Preliminary results for the 12 months ended 31 January 2023

Delivering defensive growth

Highlights

NAV per Share of 1,903p at 31 January 2023 (31 January 2022: 1,690p)
FY23 NAV per Share Total Return of 14.5% (5 year annualised: 16.9%)
14^th consecutive year of double-digit Portfolio growth: Portfolio Return on a Local Currency Basis of 10.5% (Sterling return 17.0%)
Strong year for primary commitments, building pipeline for future years’ investment programme
Investment and realisation activity in line with historical averages
54 Full Exits during the year, realised at a weighted average Uplift To Carrying Value of 23.9% and a weighted average Multiple to Cost of 2.7x
Final dividend of 9p brings FY23 total dividend per share to 30p (+11.1% YoY); progressive policy maintained
£5.2m of shares bought back at weighted average discount to last reported NAV of 41.2% since programme initiated in October 2022¹; buyback programme continuing
Updated Management Fee Agreement and improved cost-sharing with the Manager, effective from 1 February 2023

_{1. Up to and including 2 May 2023}

The defensive growth characteristics of our actively managed Portfolio are increasingly apparent in our financial results. As a listed private equity investment trust focused exclusively on buyouts in North America and Europe, we offer investors access to a differentiated Portfolio that has delivered high levels of revenue and earnings growth over the last twelve months and which has increased in value by 17.0% in Sterling terms. We have not invested in more speculative parts of private markets such as venture capital or growth equity.

Our Portfolio is delivering growth over the long-term: FY23 marks the 14th consecutive year of double-digit portfolio returns on a local currency basis, and our annualised NAV per Share Total Return over the last five years has been 16.9%.

Portfolio activity continued through the year. Investments and realisations as a proportion of our opening Portfolio value were broadly in line with historical averages, and the Full Exits being executed at a 23.9% Uplift to Carrying Value helps support our confidence in our valuations. We made new fund commitments totalling £203.2m, which we expect to be invested over the coming three to four years. These commitments have sown the seeds of our primary and direct investment program in the coming years, in what could be a very attractive vintage for private equity.

The current market is creating some attractive conditions for investing our shareholders’ capital, and our strong capitalisation and dedicated team with experience of investing through market cycles enable us to capture these opportunities. We continue to believe that ICG Enterprise Trust is well-positioned to execute on its strategy and to generate resilient returns.

Oliver GardeyHead of Private Equity Fund Investments, ICG

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Preliminary results for the 12 months ended 31 January 2023

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