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Investing in resilience, delivering growth
Your share in a unique portfolio of private companies

1,355.00

2,045p

Annual Report and Accounts 2026

ICG Enterprise Trust has a track record of generating long-term resilient growth, writes Jane Tufnell, Chair, in her annual letter to shareholders

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ICG Enterprise Trust is focused exclusively on investing in buyouts in North America and Europe. Through our experience, global network and focus on resilient growth, we seek to deliver attractive long-term returns.

2,045p

Net Asset Value (NAV)
Per Share
(31 Jan 2026)

10.0%

5-year annualised
NAV Per Share Total Return
(to 31 Jan 2026)

12.6%

5-year annualised
Share Price Total Return
(to 31 Jan 2026)

Private Equity and Growth Capital Investment Company of the Year

ICG Enterprise Trust was winner of the Private Equity and Growth Capital award at the Investment Week Investment Company of the Year Awards 2025

Explore our portfolio

A close-up of raspberry ripple ice cream
01

Froneri

Froneri is one of the largest pure play ice cream manufacturers globally with expertise across brands, licenses and private label.

02

Integrum

Integrum is a US-based manager focused on high-quality, resilient businesses in less cyclical sectors within financial services, such as insurance brokerage, wealth management and payments.

Asian chicken and prawns curry with rice and spring rolls pieces
03

Global Market Foods

Defensible market position with a highly diversified business across product category, supplier and customer base.

04

Exail

ICGT co-investment

3D illustrative image representing partnership
05

ICG Europe IX

The team of 70+ investment executives, based across seven European offices, provide flexible, tailored solutions supporting family owners, founders and management teams in realising their objectives for long-term, sustainable value creation.

Row of test tubes with liquid, pink background
06

DOC Generici

DOC Generici is a leading manufacturer of generic pharmaceuticals based in Italy

Woman holding pill and blank white plastic tube on pink background
07

Berlin Packaging

Co-investment alongside Oak Hill Capital Partners

Close-up of a dog on a blue background
08

PetSmart (Chewy)

Co-investment alongside BC European Capital IX

09

Digicert

DigiCert is a global internet security software platform

10

Archer Technologies

Archer is a leading provider of governance, risk and compliance (‘GRC’) software solutions globally, with a diverse customer base of large and mid mid-sized enterprises

Transamerica Pyramid, San Francisco, California, USA
11

Oak Hill Capital

US manager tracing its roots back to 1986

3D rendered round shapes in transparent material on a light back
12

TJC

TJC was founded in 1982. It specialises in buying and building businesses in partnership with management.

Blue jigsaw puzzle pieces
13

Multiversity

Multiversity is the #1 online higher education group in Italy with 200k+ students across three accredited online universities.

Overhead view of the working woman hands typing on keyboard notebook laptop computer at office desk
14

RegEd

A leading provider of regulatory compliance software solutions

Three dimensional render of pastel coloured bar graphs on purple background
15

Direct co-investments made in last two years

All ‘defensive growth’ businesses backed by managers with strong relevant sector experience

Balanced constructor from colorful curved wooden planks in the form of spiral figure on a light pink background with soft shadows
16

Gridiron Capital

ICGT’s third commitment to funds managed by Gridiron, following a $15.0m commitment to Gridiron Capital Fund III (2016) and a $17.5m commitment to Gridiron Capital Fund IV (2019)

MINIMAX fire detectors
17

Minimax

In April 2025, ICG Enterprise Trust announced the realisation of Minimax, generating €53 million in cash proceeds to ICGT.

Engineers working on Renault Formula One car
18

Micheldever

The UK's leading distributor of tyres

19

BSI Software

BSI is a leading Swiss-based provider of Customer Relationship Management (“CRM”) software, primarily for mid-market insurance and banking clients in the DACH region.

European Camping Group property
20

European Camping Group (ECG)

A leading European operator of premium campsites

3D rendered financial performance bar chart results shot on a reflective background
21

ICG Ludgate Hill I

Diversified by fund and sector

3d render of blue rounded financial chart
22

Circana (formerly known as IRI, Information Resources Inc.)

Exit agreed in the quarter to 30 April 2022

23

Fund commitments made in FY22

Seeds we sowed in 2021 (FY22) are showing early signs of performing well.

Empire State Building, New York City
24

AEA Fund VII

Long established US private firm, founded in 1968

Teacher and children using technology in the classroom
25

Cambium

A provider of educational software for primary schools in the US

Scientific liquid measuring equipment
26

CPA Global

Strong growth through geographic expansion

Scene within early years infant school setting within the Endevor Schools network
27

Endeavor Schools

Leading provider of private education in the US

Medical face masks
28

Quirónsalud

The leading private healthcare operator in Spain

Coaches and buses with air conditioning unit shown on one
29

Spheros

Global market leader in development and manufacturer of air conditioning and heating systems for buses.

Carer serving meal to a lady
30

Tailwind Capital and Adobe Healthcare

An attractive investment partner and a successful exit

Digital image showing paper- and computer-storage based filing
31

Visma

Norwegian business management software developer simplifying and automating complex and manual work processes.

Golden Gate Bridge, San Francisco, California, USA
32

Gryphon Investors

Long-established US manager based in San Francisco

Shades of blue performance charts on grey background.
33

Guardian

A consolidator of closed life insurance books

Portrait of men and women holding papers
34

Our LP Secondaries programme has generated value for shareholders

Secondaries

Factsheet about ICG Enterprise Trust

For the 12 months ended 31 January 2026

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Explore our video content

ICG Enterprise Trust Portfolio Manager Oliver Gardey

ICG Enterprise Trust results for the 12 months to 31 January 2025

Portfolio Managers Oliver Gardey and Colm Walsh take a closer look at final results for FY25

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Still from video where Oliver Gardey from ICG Enterprise Trust explains why invest in private equity

Secondaries private equity deals

Private equity explained by those who understand it best.

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Still from video where Colm Walsh from ICG Enterprise Trust explains what who private equity is for

Our investment strategy

ICG Enterprise Trust Shareholder Seminar 2024

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Still from video where Oliver Gardey from ICG Enterprise Trust explains what a secondary investment is

Oliver Gardey and ICG Enterprise Trust

Manager of ICG Enterprise Trust reflects on his experience

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Our people

Oliver Gardey

Oliver Gardey

Head of Private Equity Fund Investments, ICG

Colm Walsh, Managing Director, Private Equity Fund Investments, ICG

Colm Walsh

Managing Director

Liza Lee Marchal

Liza Lee Marchal

Managing Director

Lili Jones

Lili Jones

Principal

Josie Fair

Josie Fair

Vice President