The ICG Enterprise Trust team were discussing over Easter how we can keep in touch less ‘formally’ with our investors, outside of the regular quarterly results programme. To try and fill this gap, Colm and I are going to start sending a brief monthly newsletter, with no pre-set agenda, sharing some news and views on what we are thinking and seeing or interesting things we have noticed. Hopefully you’ll find this worthwhile – but if not you can unsubscribe at the bottom of each email.
There’s clearly been a lot going on in recent weeks from a macro perspective, and Nick Brooks (ICG plc’s Head of Economic and Investment Research) recently published a note on what this could mean for the growth outlook, interest rates and private markets. The full note can be found here: Banking turmoil: Implications for growth, interest rates and private markets, but in brief he sees sector and company performance continuing to have high dispersion and volatility meaning public capital remains scarce. Private capital – both equity and debt – can therefore help fill the funding gap for corporates, which could present some attractive investment opportunities for us and our portfolio companies.
You may have seen in March we announced an investment alongside PAI supporting European Camping Group’s (ECG) acquisition of Vacanceselect in a transaction that is expected to create the 3rd largest operator of mobile holiday homes in Europe. This is a good example of how, even in periods of volatility, private markets are able to deploy capital in transactions they believe will create long-term value. And great for us to be able to continue to invest alongside PAI, with whom we have a long-standing and strong relationship as a third-party manager who has historically offered us attractive co-investment opportunities.
We are announcing our full year results for the twelve months to 31 January 2023 later this month, on 11 May, and we look forward to providing an update then on our Portfolio and what we are seeing currently.
Finally, a plug for our new website, which after months of work behind the scenes went live last week. Same address as the previous site (www.icg-enterprise.co.uk). We’d encourage you to take a look when you’ve a moment – cleaner design, easier to navigate, and a much better portal for existing and potential shareholders to understand what we do.
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