REG-Unaudited Interim Results for the six months ended 31 July 2025
07/10/2025 07:00
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ICG Enterprise Trust plc
Unaudited Interim Results for the six months ended 31 July 2025
7 October 2025
Highlights * NAV per Share of 2,040p, Q2 NAV per Share Total Return of 1.9% (5 year annualised: 14.5%)
* H1 NAV per Share Total Return of (0.7)% includes a negative FX impact of (2.0)% due to the strengthening of Sterling, largely in Q1
* Strong cash generation during H1, with Total Proceeds of £222m (H1 FY25: £86m). Realisations during the period included three of our top 10 portfolio companies, and we executed a sale of a portion of our Portfolio at a 5.5% discount
* New Investments of £113m, including £42m into secondaries in line with our intention to increase our exposure to this part of the market
* £16m buybacks executed in H1 FY26, increasing NAV per Share by 14p (~0.7%)
* Q2 dividend of 9p per share. Board intention remains to pay total FY26 dividends of at least 38p per share (FY25: 36p)
* Share Price Total Return during the half-year of 12.6%
Oliver Gardey
Portfolio Manager, ICG Enterprise Trust
"During the six months covered in this report, ICG Enterprise Trust's Portfolio delivered a Return on
a Local Currency Basis of 2.1%. The strengthening of Sterling, in particular during the first three
months of the period, resulted in a negative FX impact of (2.0)% and was a notable drag on the NAV per
Share Total Return, which was (0.7)% for the six months. The final three months of the period were
more positive, with a NAV per Share Total Return of 1.9%. From a fundamental perspective, the
Portfolio is performing strongly and delivered earnings growth (1)of 15% over the last twelve months
despite a complex and shifting macroeconomic landscape. Cash generation was a highlight of the half
-year, with Total Proceeds of £222m already greater than FY25's total of £151m, and Portfolio net cash
generation of £109m (H1 FY25: £(18)m net cash outflow). Realisations included three of our top 10
portfolio companies (Minimax, Datasite and European Camping Group), and we sold a portion of our
Portfolio at a 5.5% discount. At Q1 we noted that secondaries were offering some compelling
opportunities, and I am pleased to say that during Q2 we invested £18m in a secondaries portfolio
alongside ICG LPS I. During the half-year as a whole we invested £42m into secondary investments, 37%
of our New Investments, and secondaries now represent 17% of the Portfolio (FY25: 15%). We are well
positioned to continue to invest in the Portfolio, maintain the progressive dividend policy, and
execute our share buyback programmes. While the volume of investments this period is broadly in line
with H1 FY25, the number and quality of opportunities we are seeing is growing, and we are optimistic
about the current investment environment." 1 EBITDA, based on Enlarged Perimeter covering 61% of the
Portfolio
PERFORMANCE OVERVIEW
Annualised
Performance to 31 July 2025 3 months 6 months 1 year 3 years 5 years 10 years
Portfolio Return on a Local Currency Basis 1.6% 2.1% 8.4% 7.2% 17.4% 14.6%
NAV per Share Total Return 1.9% (0.7)% 6.7% 4.9% 14.5% 13.3%
Share Price Total Return 27.9% 12.6% 14.1% 11.2% 16.5% 12.5%
FTSE All-Share Index Total Return 9.2% 7.9% 12.1% 10.5% 12.5% 6.9%
Half-year ended: Jul 2021 Jul 2022 Jul 2023 Jul 2024 Jul 2025
Fund performance Portfolio return (local currency) 14.9% 7.4% 4.6% 3.8% 2.1%
Portfolio return (sterling) 12.8% 12.4% 1.6% 2.6% 0.1%
NAV £1,044m £1,269m £1,290m £1,274m £1,286m
NAV per Share Total Return (%) 11.1% 10.9% 0.8% 2.8% (0.7)%
Investment activity New Investments £133m £144m £64m £104m £113m
As % opening Portfolio 14% 12% 5% 8% 7%
Total Proceeds £185m £107m £94m £86m £222m
As % opening Portfolio 19% 9% 7% 6% 15%
Shareholder returns Closing share price 1,084p 1,166p 1,174p 1,340p 1,488p
Total dividends per share for HY 12p 14p 16p 17p 18p
Share Price Total Return 13.7% (1.6)% 2.9% 10.3% 12.6%
Total shareholder distributions £12m £15m £17m £33m £28m
As % Total Proceeds 7% 14% 18% 38% 13%
- o/w distributions dividends (%) 78% 100% 63% 34% 43%
- o/w distributions buybacks (%) 22% —% 37% 66% 57%
Primary Direct Secondary Total ICG-managed
Local Currency return 2.0% 3.9% (1.5)% 2.1% 2.9%
Sterling return 0.6% 1.3% (4.1)% 0.1% 1.3%
New Investments £41m £30m £42m £113m £62m
Total Proceeds £125m £78m £20m £222m £75m
New Fund Commitments £108m - - £108m £21m
Closing Portfolio value £710m £466m £240m £1,416m £427m
% Total Portfolio 50.2% 32.8% 17.0% 100.0% 30.1%
COMPANY TIMETABLE
A presentation for investors and analysts will be held at 12:30 BST today. A
link for the presentation can be found on the Results & Reports page
(https://www.globenewswire.com/Tracker?data=KCNGE5FyMfFSkzSy-yxxTu8MUoWZad4wFIktpBqo7CXUvVKR98KhX-yarkDd_xsVPasmwDaIMFKVeuVhyWkNdlwHg3Mkwfaf-8gNwGxGgq4eI1ncOE0s_PnHwE-y8Ku158fJPGhizIAe5bj59Uo1C_DlmphDIsgmN7nxOvf-TEI=)
of the Company website. A recording of the presentation will be made available
on the Company website after the event.
FY26 Second Interim Dividend
Ex-dividend date 13 November 2025
Record date 14 November 2025
Dividend payment date 28 November 2025
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 +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.
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 FOREWORD
In the six months to 31 July 2025, ICG Enterprise Trust's NAV per Share Total
Return was (0.7)%, including a negative (2.0)% impact due to the strengthening
of Sterling, and the Share Price Total Return was 12.6%. Over the last five
years, we have generated an annualised NAV per Share Total Return of 14.5% and
an annualised Share Price Total Return of 16.5%.
The long-term growth from our Portfolio (which has delivered an annualised
Return on Local Currency Basis of 17.4% over the last five years) is
supplemented by our capital allocation policy. In the six months under review
in this report we returned £28m to shareholders: £12m through our
progressive dividend policy and £16m through buybacks. Since October 2022 we
have bought back over 8% of the opening share count – one of the highest in
our peer group – at a weighted average discount of 37.4%. This has increased
our NAV per Share by 65p or 3.3%.
The private equity industry is experiencing a prolonged period of low
realisation activity. ICGT has bucked this trend, with H1 Total Proceeds of
£222m already greater than FY25’s total of £151m. This reflects some
larger portfolio company exits, such as Minimax, Datasite and European Camping
Group, as well as our Manager's active approach to portfolio management in the
secondary market.
During the period we undertook a number of sales and marketing initiatives,
including an outreach to retail investors who hold their shares through
platforms, and participated in a variety of conferences, panels and podcasts.
We seek to provide shareholders with access to companies and parts of the
economy not easily accessible in public markets, and through this to generate
long-term compounding returns. I believe this makes us a compelling
proposition for many investors' portfolios. We discussed these topics and more
during our Shareholder Seminar in June – a recording is available at:
https://www.icg-enterprise.co.uk/cmd.
The discount of our shares narrowed from 35% to 27% during the period, which
remains wide in absolute terms. I believe continued Portfolio performance;
continuing to realise investments at or above carrying values; prudent balance
sheet management; and effective implementation of our capital allocation
policy will be supportive of future shareholder returns.
On behalf of the Board, thank you for your continued support.
Jane Tufnell
Chair
6 October 2025
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-IFRS
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 IFRS 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. Under IFRS, the Company and its subsidiaries
are reported separately. The assets and liabilities of the subsidiaries are
presented on the face of the IFRS balance sheet as a single carrying value.
The same is true for the IFRS and APM basis of the Cash flow statement.
The following table sets out IFRS metrics and the APM equivalents:
IFRS (£m) 31 July 2025 31 July 2024 APM (£m) 31 July 2025 31 July 2024
Investments 1,361.5 1,362.0 Portfolio 1,415.6 1,401.8
NAV 1,286.3 1,273.5
Cash flows from the sale of portfolio investments 42.5 9.3 Total Proceeds 222.2 86.4
Cash flows related to the purchase of portfolio investments 17.5 23.3 Total New Investment 113.1 104.4
The Glossary includes definitions for all APM and, where appropriate, a
reconciliation between APM and IFRS.
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 businesses is that they are profitable and cash
generative. These businesses 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 businesses 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 31 July 2025
1. Target Portfolio composition (1)
Investment category
Primary ~40-50% 56% 50%
Direct ~30-35% 29% 33%
Secondary ~25-30% 15% 17%
Geography
North America ~50% 44% 46%
Europe (inc. UK) ~50% 49% 47%
Other — 7% 7%
1 As percentage of Portfolio Note: five year average is the linear average of FY exposures for FY22 - FY25 and H1 FY26
ICG Enterprise Trust benefits from access to ICG-managed funds and Direct
investments, which represented 30.1% of the Portfolio value at period end and
generated a 2.9% return on a local currency basis.
Performance overview
At 31 July 2025, our Portfolio was valued at £1,416m, and the Portfolio
Return on a Local Currency Basis for the first half of the financial year was
2.1% (H1 FY25: 3.8%).
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 £(30.1)m, driven primarily by
depreciation of the US Dollar. In Sterling terms, Portfolio growth during the
period was 0.1%.
The net result for shareholders was that ICG Enterprise Trust generated a NAV
per Share Total Return of (0.7)% during H1 FY26, ending the period with a NAV
per Share of 2,040p.
Movement in the Portfolio £m Six months to 31 July 2025 Six months to 31 July 2024
Opening Portfolio (1) 1,523.1 1,349.0
Total New Investments 113.1 104.4
Total Proceeds (222.2) (86.4)
Portfolio net cash (generation) / outflow (109.1) 18.0
Valuation movement (2) 31.7 50.9
Currency movement (30.1) (16.1)
Closing Portfolio 1,415.6 1,401.8
1 Refer to the Glossary 2 92% of the Portfolio valuations are dated 30 June 2025 or later (2024: 90%)
NAV per Share Total Return Six months to 31 July 2025 Six months to 31 July 2024
% Portfolio growth (local currency) 2.1% 3.8%
% currency movement (2.0)% (1.2)%
% Portfolio growth (Sterling) 0.1% 2.6%
Impact of gearing —% 0.1%
Finance costs and other expenses (0.7)% (0.3)%
Management fee (0.6)% (0.6)%
Co-investment Incentive Scheme Accrual (0.2)% (0.1)%
Impact of share buybacks 0.7% 1.0%
NAV per Share Total Return (0.7)% 2.8%
For Q2 the Portfolio Return on a Local Currency Basis was 1.6% and the NAV per
Share Total Return was 1.9%.
Executing our investment strategy
Commitments in the period Total New Investments in the period Growth in the period Total Proceeds in the period
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
£108m (H1 FY25: £72m) £113m (H1 FY25: £104m) £ 32 m (H1 FY25: £51m) £ 222 m (H1 FY25: £86m)
Commitments
Our evergreen structure and flexible investment mandate enables us to commit
through the cycle, maintaining vintage diversification for our Portfolio and
sowing the seeds for future growth.
During the period we made eight new fund Commitments totalling £108m,
including £21m to funds managed by ICG plc, as detailed below:
Fund Manager Commitment during the period
Local currency £m
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
GHO Capital IV GHO €15.0m £12.4m
Integrum II Integrum $15.0m £11.6m
New Mountain Strategic Equity II New Mountain $15.0m £11.0m
Stone Point - Trident X Stone Point $5.0m £3.7m
At 31 July 2025, ICG Enterprise Trust had outstanding Undrawn Commitments of
£581m:
Movement in outstanding Commitments Six months to 31 July 2025 (£m)
Undrawn Commitments as at 1 February 2025 554.3
New Fund Commitments 107.9
New Commitments relating to Co-investments 42.7
Drawdowns (113.3)
Currency and other movements, including repayment of commitments which can be reinvested (10.1)
Undrawn commitments as at 31 July 2025 581.5
Total Undrawn Commitments at 31 July 2025 represented £424m of Undrawn
Commitments to funds within their Investment Periods, with £158m to funds
outside their Investment Periods.
31 July 2025 £m 31 July 2024 £m
Undrawn Commitments – funds in Investment Period 424.0 451.6
Undrawn Commitments – funds outside Investment Period 157.5 123.4
Total Undrawn Commitments 581.5 575.0
Total available liquidity (including facility) (187.4) (125.7)
Overcommitment net of total available liquidity 394.1 449.3
Overcommitment % of net asset value 30.6% 35.3%
Commitments are made in the funds' underlying currencies. The currency split
of the undrawn commitments at 31 July 2025 was as follows:
31 July 2025 31 July 2024
Undrawn Commitments £m % £m %
US Dollar 319.6 55.0% 325.2 56.6%
Euro 234.7 40.4% 221.1 38.4%
Sterling 25.9 4.4% 28.7 5.0%
Other 1.3 0.2% — —%
Total 581.5 100% 575.0 100%
Investments
Total new investments of £113m were made during the period, of which £62m
(55%) were into ICG managed investments. New investment by category detailed
in the table below:
Investment Category Cost (£m) % of New Investments
Primary 41.3 36.6%
Direct 30.3 26.8%
Secondary 41.5 36.6%
Total 113.1 100.0%
The five largest underlying new investments in the period were as follows:
Investment Description Manager Country Cost £m (1)
Project Domino Diversified secondaries portfolio ICG N/A 18.3
Minimax Supplier of fire protection systems and services ICG Germany 8.3
Circana Provider of mission-critical data and predictive analytics to consumer goods manufacturers New Mountain United States 6.4
European Camping Group Operator of premium campsites and holiday parks PAI France 4.7
Stout Provider of accounting and valuation services Integrum United States 4.1
Total of top 5 largest underlying new investments 41.8
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 H1 FY26 shareholders will note that Minimax and
European Camping Group appear both in the top 5 realisations and top 5 new
investments, which is a result of this situation.
Growth
The portfolio grew by £32 million (+2.1%) on a Local Currency Basis in the
six months to 31 July 2025.
Growth across the Portfolio was split as follows:
* By investment type: growth was spread across Direct 3.9% and Primary 2.0%,
offset by Secondary (1.5)%
* By geography: North America and Europe experienced growth of 2.9% and 1.2%
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 40% 61%
Last Twelve Months ('LTM') revenue growth 8.6% 10.2%
LTM EBITDA growth 13.0% 15.2%
Net Debt / EBITDA 4.3x 4.7x
Enterprise Value / EBITDA 15.8x 15.3x
Note: values are weighted averages for the respective portfolio segment; 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 July 2025, ICG Enterprise Trust’s exposure to quoted companies was
valued at £53.6m, equivalent to 3.8% of the Portfolio value (31 January 2025:
4.8%). Exposure to Chewy, our largest listed exposure, decreased from 2.0% of
Portfolio Value at 31 January 2025 to 1.4% at 31 July 2025, driven
predominantly by proceeds of £6.5m received during the period from BC
Partners.
At 31 July 2025 Chewy was the only quoted investment that individually
accounted for 0.5% or more of the Portfolio value:
Company Ticker 31 July 2025 % of Portfolio value
Chewy CHWY-US 1.4%
Other companies 2.4%
Total 3.8%
Realisations
During the first half of FY26, the ICG Enterprise Trust Portfolio generated
Total Proceeds of £222m. Approximately 30% of this was from a sale of a
portion of our Portfolio. The sale was executed at a discount of 5.5% to 30
September 2024 valuation and realised a 1.6x return on invested cost (15%
IRR).
Realisation activity during the period included 13 Full Exits generating
proceeds of £62.1m. These were completed at a weighted average Uplift to
Carrying Value of 14% and represent a weighted average Multiple to Cost of
2.9x for those investments. Realisation activity over the last twelve months
included 40 Full Exits, which were completed at a weighted average Uplift to
Carrying Value of 15% and represented a weighted average Multiple to Cost of
3.0x.
The five largest underlying realisations in the period were as follows:
Realisation Description Manager Country Proceeds £m
Minimax Supplier of fire protection systems and services ICG Germany 48.8
Datasite Global Corporation Provider of SaaS software focused on virtual data rooms ICG United States 22.5
European Camping Group Operator of premium campsites and holiday parks PAI France 18.8
Chewy Retailer of pet products and services BC United States 6.5
United Petfood Producer of pet food ICG Belgium 6.0
Total of 5 largest underlying realisations 102.6
Balance sheet and liquidity
Net assets at 31 July 2025 were £1,286.3m, equal to 2,040p NAV per share.
At 31 July 2025, the drawn debt was £89.8m (31 January 2025: £131.9m),
resulting in a net debt position of £68.9m (31 January 2025: £128m). At 31
July 2025, the Portfolio represented 110.1% of net assets (31 January 2025:
114.3%).
£m % of net assets
Portfolio 1,415.6 110.1%
Cash 20.9 1.6%
Drawn debt (89.8) (7.0)%
Co-investment Incentive Scheme Accrual (54.4) (4.2)%
Other net current liabilities (6.0) (0.5)%
Net assets 1,286.3 100.0%
Our objective is to be fully invested through the cycle, while ensuring that
we have sufficient financial resources to be able to take advantage of
attractive investment opportunities as they arise.
ICG Enterprise Trust has access to a €300m credit facility, maturing in May
2029. At 31 July 2025, ICG Enterprise Trust had a cash balance of £20.9m (31
January 2025: £3.9m) and total available liquidity of £187.4m (31 January
2025: £124.6m).
£m
Cash at 31 January 2025 3.9
Total Proceeds 222.2
New investments (113.1)
Debt drawn down / (repaid) (49.1)
Dividends and buybacks (27.7)
Management fees (8.1)
Incentive fee (5.7)
FX and other expenses (1.6)
Cash at 31 July 2025 20.9
Available undrawn debt facilities 166.5
Total available liquidity 187.4
Dividend and share buyback
ICG Enterprise Trust has a progressive dividend policy alongside two share
buyback programmes to return capital to shareholders.
Dividends
The Board has declared a dividend of 9.0p per share in respect of the second
quarter, taking total dividends for the period to 18p (H1 FY25: 17p). It
remains the Board's intention to declare total dividends of at least 38p per
share for the financial year, implying an increase of 6% on the previous
financial year (FY25: 36p).
Share buybacks
The following purchases have been made under the Company's share buyback
programme:
Long-term Opportunistic Total
H1 FY26 (3) Since inception (1) H1 FY26 (3) Since inception (2) H1 FY26 (3) Since inception
Number of shares purchased 622,500 3,375,188 606,221 2,098,396 1,228,721 5,473,584
% of opening shares since buyback started 8.0%
Capital returned to shareholders £8.2m £40.7m £7.6m £25.8m £15.7m £66.6m
Number of days shares have been acquired 49 232 9 20 58 252
Weighted average discount to last reported NAV 35.4% 37.7% 38.1% 36.7% 36.7% 37.4%
NAV per Share accretion (p) 14.2 65.4
NAV per Share accretion (% of NAV) 0.7% 3.3%
1.Since October 2022 (which was when the long-term share buyback programme was
launched) up to and including 31 July 2025.
2. Since May 2024 (which was when the opportunistic buyback programme was
launched) up to and including 31 July 2025.
3. Based on company-issued announcements / date of purchase, rather than date
of settlement.
Note: aggregate consideration excludes commission, PTM and SDRT.
Foreign exchange rates
The details of relevant FX rates applied in this report are provided in the
table below:
Average rate for six months to Period end rate
31 July 2025 31 July 2024 31 July 2025 31 July 2024
GBP:EUR 1.1807 1.1738 1.1571 1.1875
GBP:USD 1.3171 1.2678 1.3207 1.2856
EUR:USD 1.1161 1.0801 1.1416 1.0826
Activity since the period end
Notable activity between 1 August 2025 and 31 August 2025 included:
* No new fund commitments
* New Investments of £11m
* Realisation Proceeds of £22m
ICG Private Equity Fund Investments Team
6 October 2025
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 July 2025 % of value of underlying investments 31 July 2024
2025 5.2% —%
2024 10.8% 6.7%
2023 8.0% 7.4%
2022 19.0% 17.7%
2021 24.1% 26.2%
2020 8.6% 9.5%
2019 9.6% 11.6%
2018 4.4% 8.0%
2017 1.6% 2.6%
2016 and older 8.7% 10.3%
Total 100.0% 100.0%
Portfolio by sector % of value of underlying investments 31 July 2025 % of value of underlying investments 31 July 2024
TMT 29.0% 28.7%
Consumer goods and services 17.1% 18.3%
Healthcare 13.3% 10.7%
Business services 10.2% 12.9%
Industrials 8.6% 8.2%
Education 5.8% 5.3%
Financials 9.3% 7.6%
Leisure 3.2% 4.4%
Other 3.5% 3.9%
Total 100.0% 100.0%
Portfolio by fund currency (1) 31 July 2025 £m 31 July 2025 % 31 July 2024 £m 31 July 2024 %
USD 777.1 54.9% 701.0 50.0%
EUR 507.8 35.9% 566.2 40.4%
GBP 126.8 9.0% 134.6 9.6%
Other 3.9 0.3% 0.0 —%
Total 1,415.6 100.0% 1,401.8 100.0%
(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 July 2025, the Top 30 Companies represented 40% of the
Portfolio by value and the Enlarged Perimeter represented 61% of total
Portfolio value. This information is prepared on a value-weighted basis, based
on contribution to Portfolio value at 31 July 2025.
% of value at 31 July 2025
Sector exposure Top 30 Enlarged Perimeter
TMT 33.6% 27.8%
Consumer goods and services 16.0% 17.6%
Business services 15.7% 12.5%
Industrials 11.7% 14.2%
Healthcare 7.5% 10.8%
Education 9.3% 5.6%
Leisure 6.1% 4.1%
Financials —% 3.5%
Other — % 3.9%
Total 100.0% 100.0%
% of value at 31 July 2025
Geographic exposure (1) Top 30 Enlarged Perimeter
North America 41.5% 43.7%
Europe 51.8% 53.3%
Other 6.7% 3.0%
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 July 2025
LTM revenue growth Top 30 Enlarged Perimeter
<-10% 2.9% 3.8%
-10-0% 6.5% 11.3%
0-10% 52.1% 45.0%
10-20% 31.1% 22.2%
20-30% 5.5% 5.8%
>30% 1.9% 6.9%
n.a. —% 5.0%
Weighted average 8.6% 10.2%
Note: for consistency, any excluded investments are excluded for all dispersion analysis.
% of value at 31 July 2025
LTM EBITDA growth Top 30 Enlarged Perimeter
<-10% 2.9% 6.5%
-10-0% 7.3% 11.7%
0-10% 38.8% 34.5%
10-20% 25.2% 18.9%
20-30% 8.9% 8.0%
>30% 16.8% 16.0%
n.a —% 4.5%
Weighted average 13.0% 15.2%
Note: for consistency, any excluded investments are excluded for all dispersion analysis.
% of value at 31 July 2025
EV/EBITDA multiple Top 30 Enlarged Perimeter
0-10x 10.1% 8.8%
10-12x 6.7% 9.9%
12-13x 11.7% 14.2%
13-15x 26.8% 20.2%
15-17x 8.0% 10.6%
17-20x 14.9% 14.0%
>20x 21.7% 15.8%
n.a. —% 6.6%
Weighted average 15.8x 15.3x
Note: for consistency, any excluded investments are excluded for all dispersion analysis.
% of value at 31 July 2025
Net Debt / EBITDA Top 30 Enlarged Perimeter
<2x 22.5% 12.4%
2-4x 17.3% 23.8%
4-5x 13.3% 13.8%
5-6x 17.1% 15.4%
6-7x 15.2% 14.7%
>7x 14.7% 13.0%
n.a. —% 6.9%
Weighted average 4.3x 4.7x
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 July 2025. The valuations are gross of
underlying managers fees and carried interest.
Company Manager Year of investment Country Value as a % of Portfolio
1 Froneri
Manufacturer and distributor of ice cream products PAI Partners 2013 / 2019 United Kingdom 2.7%
2 Circana
Provider of mission-critical data and predictive analytics to consumer goods manufacturers New Mountain Capital 2022 United States 2.2%
3 Visma
Provider of business management software and outsourcing services Hg Capital/ ICG 2017 / 2020 / 2024 Norway 1.7%
4 Curium Pharma
Supplier of nuclear medicine diagnostic pharmaceuticals ICG 2020 United Kingdom 1.7%
5 Leaf Home Solutions
Provider of home maintenance services Gridiron Capital 2016 United States 1.7%
6 Davies Group
Provider of speciality business process outsourcing services BC Partners 2021 United Kingdom 1.6%
7 Ambassador Theatre Group
Operator of theatres and ticketing platforms ICG 2021 United Kingdom 1.6%
8 Crucial Learning
Provider of corporate training courses focused on communication skills and leadership development Leeds Equity Partners 2019 United States 1.5%
9 PSB Academy
Provider of private tertiary education ICG 2018 Singapore 1.5%
10 David Lloyd Leisure
Operator of premium health clubs TDR Capital 2013 / 2020 United Kingdom 1.4%
11 Chewy
Online retailer of premium pet food and products BC Partners 2014 / 2015 /2022 United States 1.4%
12 Exail
Provider of autonomous systems for the aerospace and maritime sectors ICG 2022 France 1.4%
13 Precisely
Provider of enterprise software Clearlake Capital/ ICG 2021 / 2022 United States 1.3%
14 Domus
Operator of retirement homes ICG 2017 / 2021 France 1.3%
15 Class Valuation
Provider of residential mortgage appraisal management services Gridiron Capital 2021 United States 1.3%
16 Yudo
Designer and manufacturer of hot runner systems ICG 2017 / 2018 South Korea 1.2%
17 Newton
Provider of management consulting services ICG 2021 / 2022 United Kingdom 1.2%
18 Vistage
Provider of CEO leadership and coaching for small and mid-size businesses in the US Gridiron Capital 2022 United States 1.1%
19 KronosNet
Provider of tech-enabled customer engagement and business solutions ICG 2022 Spain 1.1%
20 Planet Payment
Provider of integrated payments services focused on hospitality and luxury retail Eurazeo Funds Management / ICG 2021 Ireland 1.1%
21 Audiotonix
Manufacturer of audio mixing consoles PAI Partners 2024 United Kingdom 1.1%
22 Brooks Automation
Provider of semiconductor manufacturing solutions Thomas H. Lee Partners 2021 / 2022 United States 1.0%
23 Minimax
Supplier of fire protection systems and services ICG 2018 / 2024 / 2025 Germany 1.0%
24 European Camping Group
Operator of an outdoor accommodation group in Europe PAI Partners 2021 / 2022 / 2023 / 2025 France 1.0%
25 Ivanti
Provider of IT management solutions Charlesbank Capital Partners/ ICG 2021 United States 1.0%
26 DigiCert
Provider of enterprise security solutions ICG 2021 United States 1.0%
27 Ping Identity
Provider of intelligent access management solutions Thoma Bravo 2022 / 2023 United States 0.9%
28 Archer Technologies
Developer of governance, risk and compliance software intended for risk management Cinven 2023 United States 0.9%
29 Multiversity
Provider of online higher education CVC Capital Partners/ ICG 2024 Italy 0.8%
30 Silvus Technologies
Developer of mobile communications datalinks used in law enforcement, unmanned systems and other commercial/industrial applications The Jordan Company 2019 United States 0.8%
Total of the 30 largest underlying investments 39.5%
The 30 largest fund investments by value
The table below presents the 30 largest fund investments by value at 31 July
2025. The valuations are net of underlying managers’ fees and carried
interest.
Fund Year of commitment Value £m Outstanding commitment £m
1 PAI Strategic Partnerships **
Mid-market and large buyouts 2019 34.7 0.1
2 ICG Strategic Equities Fund IV
GP-led secondary transactions 2021 33.7 6.3
3 ICG Europe VIII
Mezzanine and equity in mid-market buy-outs 2021 31.8 9.7
4 CVC European Equity Partners VII
Large buyouts 2017 25.8 3.2
5 ICG LP Secondaries Fund I LP
LP-led secondary transactions 2022 23.7 26.6
6 PAI Europe VII
Mid-market and large buyouts 2017 23.2 2.5
7 ICG Strategic Equities Fund III
GP-led secondary transactions 2018 22.1 10.5
8 ICG Ludgate Hill (Feeder B)
Secondary portfolio 2021 22.1 14.0
9 Resolute IV
Mid-market buyouts 2018 21.9 0.7
10 Gridiron Capital Fund III
Mid-market buyouts 2016 21.5 1.2
11 Gridiron Capital Fund IV
Mid-market buyouts 2019 21.4 0.5
12 Oak Hill V
Mid-market buyouts 2019 19.7 0.5
13 Seventh Cinven
Large buyouts 2019 19.4 2.8
14 Graphite Capital Partners IX
Mid-market buyouts 2018 17.2 0.9
15 Advent Global Private Equity IX
Large buyouts 2019 16.3 0.5
16 ICG Ludgate Hill III
Secondary portfolio 2022 16.1 5.3
17 Resolute V
Mid-market buy-outs 2021 15.7 1.4
18 Investindustrial VII
Mid-market buyouts 2019 15.7 4.2
19 ICG Augusta Partners Co-Investor **
Secondary fund restructurings 2018 15.1 16.4
20 Graphite Capital Partners VIII *
Mid-market buyouts 2013 15.0 3.6
21 ICG Ludgate Hill (Feeder) II Boston SCSp
Secondary portfolio 2022 14.7 5.1
22 ICG Strategic Equities Fund V
GP-led secondary transactions 2023 14.2 28.3
23 Tailwind Capital Partners III
Mid-market buyouts 2018 14.1 1.4
24 CVC Capital Partners VIII
Large buyouts 2020 13.9 0.5
25 ICG Europe VII
Mezzanine and equity in mid-market buyouts 2018 13.3 5.9
26 New Mountain Partners VI
Mid-market buy-outs 2020 13.3 1.8
27 Thomas H Lee Equity Fund IX
Mid-market and large buyouts 2021 12.7 3.8
28 ICG Europe Mid-Market Fund
Mezzanine and equity in mid-market buyouts 2019 12.4 5.0
29 Gridiron Capital Fund III
Mid-market buyouts 2022 12.1 4.1
30 Bowmark Capital Partners VI
Mid-market buyouts 2018 11.5 3.1
Total of the largest 30 fund investments 564.3 169.9
Percentage of total investment Portfolio 40.0% -
* Includes the associated top up funds
** All or part of interest acquired through a secondary purchase
PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties facing the Company are substantially the
same as those disclosed in the Strategic Report and in the notes to the
Financial Statements in the Company’s latest Annual Report for the year
ended 31 January 2025 which was approved by the Board on 7 May 2025.
The Company considers its principal risks (as well as several underlying risks
comprising each principal risk) in four categories:
Investment risks: the risk to performance resulting from ineffective or
inappropriate investment selection, execution or monitoring.
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.
Operational risks: the risk of loss resulting from inadequate or failed
internal processes, people or systems and external event, including regulatory
risk.
Financial risks: the risks 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.
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 of appetite, appropriate action is taken.
In addition to these, emerging risks are regularly considered to assess any
potential impact on the Company and to
determine whether any actions are required. The Board also regularly considers
the evolution of requirements and standards
relating to ESG and responsible investing.
Related Party Transactions
There have been no material changes in the related party transactions
described in the 31 January 2025 Annual Report.
Directors’ Responsibility Statement
The Directors are responsible for preparing the Interim Report, in accordance
with applicable laws and regulations. The Directors confirm that, to the best
of their knowledge:
* The condensed interim financial statements have been prepared in accordance
with UK-adopted IAS 34 Interim condensed financial statements and gives a true
and fair view of the assets, liabilities, financial position and profit or
loss of the Company;
* The Chair’s Statement and Manager’s Review includes a fair review of the
information required by DTR 4.2.7R of the Disclosure Guidance and Transparency
Rules, being an indication of important events that have occurred during the
first six months of the financial year and their impact on the condensed
interim financial statements, and a description of the principal risks and
uncertainties for the remaining six months of the year; and
* The interim financial statements include a fair review of the information
required by DTR 4.28R of the Disclosure Guidance and Transparency Rules, being
related party transactions that have taken place in the first six months of
the financial year and that have materially affected the financial position or
performance of the Company during that period, and any changes in the related
party transactions described in the last Annual Report that could do so.
The Interim Report was approved by the Board and the above Directors’
Responsibility Statement was signed on its behalf by the Chair.
Jane Tufnell
Chair
6 October 2025
Unaudited Interim Financial Statements for the period ended 31 July 2025
INTERIM CONDENSED FINANCIAL STATEMENTS
Income statement
Half year to 31 July 2025 (Unaudited) Half year to 31 July 2024 (Unaudited)
Notes Revenue return £’000 Capital return £’000 Total £’000 Revenue return £’000 Capital return £’000 Total £’000
Income, gains and losses on investments 491 (5,875) ( 2 3 3
5 5 4 4
, 4 , ,
3 6 9
8 9 5
4 7 1
)
Deposit interest 54 — 54 29 — 29
Other income 96 — 96 5 — 5
Foreign exchange gains and losses — 2,205 2,205 — 741 741
641 (3,670) (3,029) 288 35,438 35,726
Expenses
Investment management charges (800) (7,204) (8,004) (797) (7,172) (7,969)
Other expenses including finance costs (1,889) (5,188) (7,077) (1,283) (3,481) (4,764)
(2,689) (12,392) (15,081) (2,080) (10,653) (12,733)
(Loss)/profit before tax (2,048) (16,062) (18,110) (1,792) 24,785 22,993
Taxation — — — — — —
(Loss)/profit for the period (2,048) (16,062) (18,110) (1,792) 24,785 22,993
Attributable to:
Equity shareholders (2,048) (16,062) (18,110) (1,792) 24,785 22,993
Basic and diluted earnings per share 5 (28.47)p 34.67p
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 26 to 28 form an integral part of the interim financial
statements.
Balance sheet
Notes 31 July 2025 (unaudited) £’000 31 January 2025 (audited) £’000
Non-current assets
Investments held at fair value 7 1,361,532 1,469,549
Current assets
Cash and cash equivalents 20,852 3,927
Prepayments and receivables 1,591 2,018
22,443 5,945
Current liabilities
Borrowings 89,755 131,931
Payables 7,960 11,171
97,715 143,102
Net current assets/(liabilities) (75,272) (137,157)
Total assets less current liabilities 1,286,260 1,332,392
Capital and reserves
Share capital 6,355 7,292
Capital redemption reserve 3,049 2,112
Share premium 12,936 12,936
Capital reserve 1,271,644 1,315,727
Revenue reserve (7,724) (5,675)
Total equity 1,286,260 1,332,392
Net asset value per share (basic and diluted) 6 2,040.3p 2,072.9p
The notes on pages 26 to 28 form an integral part of the interim financial
statements.
The financial statements on pages 22 to 28 were approved by the Board of
Directors on 06 October 2025 and signed on its behalf by:
Jane Tufnell Alastair Bruce
Director Director
Cash flow statement
Half year to 31 July 2025 (unaudited) £’000 Half year to 31 July 2024 (unaudited) £’000
Operating activities
Sale of portfolio investments 42,464 9,287
Purchase of portfolio investments (17,549) (23,295)
Cash flow to subsidiaries' investments (101,245) (89,643)
Cash flow from subsidiaries' investments 179,266 72,870
Interest income received from portfolio investments 212 200
Dividend income received from portfolio investments 286 52
Other income received 150 34
Investment management charges paid (8,139) (8,006)
Other expenses paid (2,117) (1,007)
Net cash inflow/(outflow) from operating activities 93,328 (39,508)
Financing activities
Credit facility fee paid (1,294) (1,362)
Interest paid (769) (414)
Credit Facility utilised 88,055 92,378
Credit Facility repaid (137,139) (18,412)
Purchase of shares into treasury (15,937) (21,456)
Equity dividends paid (12,086) (11,238)
Net cash (outflow)/inflow from financing activities (79,170) 39,496
Net increase/(decrease) in cash and cash equivalents 14,158 (12)
Cash and cash equivalents at beginning of year 3,927 9,722
Net increase/(decrease) in cash and cash equivalents 14,158 (12)
Effect of changes in foreign exchange rates 2,767 79
Cash and cash equivalents at end of period 20,852 9,789
The notes on pages 26 to 28 form an integral part of the interim financial
statements.
Statement of changes in equity
Share capital £’000 Capital redemption reserve £’000 Share premium £’000 Capital reserve £’000 Revenue reserve £’000 Total shareholders’ equity £’000
Half year to 31 July 2025 (Unaudited)
Opening balance at 1 February 2025 7,292 2,112 12,936 1,315,727 (5,674) 1,332,393
Profit for the period and total comprehensive income — — — (16,062) (2,048) (18,110)
Transfer to capital redemption reserve (937) 937 — — — —
Dividends paid or approved — — — (12,086) — (12,086)
Purchase of shares into treasury — — — (15,937) — (15,937)
Closing balance at 31 July 2025 6,355 3,049 12,936 1,271,642 (7,722) 1,286,260
Share capital £’000 Capital redemption reserve £’000 Share premium £’000 Capital reserve £’000 Revenue reserve £’000 Total shareholders’ equity £’000
Half year to 31 July 2024 (Unaudited)
Opening balance at 1 February 2024 7,292 2,112 12,936 1,263,616 (2,733) 1,283,223
Profit for the period and total comprehensive income — — — 24,785 (1,792) 22,993
Dividends paid or approved — — — (11,238) — (11,238)
Purchase of shares into treasury — — — (21,456) — (21,456)
Closing balance at 31 July 2024 7,292 2,112 12,936 1,255,707 (4,525) 1,273,522
The notes on pages 26 to 28 form an integral part of the financial statements.
NOTES TO THE FINANCIAL STATEMENTS
For the period ended 31 July 2025
1 GENERAL INFORMATION
These interim condensed 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.
2 FINANCIAL INFORMATION
The interim condensed financial statements are unaudited and do not comprise
statutory accounts within the meaning of section 434 of the Companies Act
2006. Within the notes to the interim condensed financial statements, all
current and comparative data covering the period to (or as at) 31 July 2025 is
unaudited. Data given in respect of the year to 31 January 2025
is audited. The statutory accounts for the year to 31 January 2025 have been
reported on by Ernst & Young LLP and delivered to the Registrar of Companies.
The report of the auditors was (i) unqualified, (ii) did not contain an
emphasis of matter paragraph, and (iii) did not contain any statements under
section 498(2) or (3) of the Companies Act 2006.
3 BASIS OF PREPARATION
The interim financial statements have been prepared in accordance with
UK-adopted IAS 34 Interim financial Reporting (IAS 34) and on the basis of the
accounting policies and methods of computation set out in the financial
statements of the Company for the year to 31 January 2025.
The financial information for the year ended 31 January 2025 was 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.
The Company comprises one operating segment which is also a reporting segment.
Going concern
These financial statements have been prepared on a going concern basis. In
making their going concern assessment, the Directors have considered the
potential impact of principal risks on the Company’s business activities;
the Company’s net cash position; the availability of the Company’s credit
facility and compliance with its covenants; and the Company’s cash flow
projections, in particular those arising from committed but undrawn
commitments.
The Directors have concluded based on the above assessment that the
preparation of the interim condensed financial statements on a going concern
basis, to 31 October 2026, a period of more than 12 months from the signing of
the interim condensed financial statements, continues to be appropriate.
4 DIVIDENDS
Half year to 31 July 2025 £’000 Half year to 31 July 2024 £’000
Third Quarterly dividend in respect of year ended 31 January 2025 of 8.5p per share (2024: 8.0p) 5,460 5,345
Final dividend in respect of year ended 31 January 2025 of 10.5p per share (2024: 9.0p) 6,626 5,894
Total 12,086 11,239
The interim dividend for the quarter to 30 April 2025 was 9.0p per share
(totalling £5.67m), paid on 29 August to shareholders on the register on 14
August 2025. The Board has approved a second interim dividend of 9.0p per
share in respect of the year ended 31 January 2026 which will be paid on 28
November 2025 to shareholders on the register at the close of business on 14
November 2025.
5 EARNINGS PER SHARE
Earnings per share Half year to 31 July 2025 Half year to 31 July 2024
Revenue return per ordinary share (3.22)p (2.70)p
Capital return per ordinary share (25.25)p 37.38p
Earnings per ordinary share (basic and diluted) (28.47)p 34.67p
Weighted average number of shares 63,601,224 66,310,774
Revenue return per ordinary share is calculated by dividing the revenue return
attributable to equity shareholders of £(2.0m) (2024: £(1.8m) by the
weighted average number of ordinary shares outstanding during the period.
Capital return per ordinary share is calculated by dividing the capital return
attributable to equity shareholders of £(16.1m) (2024: £24.8m) by the
weighted average number of ordinary shares outstanding during the period.
Basic and diluted earnings per ordinary share are calculated by dividing the
earnings attributable to equity shareholders of £(18.1m) (2024: £23.0m) by
the weighted average number of ordinary shares outstanding during the period.
The weighted average number of ordinary shares outstanding (excluding those
held in treasury) during the year was 63,601,224 (2024: 66,310,774). There
were no potentially dilutive shares, such as options or warrants, in either
period.
6 NET ASSET VALUE PER SHARE
The net asset value per share is calculated on equity attributable to equity
holders of £1,286.3m (31 January 2025: £1,332.4m) and on 63,043,471 (31
January 2025: 64,272,192) ordinary shares in issue at the period end. There
were no potentially dilutive shares, such as options or warrants, at either
period end. Calculated on both the basic and diluted basis the net asset value
per share was 2,040.3p (31 January 2025: 2,072.9p).
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.
7 FAIR VALUE 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 annual 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 following table presents the assets that are measured at fair value at 31
July 2025 and 31 January 2025:
Level 1 Level 2 Level 3 Total
31 July 2025 £’000 £’000 £’000 £’000
Investments held at fair value
Unquoted investments - - 277,928 277,928
Subsidiary undertakings - - 1,083,604 1,083,604
Total investments held at fair value - - 1,361,532 1,361,532
Level 1 Level 2 Level 3 Total
31 January 2025 £’000 £’000 £’000 £’000
Investments held at fair value
Unquoted investments - - 305,229 305,229
Subsidiary undertakings - - 1,164,320 1,164,320
Total investments held at fair value - - 1,469,549 1,469,549
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 period
ended 31 July 2025 and 31 July 2024.
Half year to 31 July 2025 £’000 Half year to 31 July 2024 £’000
Opening balances 1,469,549 1,296,382
Additions 113,063 104,356
Disposals (221,729) (82,158)
Gains/(losses) recognised in profit or loss 649 43,432
Closing balances 1,361,532 1,362,012
Contained within gains/(losses) recognised in profit or loss are unrealised
gains of £1.9m (2024: unrealised gain £41.5m).
GLOSSARY
Term Short form Definition
Alternative Performance Measures APMs Alternative Performance Measures 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.
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 Investments 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 Please see ‘Total new investment’.
Direct Investments 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%.
Dividend Dividend is a distribution of a portion of a Company’s earnings to its shareholders. Dividends are usually paid in cash, and are determined by the Company’s board of
directors.
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 performance measure in the private equity industry.
Enlarged Perimeter As well as performance metrics for our Top 30 companies, we include data for our "Enlarged Perimeter", which represents the aggregate value of the Top 30 Companies and as
many of the managers from within the Top 30 funds as practicable.
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. 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 in line with guidance issued by the Association of Investment Companies (‘AIC’) and capture 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.
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 cash 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 July 2025 is £1,415.6m (31 January 2025: £1,523.1m).
31 July 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) 1,361.5 (0.4) 54.4 1,415.6
Cash 20.9 20.9
Other Net Liabilities (96.1) 0.4 (54.4) (150.1)
Net assets 1,286.3 1,286.3
31 January 2025 £m IFRS Balance sheet fair value Balances receivable from 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 is calculated as follows:
£m 31 July 2025 31 July 2024
Income, gains and losses on Investments 64.2 74.2
Foreign exchange (losses) and gains included in losses and gains on investments (30.1) (16.1)
Incentive accrual valuation movement (2.4) (7.2)
Total gains on Portfolio investments excluding impact of foreign exchange 31.7 50.9
Opening Portfolio valuation 1,523.1 1,349.0
Portfolio Return on a Local Currency Basis 2.1% 3.8%
Term Short form Definition
Portfolio Company Portfolio Company refers to an individual company in an investment portfolio.
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.
Primary Investment A Primary Investment is a Commitment to a private equity fund.
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 total return from Full Exits from the Portfolio in the period on a primary investment basis, weighted by total cumulative proceeds (including proceeds received in prior periods). This measure excludes publicly listed companies that were exited via sell downs of their shares.
£m 31 July 2025 31 July 2024
Realisation Proceeds from Full Exits in the year-to-date 62.1 48.7
Cost 23.8 32.9
Average total Multiple to Cost 2.9x 3.1x
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 July 2025 31 July 2024
Realisation Proceeds from Full Exits in the year-to-date 62.1 48.7
Prior Carrying Value (most recent valuation prior to the announcement of the disposal) 54.8 38.7
Realisations – Uplift To Carrying Value 13.5% 25.8%
Secondary Investments Secondary Investments occur when existing private equity fund interests and Commitments are purchased from an investor seeking liquidity.
Share buyback 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 July 2025 31 July 2024
Purchase of Portfolio investments per cash flow statement 17.5 23.3
Purchase of Portfolio investments within subsidiary investments 95.6 81.1
Total New Investment 113.1 104.4
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 July 2025 31 July 2024
Sale of Portfolio investments per cash flow statement 42.4 9.3
Sale of Portfolio investments, interest received, and dividends received within subsidiary investments 179.2 76.8
Interest income per cash flow statement 0.2 0.2
Dividend income per cash flow statement 0.3 0.1
Other income per cash flow statement 0.2 —
Total Proceeds 222.2 86.4
Fund Disposals (66.3) 0.0
Realisation Proceeds 155.9 86.4
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 manager.
Valuation Multiples Valuation Multiples are earnings (EBITDA), or revenue multiples applied in determining the value of a business enterpriseRecent news on ICG Enterprise Trust
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