Interim results for the six months ended 31 July 2022

Defensive growth in challenging markets

Highlights

NAV per Share of 1,852p (31 January 2022: 1,690p)
NAV per Share Total Return of 10.9% in the period (H1 FY22: 11.1%), 24.2% over the last twelve months (‘LTM’)
Portfolio delivering strong performance: Portfolio Return on a Local Currency Basis of 7.4% (Sterling return 12.4%); 99.6% of Portfolio has a valuation date of 30 June 2022 or later
Realisation Proceeds of £106.8m, including £73.2m from 30 Full Exits at an average Uplift To Carrying Value of 25.2%
New Investments of £143.7m, including £30.1m direct and £49.2m in Secondary Investments, focussing on investments with enhanced downside protection
New Commitments to funds of £164.1m, including £65.9m to Secondary funds
Second quarter dividend of 7p per share, taking total dividends for the period to 14p (H1 FY22: 12p). Reaffirmed intended FY23 dividend of at least 30p per share, an increase of 11.1% on FY22
Long-term share buyback programme approved by the Board

Against a macroeconomic backdrop that became increasingly challenging, we are proud of the resilience of our investments during the first half of FY23. At 31 July 2022, NAV per Share stood at 1,852p, a NAV per Share Total Return of 10.9% for the period and 24.2% on an LTM basis.

Delivering defensive growth through economic cycles defines our approach at ICG Enterprise Trust: it shapes how we construct the Portfolio and evaluate potential investments, as well as how we allocate capital between reinvestments and shareholder distributions. We entered the financial year with a Portfolio aligned with this strategy and during the period it has delivered on our ambition, generating a 7.4% Portfolio Return on a Local Currency Basis.

Our investment team has reacted effectively to the evolving market dynamics, allocating capital in a disciplined fashion to opportunities that we believe offer attractive risk-adjusted returns in this environment, such as secondary portfolios, while also selectively making primary commitments to third party funds.

There are great opportunities to be captured by successfully navigating challenging markets. We believe that our clear investment strategy and flexible mandate, supported by the experience and network of our dedicated team, position us well to generate long-term value.

Oliver GardeyHead of Private Equity Fund Investments, ICG

Our aim is to deliver attractive compounding returns across the cycle by identifying companies that have defensive growth characteristics. Our performance for the first six months of this financial year has delivered on that intention.

I am pleased to report that your Company’s NAV per Share Total Return during the period was 10.9% and at 31 July 2022 NAV stood at 1,852p per share. The Portfolio has performed strongly, recording a Portfolio Return on a Local Currency Basis of 7.4% for the six months to 31 July 2022.

Despite the strong Portfolio performance and NAV per Share Total Return, an ICG Enterprise Trust share generated a total share price return of (1.6)% during the period. As part of its ongoing focus on optimising the return that the Company delivers for its shareholders, the Board has resolved to commence a long-term programme of share buybacks. This programme will sit alongside the Company’s existing progressive dividend policy as a route to deliver returns to our shareholders. The Board believes the buyback programme demonstrates the Manager’s discipline around capital allocation; underlines the Board’s confidence in the long-term prospects of the Company, its cashflows and NAV; will enhance the NAV per share; and over time may reduce the volatility of the Company’s discount and increase its trading liquidity.

Your Board remains confident that ICG Enterprise Trust is well positioned to provide shareholders with access to the attractive long-term returns generated by investing in private companies, with the added benefit of daily liquidity. Our investment strategy is clear, our financial position is robust, and the underlying companies in which our Portfolio is invested are well-equipped to withstand the economic uncertainties we currently face. As evidenced by our buyback programme announced today, and our enhanced disclosure on the financial and operational performance of the top 30 companies within our Portfolio, we are committed to helping the market share our confidence in the long-term prospects of ICG Enterprise Trust.

Jane TufnellChair

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Interim results for the six months ended 31 July 2022

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