material change in the Manager and other third-party suppliers risk.
the functioning of the Company. A material loss of service could result in, among other things, an inability to perform business
critical functions, financial loss, legal liability, regulatory censure and reputational damage. The failure of the Manager and
Administrator to deliver an appropriate cyber security platform for critical technology systems could result in unauthorised
access by malicious third parties, breaching the confidentiality, integrity and availability of Company data, negatively
impacting the Company’s reputation.
FINANCIAL RISKS
FINANCING The Company has outstanding commitments to private equity funds in excess of total liquidity that may be drawn down at any time. The ability to fund this difference is dependent on receiving cash proceeds from investments (the timing of which are unpredictable) and the availability of financing facilities. If the Company encountered difficulties in meeting its outstanding commitments, there would be significant reputational damage The Manager monitors the Company’s liquidity, overcommitment ratio and covenants on a frequent basis, and undertakes cash flow monitoring, and provides regular updates on these activities to the Board. STABLE The Board reviewed the Company’s exposure to financing risk, noting the Net Debt position, the increase in available liquidity and the short-term realisation forecast, and concluded that this risk was stable.
as well as risk of damages being claimed from managers and other counterparties.
Audited Financial Statements for the year ended 31 January 2026
INCOME STATEMENT
Year to 31 January 2026 Year to 31 January 2025
Notes Revenue return £’000 Capital return £’000 Total £’000 Revenue return £’000 Capital return £’000 Total £’000
Investment returns
Income, gains and losses on investments 2, 10 2,306 13,584 15,890 1,060 134,156 135,216
Deposit interest 2 196 — 196 48 — 48
Other income 2 63 — 63 5 — 5
Foreign exchange gains and losses — 3,533 3,533 — (729) (729)
2,565 17,117 19,682 1,113 133,427 134,540
Expenses
Investment management charges 3 (1,606) (14,457) (16,063) (1,618) (14,558) (16,175)
Other expenses including finance costs 4 (3,198) (8,850) (12,048) (2,439) (8,417) (10,856)
(4,804) (23,307) (28,111) (4,057) (22,975) (27,031)
Profit/(loss) before tax (2,239) (6,190) (8,429) (2,943) 110,453 107,510
Taxation 6 — — — — — —
Profit/(loss) for the period (2,239) (6,190) (8,429) (2,943) 110,453 107,510
Attributable to:
Equity shareholders (2,239) (6,190) (8,429) (2,943) 110,453 107,510
Basic and diluted earnings per share 7 (13.35)p 163.95p
The columns headed ‘Total’ represent the income statement for the relevant
financial years and the columns headed ‘Revenue return’ and ‘Capital
return’ are supplementary information in line with guidance published by the
AIC. There is no Other Comprehensive Income.
All profits are from continuing operations.
The notes on pages 32 to 54 form an integral part of the financial statements.
BALANCE SHEET
Notes 31 January 2026 £'000 31 January 2025 £'000
Non-current assets
Investments held at fair value 9, 10, 17 1,308,900 1,469,549
Current assets
Cash and cash equivalents 11 33,837 3,927
Prepayments and receivables 12 1,486 2,018
35,323 5,945
Current liabilities
Borrowings 13 (66,570) (131,931)
Payables 13 (5,081) (11,171)
Net current liabilities (36,328) (137,157)
Total assets less current liabilities 1,272,572 1,332,392
Capital and reserves
Share capital 14 6,355 7,292
Capital redemption reserve 3,049 2,112
Share premium 12,936 12,936
Capital reserve 1,258,146 1,315,727
Revenue reserve (7,914) (5,675)
Total equity 1,272,572 1,332,392
Net Asset Value per Share (basic and diluted) 15 2044.6p 2072.9p
The notes on pages 32 to 54 form an integral part of the financial statements.
The financial statements on pages 28 to 54 were approved by the Board of
Directors on 6 May 2026 and signed on its behalf by:
JaneTufnell Alastair Bruce
Director Director
CASH FLOW STATEMENT
Notes Year to 31 January 2026 £'000 Year to 31 January 2025 £'000
Operating activities
Sale of portfolio investments 60,090 19,966
Purchase of portfolio investments (50,605) (34,144)
Cash flow to subsidiaries' investments (154,775) (152,174)
Cash flow from subsidiaries' investments 320,137 125,769
Interest income received from portfolio investments 708 494
Dividend income received from portfolio investments 1,452 547
Other income received 259 53
Investment management charges paid (16,240) (16,021)
Other expenses paid (1,998) (1,881)
Net cash inflow/(outflow) from operating activities 159,028 (57,391)
Financing activities
Bank facility fee paid (2,572) (2,011)
Interest paid (6,492) (545)
Credit facility utilised 126,608 139,761
Credit facility repaid (196,875) (27,831)
Purchase of shares into treasury (27,987) (35,851)
Equity dividends paid 8 (23,404) (22,308)
Net cash (outflow)/inflow from financing activities (130,722) 51,215
Net increase/(decrease) in cash and cash equivalents 28,306 (6,176)
Cash and cash equivalents at beginning of year 11 3,927 9,722
Net increase/(decrease) in cash and cash equivalents 28,306 (6,176)
Effect of changes in foreign exchange rates 1,604 381
Cash and cash equivalents at end of period 11 33,837 3,927
The notes on pages 32 to 54 form an integral part of the financial statements.
STATEMENT OF CHANGES IN EQUITY
Share capital £’000 Capital redemption reserve £’000 Share premium £’000 Realised capital reserve (1) £’000 Unrealised capital reserve £’000 Revenue reserve (1) £’000 Total shareholders’ equity £’000
Opening balance at 1 February 2025 7,292 2,112 12,936 408,641 907,087 (5,675) 1,332,392
Profit for the period and total comprehensive income — — — 37,556 (43,747) (2,239) (8,429)
Transfer to capital redemption reserve (937) 937 — — — — —
Dividends paid or approved — — — (23,404) — — (23,404)
Purchase of shares into treasury — — — (27,987) — — (27,987)
Closing balance at 31 January 2026 6,355 3,049 12,936 394,806 863,340 (7,914) 1,272,572
Share capital £’000 Capital redemption reserve £’000 Share premium £’000 Realised capital reserve (1) £’000 Unrealised capital reserve £’000 Revenue reserve (1) £’000 Total shareholders’ equity £’000
Opening balance at 1 February 2024 7,292 2,112 12,936 473,015 790,602 (2,733) 1,283,223
Profit for the period and total comprehensive income — — — (6,033) 116,485 (2,942) 107,510
Dividends paid or approved — — — (22,308) — — (22,308)
Purchase of shares into treasury — — — (36,033) — — (36,033)
Closing balance at 31 January 2025 7,292 2,112 12,936 408,641 907,087 (5,675) 1,332,392
1. Distributable reserves
The notes on pages 32 to 54 form an integral part of the financial statements.
1 MATERIAL ACCOUNTING POLICY INFORMATION
General information
These financial statements relate to ICG Enterprise Trust Plc (‘the
Company’). ICG Enterprise Trust Plc is registered in England and Wales and
is incorporated in the United Kingdom. The Company is domiciled in the United
Kingdom and its registered office is Procession House, 55 Ludgate Hill, London
EC4M 7JW. The Company’s objective is to provide long-term growth by
investing in private companies managed by leading private equity managers.
(a) Basis of preparation
The financial information for the year ended 31 January 2026 has been prepared
in accordance with UK-adopted International Accounting Standards
(‘UK-IAS’) and the Statement of Recommended Practice (‘SORP’) for
investment trusts issued by the Association of Investment Companies in July
2022.
UK-IAS comprises standards and interpretations approved by the International
Accounting Standards Board (‘IASB’) and the IFRS Interpretations
Committee.
These financial statements have been prepared on a going concern basis and on
the historical cost basis of accounting, modified for the revaluation of
certain assets at fair value. The directors have concluded that the
preparation of the financial statements on a going concern basis continues to
be appropriate.
Going concern
In assessing the appropriateness of continuing to adopt the going concern
basis of accounting, the Board has assessed the financial position and
prospects of the Company. The Company’s business activities, together with
factors likely to affect its future development, performance, position and
cash flows, are set out in the Chair’s statement on page 6, and the
Manager’s review on page 8.
As part of this review, the Board assessed the potential impact of principal
risks on the Company’s business activities, the Company’s cash position,
the availability of the Company’s credit facility and compliance with its
covenants, and the Company’s cash flow projections.
Based on this assessment, the Board expects that the Company will be able to
continue in operation and meet its liabilities as they fall due until, at
least, 31 May 2027, a period of more than 12 months from the signing of the
financial statements. Therefore it is appropriate to continue to adopt the
going concern basis of preparation of the Company’s financial statements.
Climate change
In preparing the financial statements, the directors have considered the
impact of climate change, particularly in the context of the climate change
risks identified in the Principal risks and uncertainties section of the
Strategic Report, and the impact of climate change risk on the valuation of
investments.
These considerations did not have a material impact on the financial reporting
judgements and estimates in the current year, nor were they expected to have a
significant impact on the Company’s going concern or viability.
Accounting policies
The principal accounting policies adopted are set out below. These policies
have been applied consistently throughout the current and prior year. In order
to reflect the activities of an investment trust company, supplementary
information which analyses the income statement between items of revenue and
capital nature has been presented alongside the income statement. In analysing
total income between capital and revenue returns, the directors have followed
the guidance contained in the SORP as follows:
Capital gains and losses on investments sold and on investments held arising
on the revaluation or disposal of investments classified as held at fair value
through profit or loss should be shown in the capital column of the income
statement.
Returns on any share or debt security for a fixed amount (whether in respect
of dividends, interest or otherwise) should be shown in the revenue column of
the income statement.
The Board should determine whether the indirect costs of generating capital
gains should also be shown in the capital column of the income statement. If
the Board decides that this should be so, the management fee should be
allocated between revenue and capital in accordance with the Board’s
expected long-term split of returns, and other expenses should be charged to
capital only to the extent that a clear connection with the maintenance or
enhancement of the value of investments can be demonstrated.
The accounting policy regarding the allocation of expenses is set out in Note
1(j).
In accordance with IFRS 10 (amended), the Company is deemed to be an
investment entity on the basis that:
(a) it obtains funds from one or more investors for the purpose of providing
investors with investment management services;
(b) it commits to its investors that its business purpose is to invest funds
for both returns from capital appreciation and investment income; and
(c) it measures and evaluates the performance of substantially all of its
investments on a fair value basis.
As a result, the Company’s controlled structured entities
(‘subsidiaries’) are deemed to be investments and are classified as held
at fair value through profit and loss.
New and amended standards and interpretations
The Company adopts new standards, if applicable, when they become effective.
There are no new standards that are expected to have a material impact on the
Company. IFRS 18 Presentation and Disclosure in Financial Statements is not
expected to have a material impact on the results or net assets of the
Company, the impact on the presentation of the financial statements is still
being assessed.
(b) Financial assets
The Company classifies its financial assets in the following categories: at
fair value through profit or loss; and at amortised cost. The classification
depends on the purpose for which the financial assets were acquired. The
classification of financial assets is determined at initial recognition.
Financial assets at fair value through profit or loss
The Company classifies its quoted and unquoted investments as financial assets
at fair value through profit or loss. These assets are measured at subsequent
reporting dates at fair value and further details of the accounting policy are
disclosed in Note 1(c).
Financial assets at amortised cost
Financial assets at amortised cost are non-derivative financial assets which
pass the contractual cash flow test and are held to receive contractual cash
flows. These are classified as current assets and measured at amortised cost
using the effective interest rate method. The Company’s financial assets at
amortised cost comprise cash and cash equivalents and trade and other
receivables in the balance sheet.
(c) Investments
Investments comprise fund investments and portfolio company investments held
by the Company directly, together with the fair value of the Company’s
interest in controlled structured entities (see Note 9) which themselves
invest in fund investments and portfolio company investments.
All investments are classified upon initial recognition as held at fair value
through profit or loss (described in these financial statements as investments
held at fair value) and are measured at subsequent reporting dates at fair
value. All investments are fair valued in line with IFRS 13 ‘Fair Value
Measurement’, using industry standard valuation guidelines such as the
International Private Equity and Venture Capital (‘IPEV’) valuation
guidelines. Changes in the value of all investments held at fair value, which
include returns on those investments such as dividends and interest, are
recognised in the income statement and are allocated to the revenue column or
the capital column in accordance with the SORP (see Note 1(a)). More detail on
certain categories of investment is set out below. Given that the subsidiaries
and associates are held at fair value and are exposed to materially similar
risks as the Company, we do not expect the risks to materially differ from
those disclosed in Note 17.
Unquoted investments
Fund investments and Co-investments (collectively ‘unquoted investments’)
are fair valued using the net asset value of those unquoted investments as
determined by the investment manager of those funds. The investment manager
performs periodic valuations of the underlying investments in their funds,
typically using earnings multiple or discounted cash flow methodologies to
determine enterprise value in line with IPEV guidelines. In the absence of
contrary information, these net asset valuations received from the investment
managers are deemed to be appropriate by the Manager, for the purposes of the
Manager’s determination of the fair values of the unquoted investments. A
robust assessment is performed by the Manager’s experienced Investment
Committee to determine the capability and track record of the investment
manager. All investment managers are scrutinised by the Investment Committee
and an approval process is recorded before any new investment manager is
approved and an investment made. This level of scrutiny provides reasonable
comfort that the investment manager’s valuation will be consistent with the
requirement to use fair value.
Adjustments may be made to the net asset values provided or an alternative
valuation method may be adopted if deemed to be more appropriate. The most
common reason for adjustments to the value provided by an underlying manager
is to take account of events occurring between the date of the manager’s
valuation and the reporting date, for example, subsequent cash flows or
notification of an agreed sale.
Subsidiary undertakings
The investments in the controlled structured entities (‘subsidiaries’) are
recognised at fair value through profit and loss.
The valuation of the subsidiaries takes into account an accrual for the
estimated value of interests in the Co-investment Incentive Scheme. Under
these arrangements, ICG (the ‘Manager’) and certain of its executives and,
in respect of certain historic investments, the executives and connected
parties of Graphite Capital Management LLP (the ‘Former Manager’)
(together ‘the Co-investors’), are required to co-invest alongside the
Company, for which they are entitled to a share of investment profits if
certain performance hurdles are met. At 31 January 2026, the accrual was
estimated as the theoretical value of the interests if the Portfolio had been
sold at the carrying value at that date.
Associates
The Company holds an interest (including indirectly through its subsidiaries)
of more than 20% in a small number of investments that may normally be
classified as subsidiaries or associates. These investments are not considered
subsidiaries or associates as the Company does not exert control or
significant influence over the activities of these companies/structured
entities as they are managed by other third parties.
(d) Prepayments and receivables
Receivables include unamortised fees which were incurred directly in relation
to the agreement of a financing facility. These fees will be amortised over
the life of the facility on a straight-line basis.
(e) Borrowings
Borrowings drawdowns are recognised initially at cost being the fair value of
the amounts received upon utilisation. They are subsequently stated at
amortised cost.
(f) Payables
Other payables are non-interest bearing and are stated at their amortised
cost, which is not materially different from fair value.
(g) Cash and cash equivalents
Cash and cash equivalents comprise cash and short-term bank deposits with an
original maturity of three months or less.
(h) Dividend distributions
Dividend distributions to shareholders are recognised in the period in which
they are paid.
(i) Income
When it is probable that economic benefits will flow to the Company and the
amount can be measured reliably, interest is recognised on a time
apportionment basis.
Dividends receivable on quoted equity shares are brought into account on the
ex-dividend date. Dividends receivable on equity shares where no ex-dividend
date is applicable are brought into account when the Company’s right to
receive payment is established.
UK dividend income is recorded at the amount receivable. Overseas dividend
income is shown net of withholding tax. Income distributions from funds are
recognised when the right to distributions is established.
(j) Expenses
All expenses are accounted for on an accruals basis. Expenses are allocated to
the revenue column in the income statement, consistent with the SORP, with the
following exceptions:
* Expenses which are incidental to the acquisition or disposal of investments
(transaction costs) are allocated to the capital column.
* The Board expects the majority of long-term returns from the Portfolio to be
generated from capital gains. Expenses are allocated 90% to the capital column
and 10% to the revenue column, reflecting the Company’s current and future
return profile. Other expenses are allocated to the capital column where a
clear connection with the maintenance or enhancement of the value of
investments can be demonstrated.
* All expenses allocated to the capital column are treated as realised capital
losses (see Note 1(m).
(k) Taxation
Investment trusts which have approval as such under Section 1158 of the
Corporation Tax Act 2010 are not liable for taxation on capital gains.
Tax recognised in the income statement represents the sum of current tax and
deferred tax charged or credited in the year. The tax effect of different
items of expenditure is allocated between capital and revenue on the same
basis as the particular item to which it relates.
Deferred tax is the tax expected to be payable or recoverable on the
difference between the carrying amounts of assets and liabilities in the
financial statements and the corresponding tax bases used in the computation
of taxable profit, and is accounted for using the balance sheet liability
method.
Deferred tax liabilities are recognised for all taxable temporary differences
and deferred tax assets are recognised to the extent that it is probable that
taxable profits will be available against which deductible temporary
differences can be utilised. Deferred tax assets are not recognised in respect
of tax losses carried forward to future periods.
Deferred tax is calculated at the tax rates that are expected to apply in the
period when the liability is settled or the assets are realised. Deferred tax
is charged or credited in the income statement, except when it relates to
items charged or credited directly to equity, in which case the deferred tax
is also dealt with in equity.
(l) Foreign currency translation
The functional and presentation currency of the Company is sterling,
reflecting the primary economic environment in which the Company operates.
Transactions in currencies other than sterling are recorded at the rates of
exchange prevailing on the dates of the transactions. At each balance sheet
date, financial assets and liabilities denominated in foreign currencies are
translated at the rates prevailing on the balance sheet date.
Gains and losses arising on the translation of investments held at fair value
are included within gains and losses on investments held at fair value in the
income statement. Gains and losses arising on the translation of other
financial assets and liabilities are included within foreign exchange gains
and losses in the income statement.
(m) Revenue and capital reserves
The revenue return component of total income is taken to the revenue reserve
within the statement of changes in equity. The capital return component of
total income is taken to the capital reserve within the statement of changes
in equity.
Gains and losses on the realisation of investments including realised exchange
gains and losses and expenses of a capital nature are taken to the realised
capital reserve (see Note 1(j). Changes in the valuations of investments which
are held at the year end and unrealised exchange differences are accounted for
in the unrealised capital reserve.
Net gains on the realisation of investments in the controlled structured
entities (see Note 9) are transferred to the Company by way of profit
distributions.
The revenue reserve is distributable by way of dividends to shareholders. The
realised capital reserve is distributable by way of dividends and share
buybacks. The capital redemption reserve is not distributable and represents
the nominal value of shares bought back for cancellation.
(n) Treasury shares
Shares that have been repurchased into treasury remain included in the share
capital balance, unless they are cancelled.
(o) Critical estimates and assumptions
Estimates and judgements used in preparing the financial information are
continually evaluated and are based on historic experience and other factors,
including expectations of future events that are believed to be reasonable.
The resulting estimates will, by definition, seldom equal the related actual
results.
In preparing the financial statements, the directors have considered the
impact of climate change on the key estimates within the
financial statements.
The only estimates and assumptions that have a significant risk of causing a
material adjustment to the carrying values of assets and liabilities in the
next financial year relate to the valuation of unquoted investments. Unquoted
investments are primarily the Company’s investments in unlisted funds,
managed by investment fund managers and ICG. As such there is significant
estimation in the valuation of the unlisted fund at a point in time. Note 1(c)
sets out the accounting policy for unquoted investments. The carrying amount
of unquoted investments at the year end is disclosed within Note 10.
(p) Segmental reporting
Operating segments are reported in a manner consistent with the internal
reporting provided to the chief operating decision maker. The chief operating
decision maker who is responsible for allocating resources and assessing
performance of the segments has been identified as the Board. It is considered
that the Company’s operations comprise a single operating segment.
2 INVESTMENT RETURNS
Year ended Year ended
31 January 2026 31 January 2025
£’000 £’000
Income from investments
Interest and dividends from investments 2,306 1,060
2,306 1,060
Deposit interest on cash 196 48
Other 63 5
259 53
Total income 2,565 1,113
Analysis of income from investments
Unquoted 2,306 1,060
2,306 1,060
3 INVESTMENT MANAGEMENT CHARGES
From 1 February 2023 the management fee has been subject to a cap of 1.25% of
net asset value.
Management fees paid to ICG for managing ICG Enterprise Trust amounted to
1.25% (2025: 1.25%) of the average net assets in the year.
The amounts charged during the year are set out below:
Year ended 31 January 2026 Year ended 31 January 2025
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Investment management charge 1,606 14,457 16,063 1,617 14,558 16,175
The Company and its subsidiaries also incur management fees in respect of its
investment in funds managed by members of ICG on an arms-length basis.
Year ended Year ended
31 January 2026 31 January 2025
£’000 £’000
ICG Europe VIII 521 434
ICG Strategic Equity V 475 353
ICG Strategic Equity III 227 238
ICG Europe VII 217 238
ICG LP Secondaries Fund I LP 354 325
ICG Europe Mid-Market 427 87
ICG Strategic Equity IV 312 340
ICG Europe Mid-Market II 422 95
ICG Augusta Partners Co-Investor II 76 89
ICG North American Private Debt II 34 68
ICG Strategic Secondaries II 17 36
ICG Europe VI 20 23
ICG Asia Pacific III 13 15
ICG Recovery Fund 2008B — 3
ICG Europe V — 2
3,115 2,346
4 OTHER EXPENSES
The Company did not employ any staff in the year to 31 January 2026 (2025:
none). Expenses are presented inclusive of irrecoverable VAT at a rate of 20%,
where applicable.
Year ended Year ended
31 January 2026 31 January 2025
£’000 £’000 £’000 £’000
Directors’ fees (see Note 5) 351 340
Fees payable to the Company’s auditor for the audit of the Company’s annual accounts (1) 373 170
Fees payable to the Company’s auditor and its associates for other services:
- Audit of the accounts of the subsidiaries 135 108
- Audit-related assurance services (2) 69 71
Total auditors’ remuneration 577 349
Administrative expenses 1,343 811
2,271 1,500
Bank facility costs allocated to revenue 289 277
Interest costs allocated to revenue 638 661
Expenses allocated to revenue 3,198 2,438
Bank facility costs allocated to capital 8,850 8,417
Total other expenses 12,048 10,855
1. The auditors’ remuneration for the year ended 31 January 2026 includes an
under-accrual of £176k from the prior year.
2.The auditors have additionally provided £16k (2025: £16k) of non-audit
related services permitted under the Financial Reporting Council’s
(‘FRC’) Revised Ethical Standards. The service related to agreed upon
procedures over the Company’s carried interest scheme.
Included within Total other expenses above are £9.8m (2025: £9.4m) of costs
related to financing and £0.5m (2025: £0.2m credit) of other expenses which
are non-recurring and are excluded from the Ongoing Charges as detailed in the
Glossary on page 55.
Professional fees of £0.2m (2025: £0.2m) incidental to the acquisition or
disposal of investments are included within gains/(losses) on investments held
at fair value.
5 DIRECTORS’ REMUNERATION AND INTERESTS
No income was received or receivable by the directors from any other
subsidiary of the Company.
6 TAXATION
In both the current and prior years the tax charge was lower than the standard
rate of corporation tax of 25%, principally due to the Company’s status as
an investment trust, which means that capital gains are not subject to
corporation tax. The effect of this and other items affecting the tax charge
are shown in Note 6(b) below:
Year ended Year ended
31 January 2026 31 January 2025
£’000 £’000
a) Analysis of charge in the year
Tax credit on items allocated to revenue — —
Tax charge on items relating to prior years — —
Corporation tax — —
b) Factors affecting tax charge for the year
Profit on ordinary activities before tax (8,429) 107,510
Profit before tax multiplied by rate of corporation tax in the UK of 25% (2025: 25%) (2,108) 26,790
Effect of:
– net investment returns not subject to corporation tax (4,279) (33,357)
– dividends not subject to corporation tax (363) (52)
– expenses not deductible for tax purposes 1,588 1,353
– taxable allocation of income and expenses from partnerships 138 489
– current year management expenses not utilised/(utilised) 5,024 4,777
Total tax charge — —
The Company has £89.5m excess management expenses carried forward (2025:
£70.0m). No deferred tax assets or liabilities (2025: nil) have been
recognised in respect of the carried forward management expenses due to the
uncertainty that future taxable profit will be generated that these losses can
be offset against. For all investments the tax base is equal to the carrying
amount. There was no deferred tax expense relating to the origination and
reversal of timing differences in the year (2025: nil).
7 EARNINGS PER SHARE
Year ended Year ended
31 January 2026 31 January 2025
Revenue return per ordinary share (3.55p) (4.49p)
Capital return per ordinary share (9.80p) 168.38p
Earnings per ordinary share (basic and diluted) (13.35)p 163.95p
Revenue return per ordinary share is calculated by dividing the revenue return
attributable to equity shareholders of £(2.2)m (2025: £(2.9)m) by the
weighted average number of ordinary shares outstanding during the year.
Capital return per ordinary share is calculated by dividing the capital return
attributable to equity shareholders of £(6.2)m (2025: £110.4m) by the
weighted average number of ordinary shares outstanding during the year.
Basic and diluted earnings per ordinary share are calculated by dividing the
earnings attributable to equity shareholders of £(8.4)m (2025: £107.5m) by
the weighted average number of ordinary shares outstanding during the year.
The weighted average number of ordinary shares outstanding (excluding those
held in treasury) during the year was 63,153,044 (2025: 65,569,285). There
were no potentially dilutive shares, such as options or warrants, in either
year.
8 DIVIDENDS
Year ended Year ended
31 January 2026 31 January 2025
£’000 £’000
Third quarterly dividend in respect of year ended 31 January 2025: 8.5p per share (2024: 8.0p) 5,460 5,345
Final dividend in respect of year ended 31 January 2025: 10.5p per share (2024: 9.0p) 6,625 5,894
First quarterly dividend in respect of year ended 31 January 2026: 9.0p per share (2025: 8.5p) 5,669 5,557
Second quarterly dividend in respect of year ended 31 January 2026: 9.0p per share (2025: 8.5p) 5,650 5,512
Total 23,404 22,308
The Company paid a third quarterly dividend of 9.0p per share in February
2026. The Board has proposed a final dividend of 12.0p per share (estimated
cost £7.5m) in respect of the year ended 31 January 2026 which, if approved
by shareholders, will be paid on 17 July 2026 to shareholders on the Register
of Members at the close of business on 3 July 2026.
9 SUBSIDIARY UNDERTAKINGS AND UNCONSOLIDATED STRUCTURED ENTITIES
Subsidiary undertakings (controlled structured entities)
Subsidiaries of the Company as at 31 January 2026 comprise the following
controlled structured entities, which are registered in England and Wales, ICG
Lewis (Delaware) LLC is registered in Delaware,USA. Subsidiaries of the
Company’s direct subsidiaries are reported as indirect subsidiaries.
Direct subsidiaries Ownership interest 2026 Ownership interest 2025
ICG Enterprise Trust Limited Partnership —% 97.5%
ICG Enterprise Trust (2) Limited Partnership 97.5% 97.5%
ICG Enterprise Trust Co-investment Limited Partnership 99.0% 99.0%
Indirect subsidiaries Ownership interest 2026 Ownership interest 2025
ET Holdings LP 99.5% 99.5%
ICG Morse Partnership LP 99.5% 99.5%
ICG Lewis Partnership LP 99.5% 99.5%
ICG Lewis (Delaware) LLC 99.5% —%
The ICG Enterprise Trust Limited Partnership was dissolved on 31 July 2025.
ICG Lewis (Delaware) LLC was formed on 31 December 2025.
In accordance with IFRS 10 (amended), the subsidiaries are not consolidated
and are instead included in unquoted investments at fair value.
The fair value of the investment in subsidiaries includes an accrual for the
interests of the Co-investors (ICG and certain of its executives and in
respect of certain historical investments, the executives and connected
parties of Graphite Capital, the Former Manager) in the Co-investment
Incentive Scheme. As at 31 January 2026, a total of £44.4m (2025: £53.9m)
was accrued in respect of these interests. During the year the Co-investors
invested £0.7m (2025: £1.0m) into ICG Enterprise Trust Co-investment Limited
Partnership. Payments received by the Co-investors amounted to £11.9m or 3.1%
of £382.3m of Total Proceeds received in the year (2025: £10.8m or 7.1% of
£150.8m Total Proceeds received).
Unconsolidated structured entities
The Company’s principal activity is investing in private equity funds and
directly into private companies. Such investments may be made and held via a
subsidiary. The majority of these investments are unconsolidated structured
entities as defined in IFRS 12.
The Company holds interests in closed-ended limited partnerships which invest
in underlying companies for the purposes of capital appreciation. The Company
and the other limited partners make commitments to finance the investment
programme of the relevant manager, who will typically draw down the amount
committed by the limited partners over a period of four to six years (see Note
16).
The table below disaggregates the Company’s interests in unconsolidated
structured entities. The table presents for each category the related balances
and the maximum exposure to loss.
Unquoted investments £'000 Co-investment incentive scheme accrual £'000 Maximum loss exposure £'000
As at 31 January 2026 1,353,292 (44,392) 1,308,900
As at 31 January 2025 1,523,459 (53,910) 1,469,549
Further details of the Company’s investment Portfolio are included in the
Portfolio dashboard on page 16.
10 INVESTMENTS
The tables below analyse the movement in the carrying value of the Company’s
investments in the year. In accordance with accounting standards, subsidiary
undertakings of the Company are reported at fair value rather than on a
‘look-through’ basis.
An investee fund is considered to generate realised gains or losses if it is
more than 85% drawn and has returned at least the amount invested by the
Company. All gains and losses arising from the underlying investments of such
funds are presented as realised. All gains and losses in respect of fund
investments that have not satisfied the above criteria are presented as
unrealised.
Direct Investments are considered to generate realised gains or losses when
they are sold.
Investments are held by both the Company and through its subsidiaries.
Quoted Unquoted Subsidiary Undertakings Total
£’000 £’000 £’000 £’000
Cost at 1 February 2025 — 193,458 325,637 519,095
Unrealised appreciation at 1 February 2025 — 111,771 838,683 950,454
Valuation at 1 February 2025 — 305,229 1,164,320 1,469,549
Movements in the year:
Purchases — 50,606 154,590 205,196
Sales
– capital proceeds — (60,167) (320,138) (380,305)
– realised gains/(losses) based on carrying value at previous balance sheet date — (1,365) — (1,365)
Movement in unrealised appreciation — 20,636 (4,811) 15,825
Valuation at 31 January 2026 — 314,939 993,961 1,308,900
Cost at 31 January 2026 — 183,897 160,089 343,986
Unrealised appreciation at 31 January 2026 — 131,042 833,872 964,914
Valuation at 31 January 2026 — 314,939 993,961 1,308,900
Quoted Unquoted Subsidiary Undertakings Total
£’000 £’000 £’000 £’000
Cost at 1 February 2024 — 179,528 300,114 479,642
Unrealised appreciation at 1 February 2024 — 80,768 735,972 816,740
Valuation at 1 February 2024 — 260,296 1,036,086 1,296,382
Movements in the year:
Purchases — 34,144 151,292 185,436
Sales
– capital proceeds — (20,214) (125,769) (145,983)
– realised gains based on carrying value at previous balance sheet date — 1,530 — 1,530
Movement in unrealised appreciation — 29,473 102,711 132,184
Valuation at 31 January 2025 — 305,229 1,164,320 1,469,549
Cost at 31 January 2025 — 193,458 325,637 519,095
Unrealised appreciation at 31 January 2025 — 111,771 838,683 950,454
Valuation at 31 January 2025 — 305,229 1,164,320 1,469,549
31 January 2026 31 January 2025
£’000 £’000
Realised (losses)/gains based on carrying values at previous balance sheet date (1,365) 1,530
Increase in unrealised appreciation 15,825 132,184
Gains on investments 14,460 133,714
Gains on investments includes the ‘Realised loss based on carrying values at
previous balance sheet date’, which meet the criteria set out on this page,
together with the net fair value movement on the balance of the investee
funds.
Related undertakings
At 31 January 2026, the Company held direct and indirect interests in five
limited partnership and one limited liability company subsidiaries. These
interests, net of the incentive accrual as described in Note 9, were:
Investment 31 January 2026 % 31 January 2025 %
ICG Enterprise Trust Limited Partnership —% 99.9%
ICG Enterprise Trust (2) Limited Partnership 66.5% 66.5%
ICG Enterprise Trust Co-investment Limited Partnership 66.0% 66.0%
ICG Enterprise Holdings LP 99.5% 99.5%
ICG Morse Partnership LP 99.5% 99.5%
ICG Lewis (Delaware) LLC 99.5% —%
ICG Lewis Partnership LP 99.5% 99.5%
The registered address of the limited liability company is The Corporation
Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington,
Delaware 19801. The registered address and principal place of business of all
other subsidiary partnerships is Procession House, 55 Ludgate Hill, London
EC4M 7JW.
In addition, the Company held an interest (including indirectly through its
subsidiaries) of more than 20% in the following entities. These investments
are not considered subsidiaries or associates as the Company does not exert
control or have significant influence over the activities of these
companies/partnerships.
As at 31 January 2026
Investment Instrument % interest (1)
Graphite Capital Partners VII Top Up Plus (2) Limited partnership interests 20.0%
Graphite Capital Partners VIII Top Up Limited partnership interests 41.1%
ICG Velocity (3) Limited partnership interests 42.9%
As at 31 January 2025
Investment Instrument % interest (1)
Graphite Capital Partners VII Top Up Plus (2) Limited partnership interests 20.0%
Graphite Capital Partners VIII Top Up Limited partnership interests 41.1%
ICG Velocity (3) Limited partnership interests 32.5%
1. The percentage shown for limited partnership interests represents the
proportion of total commitments to the relevant fund. The percentage shown for
shares represents the proportion of total shares in issue.
2. Address of principal place of business is 7 Air Street, Soho, London W1B
5AD.
3. Address of principal place of business is Procession House, 55 Ludgate
Hill, London EC4M 7JW.
11 CASH AND CASH EQUIVALENTS
31 January 2026 31 January 2025
£’000 £’000
Cash at bank and in hand 33,837 3,927
12 PREPAYMENTS AND RECEIVABLES
31 January 2026 31 January 2025
£’000 £’000
Prepayments and accrued income 1,486 2,018
As at 31 January 2026, prepayments and accrued income included £1.1m (2025:
£2.0m) of unamortised costs in relation to the bank facility. Of this amount
£0.8m (2025: £0.8m) is expected to be amortised in less than one year.
13 PAYABLES – CURRENT
31 January 2026 31 January 2025
£’000 £’000
Accruals 5,081 11,171
Credit facility drawn 66,570 131,931
71,651 143,102
Bank facility details are shown in the Liquidity risk section of Note 17 on
page 46.
14 SHARE CAPITAL
Authorised Issued and fully paid
Nominal Nominal
Equity share capital Number £’000 Number £’000
Balance at 31 January 2026 120,000,000 12,000 63,554,192 6,355
Balance at 31 January 2025 120,000,000 12,000 72,913,000 7,292
All ordinary shares have a nominal value of 10.0p. At 31 January 2026
63,554,192 (2025: 72,913,000) shares had been allocated, called up and fully
paid. During the year 2,032,722 shares were bought back in the market and held
in treasury (2025: 2,932,675 shares). On the 30 April 2025 the Company
cancelled 9,358,808 10p ordinary shares that were held in Treasury. Following
the cancellation, the Company had 63,554,192 ordinary shares in issue. At 31
January 2026, the Company held 1,314,722 shares in treasury (2025: 8,640,808)
and had 62,239,470 (2025: 64,272,192) shares outstanding, all of which have
equal voting rights.
31 January 2026 31 January 2025
Shares held in treasury 1,314,722 8,640,808
Shares not held in treasury 62,239,470 64,272,192
Total 63,554,192 72,913,000
15 NET ASSET VALUE PER SHARE
The net asset value per share is calculated on equity attributable to equity
holders of £1,272.6m (2025: £1,332.4m) and on 62,239,470 (2025: 64,272,192)
ordinary shares in issue at the year end. There were no potentially dilutive
shares, such as options or warrants, at either year end. Calculated on both
the basic and diluted basis the net asset value per share was 2,044.6p (2025:
2,072.9p).
16 CAPITAL COMMITMENTS AND CONTINGENCIES
The Company and its subsidiaries had uncalled commitments in relation to the
following Portfolio investments:
31 January 2026 £'000 31 January 2025 £'000
ICG LP Secondaries Fund II (Feeder) SCSp 65,758 —
ICG LP Secondaries Fund I LP 28,378 41,146
ICG Strategic Equity V 26,866 36,868
ICG Europe IX 21,447 —
ICG Europe Mid-Market Fund II (1) 17,543 19,245
ICG Augusta Partners Co-Investor 15,822 17,775
ICG Strategic Secondaries Fund II 15,340 16,938
ICG Ludgate Hill (Feeder B) SCSp (1) 14,081 13,591
ICG Europe VIII (1) 11,224 14,339
ICG Strategic Equity Fund III 10,166 11,201
ICG Europe VII (1) 5,907 6,082
ICG Strategic Equity IV 5,618 7,055
ICG Ludgate Hill (Feeder) IIIA Porsche SCSp 5,154 5,691
ICG Europe Mid-Market Fund (1) 4,966 5,524
ICG Ludgate Hill (Feeder) II Boston SCSp 4,883 5,392
ICG Ludgate Hill (Feeder) Domino SCSp 3,952 —
ICG Europe VI (1) 4,157 4,013
ICG Asia Pacific Fund III 2,242 2,523
ICG Midsummer 1,862 —
ICG North American Private Debt Fund II 1,804 2,097
ICG Colombe Co-investment (1) 1,876 1,811
Commitments of less than £1,000,000 at 31 January 2026 6,263 15,347
Total ICG 275,308 226,638
Graphite Capital Partners VIII (2) 4,124 4,124
Graphite Capital Partners IX 942 2,281
Graphite Capital Partners VII (2) 456 456
Total Graphite funds 5,522 6,861
1Includes interest acquired through a secondary fund purchase.
2.Includes the associated Top Up funds.
31 January 2026 £'000 31 January 2025 £'000
Advent International GPE XI-D Scsp 17,324 —
Green Equity Investors (Lux) X, S.C.Sp. 14,613 —
Thomas H Lee Equity Fund X 14,613 —
Hg Saturn 4 B L.P 14,576 —
Leeds VIII-A 12,886 16,135
PAI VIII 12,430 12,356
Integrum II 11,735 —
GHO Capital IV EUR LP 11,264 —
New Mountain Strategic Equity Fund II, L.P. 10,960 —
Bowmark VII 10,890 15,000
Thoma Bravo XVI-A 9,926 12,101
Cinven VIII 9,550 11,748
New Mountain VII 9,436 14,299
CVC IX A 9,240 10,546
Hg Genesis 11 B L.P 8,662 —
Investindustrial VIII 8,261 12,009
Bain VI 7,504 9,939
CDR XII 7,343 8,908
Hellman Friedman XI (Parallel) 7,306 8,067
Advent International X-A 6,517 8,039
Genstar Capital Partners XI (EU) 6,302 7,455
Apax XI EUR 6,248 6,860
Bregal Unternehmerkapital IV-A 6,247 7,762
The Resolute Fund VI 5,646 8,577
Permira VIII 5,409 7,618
Green Equity Investors Side IX 5,000 7,618
Investindustrial VII 4,143 4,895
Bowmark VI 3,975 3,357
Oak Hill VI (Offshore) 3,884 5,034
American Securities IX 3,653 4,034
Trident X Parallel Fund, L.P 3,653 —
TH Lee IX 3,271 3,998
Audax Private Equity VII-B 3,180 4,546
BC XI 3,166 3,710
Five Arrows III 3,151 1,823
CVC VII 3,140 2,944
Ivanti 2,698 2,979
Valeas Capital Partners I A 2,526 2,973
Charlesbank X 2,406 1,685
Hg Genesis X 2,324 3,326
Audiotonix 2,243 2,243
BSI Software 2,016 1,265
Commitments of less than £2,000,000 at 31 January 2026 55,192 85,838
Total third party 354,509 319,687
Total commitments 635,339 553,186
The Company and its subsidiaries had no other unfunded commitments to
investment funds. Commitments made by the Company and its subsidiaries are
irrevocable.
As at 31 January 2026, the Company (excluding its subsidiaries) had uncalled
commitments in relation to the above Portfolio of £174.4m (2025: £114.3m).
The Company did not have any contingent liabilities at 31 January 2026 (2025:
none).
The Company’s subsidiaries, which are not consolidated, had the balance of
uncalled commitments in relation to the above Portfolio of £460.9m (2025:
£438.9m). The Company is responsible for financing its pro-rata share of
those uncalled commitments (see Note 9).
17 FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
The Company is an investment company as defined by Section 833 of the
Companies Act 2006 and conducts its affairs so as to qualify as an investment
trust under the provisions of Section 1158 of the Corporation Tax Act 2010
(‘Section 1158’). The Company’s objective is to provide long-term growth
by investing in private companies managed by leading private equity managers.
Investments in funds have anticipated lives of approximately 10 years. Direct
Investments are made with an anticipated holding period of between three and
five years.
Financial risk management
The Company’s activities expose it to a variety of financial risks: market
risk (comprising currency risk, interest rate risk and price risk), investment
risk, credit risk and liquidity risk. The Company’s overall risk management
programme focuses on the unpredictability of financial markets and seeks to
minimise potential adverse effects on the Company’s financial performance.
The Board has overall responsibility for managing the risks and the framework
for monitoring and co-ordinating these risks. The Audit Committee regularly
reviews, identifies and evaluates the risks taken by the Company to allow them
to be appropriately managed. All of the Company’s management functions are
delegated to the Manager which has its own internal control and risk
monitoring arrangements. The Committee makes a regular assessment of these
arrangements, with reference to the Company’s risk matrix. The Company’s
financial risk management objectives and processes used to manage these risks
have not changed from the previous period and the policies are set out below:
Market risk
(i) Currency risk
The Company’s investments are principally in continental Europe, the US and
the UK, and are primarily denominated in euro, US dollars and sterling. There
are also smaller amounts in other European currencies. The Company’s
investments in controlled structured entities are reported in sterling. The
Company is exposed to currency risk in that movements in the value of sterling
against these foreign currencies will affect the net asset value and the cash
required to fund undrawn commitments. The Board regularly reviews the level of
foreign currency denominated assets and outstanding commitments in the context
of current market conditions and may decide to buy or sell currency or put in
place currency hedging arrangements. No hedging arrangements were in place
during the financial year.
The composition of the net assets of the Company by reporting currency at the
year end is set out below:
Sterling Euro USD Other Total
31 January 2026 £’000 £’000 £’000 £’000 £’000
Investments 1,026,902 85,458 196,546 (6) 1,308,900
Cash and cash equivalents and other net current assets/(liabilities) (44,933) 6,233 2,369 3 (36,328)
981,969 91,691 198,915 (3) 1,272,572
Sterling Euro USD Other Total
31 January 2025 £’000 £’000 £’000 £’000 £’000
Investments 1,201,166 81,755 186,623 5 1,469,549
Cash and cash equivalents and other net current assets/(liabilities) (139,168) 1,385 618 8 (137,157)
1,061,998 83,140 187,241 13 1,332,392
On a look-through basis to the currency of the portfolio company, the effect
of a 25% increase or decrease in the sterling value of the euro would be a
fall of £117.4m and a rise of £114.9m in the value of shareholders’ equity
and on profit after tax at 31 January 2026 respectively (2025: a fall of
£71.3m and a rise of £65.1m based on a 25% increase or decrease). The effect
of a 25% increase or decrease in the sterling value of the US dollar would be
a fall of £181.5m and a rise of £178.4m in the value of shareholders’
equity and on profit after tax at 31 January 2026 respectively (2025: a fall
of £158m and a rise of £152.1m based on a 25% movement). The percentages
applied are based on market volatility in exchange rates observed in prior
periods.
(ii) Interest rate risk
The Company’s assets primarily comprise non-interest bearing investments in
funds and non-interest bearing investments in portfolio companies. The fair
values of these investments are not significantly directly affected by changes
in interest rates. The Company’s net debt balance is exposed to interest
rate risk; the financial impact of this risk is currently immaterial.
The Company is indirectly exposed to interest rate risk through the impact of
interest rates on the performance of investments in funds and portfolio
companies as a result of interest rate changes impacting the underlying
manager valuation. This performance impact as a result of interest rate risk
is recognised through the valuation of those investments, which will be
affected by the impact of any change in interest rates on the financial
performance of the underlying portfolio companies and also on any valuation of
those investments for sale. The Company is not able to quantify how a change
in interest rates would impact valuations.
(iii) Price risk
The risk that the value of a financial instrument will change as a result of
changes to market prices is one that is fundamental to the Company’s
objective, which is to provide long-term capital growth through investment in
unquoted companies. The investment Portfolio is continually monitored to
ensure an appropriate balance of risk and reward in order to achieve the
Company’s objective.
The Company is exposed to the risk of change in value of its private equity
investments. For all investments the market variable is deemed to be the price
itself. The table below shows the impact of a 30% increase or decrease in the
valuation of the investment Portfolio. The percentages applied are reasonable
based on the Manager’s view of the potential for volatility in the Portfolio
valuations under stressed conditions.
31 January 2026 31 January 2025
Increase in variable Decrease in variable Increase in variable Decrease in variable
£’000 £’000 £’000 £’000
30% (2025: 30%) movement in the price of investments
Impact on profit after tax 372,686 (382,564) 423,339 (370,568)
A reasonably possible percentage change in relation to the earnings estimates
or Enterprise Value/EBITDA multiples used by the underlying managers to value
the private equity fund investments and co-investments may result in a
significant change in fair value of unquoted investments
Investment and credit risk
(i) Investment risk
Investment risk is the risk that the financial performance of the companies in
which the Company invests either improves or deteriorates, thereby affecting
the value of that investment. Investments in unquoted companies whether
indirectly or directly are, by their nature, subject to potential investment
losses. The investment Portfolio is highly diversified in order to mitigate
this risk.
(ii) Credit risk
The Company’s exposure to credit risk arises principally from its investment
in cash deposits. The Company aims to invest the majority of its liquid
portfolio in assets which have low credit risk. The Company’s policy is to
limit exposure to any one investment to 15% of gross assets. This is regularly
monitored by the Manager as a part of its cash management process.
Additionally, the Company is exposed to credit risk through its investments in
unquoted companies and the company’s subsidiaries (refer to Note 10).
Cash is held on deposit with Royal Bank of Scotland (‘RBS’) and totalled
£33.8m (2025: £3.9m). RBS currently has a credit rating of A1 from
Moody’s. This represented the maximum exposure to credit risk at the balance
sheet date. No collateral is held by the Company in respect of these amounts.
None of the Company’s cash deposits or money market fund balances were past
due or impaired at 31 January 2026 (2025: nil) and as a result of this, no ECL
provision has been recorded.
Liquidity risk
The Company makes commitments to private equity funds in advance of that
capital being invested, typically in illiquid, unquoted companies. These
commitments are in excess of the Company’s total liquidity, therefore
resulting in an overcommitment. When determining the appropriate level of
overcommitment, the Board considers the rate at which commitments might be
drawn down, typically over four to six years, versus the rate at which
existing investments are sold and cash realised. The Company has an
established liquidity management policy, which involves active monitoring and
assessment of the Company’s liquidity position and its overcommitment risk.
This is regularly reviewed by the Board and incorporated into the Board’s
assessment of the viability of the Company.This process incorporates balance
sheet and cash flow projections, including scenarios with varying levels of
Portfolio gains and losses, fund drawdowns and realisations, availability of
the credit facility, exchange rates and possible remedial action that the
Company could undertake if required in the event of significant Portfolio
declines.
At the year end, the Company had cash and cash equivalents totalling €33.8m
and had access to committed bank facilities of £260m maturing in May 2029,
which is a multi-currency revolving credit facility provided by SMBC and
Lloyds. The key terms of the facility are:
* Upfront cost: 120bps.
* Non-utilisation fees: 115bps per annum.
* Margin on drawn amounts: 300bps per annum.
As at 31 January 2026 the Company’s total financial liabilities amounted to
£71.7m (2025: £143.1m) of payables which were due in less than one year,
which includes accrued balances payable in respect of the credit facility
above.
Movement in financial liabilities arising from financing activities
The following table sets out the movements in total liabilities held at
amortised cost arising from financing activities undertaken during the year.
31 January 2026 31 January 2025
£’000 £’000
At 1 February 134,775 22,062
Proceeds from borrowings 126,608 139,762
Repayment of long term borrowings (196,875) (27,831)
Foreign exchange and other movements 2,061 782
At 31 January 66,569 134,775
Capital risk management
The Company’s capital is represented by its net assets, which are managed to
achieve the Company’s investment objective. As at the year end, the Company
had net debt of £32.7m (2025: £128.0m).
The Board can manage the capital structure directly since it has taken the
powers, which it is seeking to renew, to issue and buy back shares and it also
determines dividend payments. The Company complied with its externally imposed
capital requirements with respect to the obligation and ability to pay
dividends by Section 1159 of the Corporation Tax Act 2010 and by the Companies
Act 2006, respectively. Total equity at 31 January 2026, the composition of
which is shown on the balance sheet, was £1,272.6m (2025: £1,332.4m).
Fair values estimation
IFRS 13 requires disclosure of fair value measurements of financial
instruments categorised according to the following fair value measurement
hierarchy:
* Quoted prices (unadjusted) in active markets for identical assets or
liabilities (Level 1).
* Inputs other than quoted prices included within level 1 that are observable
for the asset or liability, either directly (that is, as prices) or indirectly
(that is, derived from prices) (level 2).
* Inputs for the asset or liability that are not based on observable market
data (that is, unobservable inputs) (Level 3).
The valuation techniques applied to level 3 assets are described in Note 1(c)
of the financial statements.
No investments were categorised as level 1 or level 2.
The Company’s policy is to recognise transfers into and transfers out of
fair value hierarchy levels at the end of the reporting year when they are
deemed to occur.
The sensitivity of the Company’s investments to a change in value is
discussed on page 49.
The following table presents the assets that are measured at fair value at 31
January 2026 and 31 January 2025:
31 January 2026
Level 1 Level 2 Level 3 Total
£’000 £’000 £’000 £’000
Investments held at fair value
Unquoted investments – indirect — — 148,108 148,108
Unquoted investments – direct — — 166,831 166,831
Quoted investments – direct — — — —
Subsidiary undertakings — — 993,961 993,961
Total investments held at fair value — — 1,308,900 1,308,900
31 December 2025
Level 1 Level 2 Level 3 Total
£’000 £’000 £’000 £’000
Investments held at fair value
Unquoted investments – indirect — — 150,987 150,987
Unquoted investments – direct — — 154,242 154,242
Quoted investments – direct — — — —
Subsidiary undertakings — — 1,164,320 1,164,320
Total investments held at fair value — — 1,469,549 1,469,549
All investments are valued at fair value in accordance with IFRS 13. The
Company has no quoted investments as at 31 January 2026 (2025: nil); quoted
investments held by subsidiary undertakings are reported within Level 3.
Investments in Level 3 securities are in respect of private equity fund
investments and co-investments. These are held at fair value and are
calculated using valuations provided by the underlying manager of the
investment, with adjustments made to the statements to take account of cash
flow events occurring after the date of the manager’s valuation, such as
realisations or liquidity adjustments.
The following tables present the changes in Level 3 instruments for the year
to 31 January 2026 and 31 January 2025.
31 January 2026 Unquoted investments (indirect) at fair value through profit or loss £’000 Unquoted investments (direct) at fair value through profit or loss £’000 Subsidiary undertakings £’000 Total £’000
Opening balances 153,045 152,184 1,164,320 1,469,549
Additions 21,171 29,435 154,590 205,196
Disposals (33,486) (26,681) (320,138) (380,305)
Gains and losses recognised in profit or loss 16,190 3,081 (4,811) 14,460
Closing balance 156,920 158,019 993,961 1,308,900
31 January 2025 Unquoted investments (indirect) at fair value through profit or loss £’000 Unquoted investments (direct) at fair value through profit or loss £’000 Subsidiary undertakings £’000 Total £’000
Opening balances 136,473 123,823 1,036,086 1,296,382
Additions 18,124 16,020 151,292 185,436
Disposals (16,076) (4,138) (125,769) (145,983)
Gains and losses recognised in profit or loss 14,524 16,479 102,711 133,714
Closing balance 153,045 152,184 1,164,320 1,469,549
The additions figure includes amounts of £11.1m (2025: £8.9m) from the
parent to subsidiary which relate to incentive payments that are included in
the ‘Cash flow to subsidiaries’ investments line in the Cash Flow
Statement. The gains and losses recognised in profit or loss in the note do
not align directly with the Income Statement due to difference in
classification and disclosure requirements.
18 RELATED PARTY TRANSACTIONS
Significant transactions between the Company and its subsidiaries are shown
below:
Subsidiary Nature of transaction Year ended 31 January 2026 £’000 Year ended 31 January 2025 £’000
ICG Enterprise Trust Limited Partnership Increase in amounts owed to subsidiaries 492 —
Decrease in amounts owed to subsidiaries — (8,689)
Income allocated — —
ICG Enterprise Trust (2) Limited Partnership Increase in amounts owed to subsidiaries 4,714 —
Decrease in amounts owed to subsidiaries — (2,956)
Income allocated 52 (169)
ICG Enterprise Trust Co-Investment LP Increase in amounts owed by subsidiaries — 33,229
Decrease in amounts owed to subsidiaries (59,839) —
Income allocated 2,444 2,127
ICG Enterprise Holdings LP Increase in amounts owed by subsidiaries — —
Decrease in amounts owed to subsidiaries — —
Income allocated 3,410 4,224
ICG Morse Partnership LP Increase in amounts owed by subsidiaries — —
Decrease in amounts owed to subsidiaries — —
Income allocated — —
ICG Lewis Partnership LP Increase in amounts owed by subsidiaries 446 687
Decrease in amounts owed to subsidiaries — —
Income allocated — —
ICG Lewis (Delaware) LLC Increase in amounts owed by subsidiaries — —
Decrease in amounts owed to subsidiaries — —
Income allocated — —
ICG Enterprise Trust Limited Partnership transferred its remaining assets to
ICG Enterprise Trust PLC during the year ended 31 January 2025. The
Partnership was dissolved on 31 July 2025 and ceased to be a subsidiary.
For the purpose of IAS 24 Related Party Disclosures, key management personnel
comprised the Board of Directors.
Remuneration in the year (audited) Fees Expenses Total
Name 2026 £’000 2025 £’000 2026 £’000 2025 £’000 2026 £’000 2025 £’000
Jane Tufnell 76 74 — — 76 74
Alastair Bruce 62 60 — — 62 60
David Warnock 61 59 — — 61 59
Gerhard Fusenig (1) 50 48 2 3 52 51
Adiba Ighodaro 50 48 — — 50 48
Janine Nicholls 50 48 — — 50 48
Total 349 337 2 3 351 340
1 Gerhard Fusenig is resident in Switzerland and the Company has agreed to pay
for his costs of travel to London (including appropriate accommodation) to
attend meetings of the Board.
Amounts owed by/to subsidiaries represent the Company’s loan account
balances with those entities, to which the Company’s share of drawdowns and
distributions in respect of those entities are credited and debited
respectively.
Amount owed by subsidiaries Amount owed to subsidiaries
Subsidiary 31 January 2026 £’000 31 January 2025 £’000 31 January 2026 £’000 31 January 2025 £’000
ICG Enterprise Trust Limited Partnership — — — (492)
ICG Enterprise Trust (2) Limited Partnership — — 36,085 31,372
ICG Enterprise Trust Co-Investment LP 213,716 273,555 — —
ICG Enterprise Holdings LP — — — —
ICG Morse Partnership LP — — — —
ICG Lewis Partnership LP 9,015 8,569 — —
ICG Lewis (Delaware) LLC — — — —
The Company and its subsidiaries’ total shares in funds and co-investments
managed by the Company’s Manager are:
Year ended 31 January 2026 Year ended 31 January 2025
Fund/Co-investment Remaining commitment £’000 Fair value investment £’000 Remaining commitment £’000 Fair value investment £’000
ICG Strategic Equity IV 5,618 34,146 7,055 32,851
ICG Europe VIII 11,224 32,346 14,339 23,640
ICG Vanadium Co-Investment 255 23,497 246 16,180
ICG Strategic Equity Fund III 10,166 21,740 10,727 31,043
ICG LP Secondaries Fund I LP 28,378 21,061 41,146 12,175
ICG Ludgate Hill (Feeder B) SCSp 14,081 18,409 13,591 23,814
ICG Strategic Equity V 26,866 17,949 36,868 7,101
ICG Ludgate Hill (Feeder) Domino SCSp 3,952 17,364 — —
ICG Augusta Partners Co-Investor 15,822 16,189 17,775 20,469
ICG Midsummer 1,862 14,965 — —
ICG Ludgate Hill (Feeder) III A Porsche SCSp 5,154 14,552 5,691 17,995
ICG Colombe Co-investment 1,876 14,404 1,810 13,795
ICG Cheetah Co-Investment 636 14,379 635 11,123
ICG Ludgate Hill (Feeder) II Boston SCSp 4,883 13,878 5,392 16,030
CX VIII Co-Investment 173 13,062 167 9,076
ICG Match Co-Investment 119 12,904 132 15,253
ICG Europe VII 5,907 12,879 6,082 30,721
ICG MXV Co-Investment 245 12,690 8,361 32,728
ICG Europe Mid-Market Fund 4,966 12,354 5,524 13,494
ICG Newton Co-Investment 393 10,167 393 17,808
ICG Dallas Co-Investment 797 8,600 1,240 8,172
ICG Asia Pacific Fund III 2,242 6,985 2,523 8,706
ICG Sunrise Co-Investment 77 6,399 75 5,840
ICG Recovery Fund 2008 B1 728 5,758 846 4,954
ICG Crown Co-Investment 58 4,910 96 5,492
ICG Europe Mid-Market II 17,543 4,163 19,245 1,534
ICG Strategic Secondaries Fund II 15,340 4,016 16,938 4,853
ICG Holiday Co-Investor I 259 2,944 286 3,748
ICG Holiday Co-Investor II 180 2,178 199 2,775
ICG North American Private Debt Fund II 1,804 1,937 2,097 3,061
ICG Europe VI 4,157 1,130 4,013 2,814
ICG Europe IX 21,447 234 — —
ICG Europe V 561 127 545 757
ICG Diocle Co-Investment 150 65 145 81
ICG Velocity Partners Co-Investor 588 16 650 18
ICG European Fund 2006 B1 497 5 480 15
ICG Cross Border 165 — 182 273
ICG LP Secondaries Fund II (Feeder) SCSp 65,758 — — —
ICG Progress Co-Investment 381 — 421 17,265
ICG Trio Co-Investment — — 36 —
ICG Topvita Co-Investment — — 687 —
Total 275,308 398,401 226,638 415,652
At the balance sheet date the Company has fully funded its share of capital
calls due to ICG-managed funds in which it is invested.
19 Post Balance Sheet Events
There have been no material events since the balance sheet date.
GLOSSARY
Term Short form Definition
Alternative Performance Measures APMs Alternative Performance Measures (‘APMs’) are a term defined by the European Securities and Markets Authority as ‘financial measures of historical or future performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework’. APMs are used in this report if considered by the Board and the Manager to be the most relevant basis for shareholders in assessing the overall performance of the Company and for comparing the performance of the Company to its peers, taking into account industry practice. Definitions and
reconciliations to IFRS measures are provided in the main body of the report or in this Glossary, where appropriate.
Buyback impact on NAV per Share Buyback impact on NAV per Share is calculated by comparing the NAV per Share with an adjusted NAV per Share as follows:
Year ended 31 January 2026 Since inception (Oct. 22)
Opening number of shares 64,278,192 68,517,055 A
Number of shares bought back in period 2,038,722 6,277,585
Closing number of shares 62,239,470 62,239,470 B
31 January 2026 NAV £1,273m £1,273m C
Add back cash invested in buybacks £28m £79m
31 January 2026 NAV + cash invested in buybacks £1,300m £1,351m D
31 January 2026 NAV per Share 2,044.6 p 2,044.6 p E (C/B)
Pro forma NAV per share excluding buybacks 2,023.1p 1,972.0p F (D/A)
Impact of buybacks 21.5p 72.6p G (E-F)
NAV per Share accretion from buybacks 1.1% 3.7% G/F
Note
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Carried Interest Carried Interest is equivalent to a performance fee. This represents a share of the profits that will accrue to the underlying private equity managers, after achievement of an agreed Preferred Return.
Cash drag Cash drag is the negative impact on performance arising as a result of the allocation of a portion of the entity’s assets to cash.
Co-investment Co-investment is a Direct Investment in a company alongside a private equity fund.
Co-investment Incentive Scheme Accrual Co-investment Incentive Scheme Accrual represents the estimated value of interests in the Co-investment Incentive Scheme operated by the subsidiary partnerships of the Company.
Commitment Commitment represents the amount of capital that each investor agrees to contribute to a fund or a specific investment.
Compound Annual Growth Rate CAGR The rate of return that would be required for an investment to grow from its beginning balance to its ending balance, assuming the profits were reinvested at the end of each period of the investment’s life span.
Deployment See ‘Total new investment’
Direct Investment An investment in a portfolio company held directly, not through a private equity fund. Direct Investments are typically co-investments with a private equity fund.
Discount Discount arises when the Company’s shares trade at a price below the Company’s NAV per Share. In this circumstance, the price that an investor pays or receives for a share would be less than the value attributable to it by reference to the underlying assets. The Discount is the difference between the share price and the NAV, expressed as a percentage of the NAV. For example, if the NAV was 100p and the share price was 90p, the Discount would be 10%.
Drawdowns Drawdowns are amounts invested by the Company when called by underlying managers in respect of an existing Commitment.
EBITDA Stands for earnings before interest, tax, depreciation and amortisation, which is a widely used profitability measure in the private equity industry.
Enlarged Perimeter The aggregate value of the Top 30 Companies and as many of the managers from within the Top 30 funds as practicable (70% of Portfolio Value at 31 January 2026).
Enterprise Value EV Enterprise Value is the aggregate value of a company’s entire issued share capital and Net Debt.
Exclusion List The Exclusion List defines the business activities which are excluded from investment.
FTSE All-Share Index Total Return The change in the level of the FTSE All-Share Index, assuming that dividends are re-invested on the day that they are paid.
Full Exits Full Exits are exit events (e.g., trade sale, sale by public offering, or sale to a financial buyer) following which the residual exposure to an underlying company is zero or immaterial; this does not include Fund Disposals. See ‘Fund Disposals’.
Fund Disposals Fund Disposals are where the Company receives sales proceeds from the full or partial sale of a fund position within the secondary market.
General Partner GP The General Partner is the entity managing a private equity fund. This is commonly referred to as the manager.
Hedging Hedging is an investment technique designed to offset a potential loss on one investment by purchasing a second investment that is expected to perform in the opposite way.
Initial Public Offering IPO An Initial Public Offering is an offering by a company of its share capital to the public with a view to seeking an admission of its shares to a recognised stock exchange.
Internal Rate of Return IRR Internal Rate of Return is a measure of the rate of return received by an investor in a fund. It is calculated from cash drawn from and returned to the investor, together with the residual value of the investment.
Investment Period Investment Period is the period in which funds are able to make new investments under the terms of their fund agreements, typically up to five years after the initial Commitment.
Last Twelve Months LTM Last Twelve Months refers to the timeframe of the immediately preceding 12 months in reference to financial metrics used to evaluate the Company’s performance.
Limited Partner LP The Limited Partner is an institution or individual who commits capital to a private equity fund established as a Limited Partnership. These funds are generally protected from legal actions and any losses beyond the original investment.
Limited Partnership A Limited Partnership includes one or more General Partners, who have responsibility for managing the business of the partnership and have unlimited liability, and one or more Limited Partners, who do not participate in the operation of the partnership and whose liability is ordinarily capped at their capital and loan contribution to the partnership. In typical fund structures, the General Partner receives a priority share ahead of distributions to Limited Partners.
Net Asset Value per Share NAV per Share Net Asset Value per Share is the value of the Company’s net assets attributable to one Ordinary share. It is calculated by dividing ‘shareholders’ funds’ by the total number of ordinary shares in issue, excluding treasury shares. Shareholders’ funds are calculated by deducting current and long-term liabilities, and any provision for liabilities and charges, from the Company’s total assets.
Net Debt Net Debt is calculated as the total short-term and long-term debt in a business, less cash and cash equivalents.
Ongoing charges Ongoing Charges are calculated capturing management fees and expenses, excluding finance costs, incurred at the Company level only. The calculation does not include the expenses and management fees incurred by any underlying funds.
31 January 2026 Total per income statement £'000 Amount excluded from Ongoing Charges £'000 Included Ongoing Charges £000
Management fees 16,063 16,063
General expenses 2,273 (473) 1,800
Finance costs 9,775 (9,775) —
Total 28,111 (10,248) 17,863
Total Ongoing Charges 17,863
Average NAV 1,285,750
Ongoing Charges as % of NAV 1.39%
31 January 2025 Total per income statement £'000 Amount excluded from Ongoing Charges £'000 Included Ongoing Charges £000
Management fees 16,175 — 16,175
General expenses 1,500 165 1,665
Finance costs 9,354 (9,354) —
Total 27,029 (9,189) 17,840
Total Ongoing Charges 17,840
Average NAV 1,294,186
Ongoing Charges as % of NAV 1.38%
Included within General expenses above are £0.5m (2025: £0.2m (credit)) of other expenses which are non-recurring and are excluded from the Ongoing Charges.
Other Net Liabilities Other Net Liabilities at the aggregated Company level represent net other liabilities per the Company’s balance sheet. Net other liabilities per the balance sheet of the subsidiaries include amounts payable under the Co-investment Incentive Scheme Accrual.
Overcommitment Overcommitment refers to where private equity fund investors make Commitments exceeding the amount of liquidity immediately available for investment. When determining the appropriate level of Overcommitment, careful consideration needs to be given to the rate at which Commitments might be drawn down, and the rate at which realisations will generate cash from the existing Portfolio to fund new investment.
Portfolio Portfolio represents the aggregate of the investment Portfolios of the Company and of its subsidiary Limited Partnerships. This APM is consistent with the commentary in previous annual and interim reports. The Board and the Manager consider that disclosing our Portfolio assists shareholders in understanding the value and performance of the underlying investments selected by the Manager. It is shown before the Co-investment Incentive Scheme Accrual to avoid being distorted by certain funds and Direct Investments on which ICG Enterprise Trust Plc does not incur these costs (for example, on funds managed by ICG plc). Portfolio is related to the NAV, which is the value attributed to our shareholders, and which also incorporates the Co-investment Incentive Scheme Accrual as well as the
value of cash and debt retained on our balance sheet. The value of the Portfolio at 31 January 2026 is £1,352.9m (31 January 2025: £1,523.1m).
31 January 2026 £m IFRS Balance sheet fair value Net assets of subsidiary limited partnerships Co-investment Incentive Scheme Accrual Total Company and subsidiary Limited Partnership
Investments (1) 1,308.9 (0.4) 44.4 1,352.9
Cash 33.8 — — 33.8
Other Net Liabilities (70.1) 0.4 (44.4) (114.1)
Net assets 1,272.6 — — 1,272.6
31 January 2025 £m IFRS Balance sheet fair value Net assets of subsidiary limited partnerships Co-investment Incentive Scheme Accrual Total Company and subsidiary Limited Partnership
Investments (1) 1,469.5 (0.3) 53.9 1,523.1
Cash 3.9 — — 3.9
Other Net Liabilities (141.0) 0.3 (53.9) (194.6)
Net assets 1,332.4 — — 1,332.4
(1)Investments as reported on the IFRS balance sheet at fair value comprise the total of assets held by the Company and the net asset value of the Company’s investments in the subsidiary Limited Partnerships.
Portfolio Return on a Local Currency Basis Portfolio Return on a Local Currency Basis represents the change in the valuation of the Company’s Portfolio before the impact of currency movements and Co-investment Incentive Scheme Accrual. The Portfolio return of 4.8% is calculated as follows:
£m 31 January 2026 31 January 2025
Income, gains and losses on Investments 126.3 142.0
Foreign exchange gains and losses included in gains and losses on investments (55.1) 5.4
Incentive accrual valuation movement 1.7 (9.3)
Total gains on Portfolio investments excluding impact of foreign exchange 72.9 138.1
Opening Portfolio valuation 1,523.1 1,349.0
Portfolio Return on a Local Currency Basis 4.8% 10.2%
Term Short form Definition
Portfolio Company Portfolio Company refers to an individual company in an investment portfolio.
Primary A Primary Investment is a Commitment to a private equity fund.
Preferred Return Preferred Return is the preferential rate of return on an individual investment or a portfolio of investments, which is typically 8% per annum.
Premium Premium occurs when the share price is higher than the NAV and investors would therefore be paying more than the value attributable to the shares by reference to the underlying assets.
Quoted Company A Quoted Company is any company whose shares are listed or traded on a recognised stock exchange.
Realisation Proceeds Realisation Proceeds are amounts received in respect of underlying realisation activity from the Portfolio and exclude any inflows from the sale of fund positions via the secondary market.
Realisations - Multiple to Cost Realisations - Multiple to Cost is the average return from Full Exits from the Portfolio in the period on a primary investment basis, weighted by cost.
£m 31 January 2026 31 January 2025
Realisation Proceeds from Full Exits in the year-to-date 195.8 73.7
Cost 80.2 35.9
Average multiple of cost 3.0x 2.9x
Realisations – Uplift To Carrying Value Realisations – Uplift To Carrying Value is the aggregate uplift on Full exits from the Portfolio in the period comparing realisation proceeds to the most recent valuation prior to the announcements of the disposal. This measure excludes publicly listed companies that were exited via sell downs of their shares.
£m 31 January 2026 31 January 2025
Realisation Proceeds from Full Exits in the year-to-date 195.8 73.7
Prior Carrying Value (most recent valuation prior to the announcement of the disposal) 176.1 62.0
Realisations – Uplift To Carrying Value 11.2% 19.0%
Secondary Investments Secondary Investments occur when existing private equity fund interests and Commitments are purchased from an investor seeking liquidity.
Share buybacks Share buybacks, or stock repurchases, occur when a company uses its own funds to buy its outstanding shares in the open market, thereby reducing the number of shares in circulation. As a result of buybacks, existing shareholders own a greater percentage of the company’s assets and profits. If share buybacks are executed at a discount to NAV, the buyback will increase the NAV per Share of the remaining shares outstanding.
Share Price Total Return Share Price Total Return is the change in the Company’s share price, assuming that dividends are re-invested on the day that they are paid.
Total New Investment Total New Investment is the total of direct Co-investment and fund investment Drawdowns in respect of the Portfolio. In accordance with IFRS 10, the Company’s subsidiaries are deemed to be investment entities and are included in subsidiary investments within the financial statements. Movements in the cash flow statement within the financial statements reconcile to the movement in the Portfolio as follows:
£m 31 January 2026 31 January 2025
Purchase of Portfolio investments per cash flow statement 50.6 34.1
Purchase of Portfolio investments within subsidiary investments 154.8 152.2
Return of invested cost/expenses (11.1) (4.9)
Total New Investment 194.2 181.4
Term Short form Definition
Total Proceeds Total Proceeds are amounts received by the Company in respect of the Portfolio, which may be in the form of capital proceeds or income such as interest or dividends. In accordance with IFRS 10, the Company’s subsidiaries are deemed to be investment entities and are included in subsidiary investments within the financial statements.
£m 31 January 2026 31 January 2025
Sale of Portfolio investments per cash flow statement 60.1 20.0
Sale of Portfolio investments, interest received, and dividends received within subsidiary investments 320.1 125.8
Interest income per cash flow statement 0.7 0.5
Dividend income per cash flow statement 1.5 0.5
Other income per cash flow statement 0.3 0.1
Return of invested cost 3.6 4.6
Deal costs arising from Secondary Sales (3.9) (0.6)
Total Proceeds 382.3 150.8
Fund Disposals (66.3) —
Realisation Proceeds 316.0 150.8
Total Return The change in the Company’s Net Asset Value per Share, assuming that dividends are re-invested at the end of the quarter in which the dividend was paid.
Undrawn Commitments Undrawn Commitments are Commitments that have not yet been drawn down (please see ‘Drawdowns’).
Unquoted Company An Unquoted Company is any company whose shares are not listed or traded on a recognised stock exchange.
Valuation Date The date of the valuation report issued by the underlying managerRecent news on ICG Enterprise Trust
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