Largest investments

Top 30 companies

The table below presents the 30 companies in which ICG Enterprise Trust had the largest investments by value at 31 July 2024. The valuations are gross of underlying managers’ fees and carried interest.

	Company	Manager	Year of investment(s)	Country	% of Portfolio value
1	Minimax Supplier of fire protection systems and services → Read case study	ICG	2018	Germany	3.4%
2	Froneri Manufacturer and distributor of ice cream products	PAI Partners	2013 / 2019	United Kingdom	2.5%
3	Datasite Global Corporation Provider of SaaS software focused on virtual data rooms	ICG	2024	United States	2.1%
4	Leaf Home Solutions Provider of home maintenance services	Gridiron	2016	United States	1.7%
5	Visma Provider of business management software and outsourcing services → Read case study	Hg/ICG	2024	Norway	1.7%
6	Chewy Retailer of pet products and services → Read case study	BC Partners	2014 / 2015	United States	1.6%
7	European Camping Group Operator of premium campsites and holiday parks → Read case study	PAI Partners	2021 / 2023	France	1.6%
8	Newton Provider of management consulting services	ICG	2021 / 2022	United Kingdom	1.5%
9	Precisely Provider of enterprise software	Clearlake / ICG	2021 / 2022	United States	1.4%
10	Curium Pharma Supplier of nuclear medicine diagnostic pharmaceuticals	ICG	2020	United Kingdom	1.4%
11	Davies Group Provider of specialty business process outsourcing services	BC Partners	2021	United Kingdom	1.4%
12	Circana Provider of mission-critical data and predictive analysis to consumer goods manufacturers	New Mountain	2022	United States	1.3%
13	PSB Academy Provider of tertiary education	ICG	2018	Singapore	1.2%
14	Ambassador Theatre Group Operator of theatres and ticketing platforms	ICG	2021	United Kingdom	1.2%
15	Yudo Designer and manufacturer of hot runner systems	ICG	2017 / 2018	South Korea	1.2%
16	Domus Operator of retirement homes	ICG	2017 / 2021	France	1.2%
17	David Lloyd Leisure Operator of premium health clubs	TDR	2013 / 2020	United Kingdom	1.2%
18	Crucial Learning Provider of corporate training courses focused on communication skills and leadership development	Leeds Equity	2019	United States	1.2%
19	ECA Group Provider of autonomous systems for the aerospace and maritime sectors	ICG	2022	France	1.1%
20	Planet Payment Provider of integrated payments services focused on hospitality and luxury retail	Advent / Eurazeo / ICG	2021	Ireland	1.0%
21	Ivanti Provider of IT management solutions	Charlesbank / ICG	2021	United States	1.0%
22	Class Valuation Provider of residential mortgage appraisal management services	Gridiron	2021	United States	1.0%
23	Vistage Provider of CEO leadership and coaching for small and mid-size businesses in the US	Gridiron / ICG	2022	United States	0.9%
24	Audiotonix Manufacturer of audio mixing consoles	PAI Partners	2024	United Kingdom	0.9%
25	KronosNet Provider of tech-enabled customer engagement and business solutions	ICG	2022	Spain	0.9%
26	Brooks Automation Provider of semiconductor manufacturing solutions	THL	2021 / 2022	United States	0.9%
27	DigiCert Provider of enterprise security solutions → Read case study	ICG	2021	United States	0.9%
28	AML RightSource Provider of compliance and regulatory services and solutions	Gridiron	2020	United States	0.8%
29	Archer Technologies Developer of governance, risk and compliance software intended for risk management	Cinven	2021	United States	0.8%
30	AMEOS Group Operator of private hospitals	ICG	2021	Switzerland	0.7%
	Total of the 30 largest underlying investments				39.7%

The 30 largest fund investments

The table below presents the 30 largest fund investments by value at 31 July 2024. 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	32.2	0.2
2	ICG Strategic Equities Fund III GP-led Secondary transactions	2018	31.1	10.8
3	CVC European Equity Partners VII Large buyouts	2017	29.4	1.1
4	ICG Strategic Equities Fund IV GP-led secondary transactions	2021	27.6	9.9
5	Gridiron Capital Fund III Mid-market buyouts → Read case study	2016	26.4	4.0
6	ICG Europe VII Mezzanine and equity in mid-market buyouts	2018	29.3	5.0
7	ICG Ludgate Hill (Feeder B) SCSp Secondary portfolio	2021	24.8	13.7
8	PAI Europe VII Mid-market and large buyouts	2017	24.4	2.6
9	Gridiron Capital Fund IV Mid-market buyouts → Read case study	2019	24.0	0.6
10	Resolute IV Mid-market buyouts	2018	23.3	1.0
11	ICG Augusta Partners Co-Investor** Secondary fund restructurings	2018	21.9	17.1
12	Seventh Cinven Large buyouts	2019	20.2	0.7
13	ICG Ludgate Hill III Secondary portfolio	2022	20.0	5.5
14	ICG Europe VIII Mezzanine and equity in mid-market buyouts	2021	19.3	16.9
15	Oak Hill V Mid-market buyouts → Read case study	2019	18.2	0.9
16	Advent Global Private Equity IX Large buyouts	2019	17.0	0.8
17	Graphite Capital Partners IX Mid-market buyouts	2018	17.0	3.0
18	Graphite Capital Partners VIII* Mid-market buyouts	2013	20.9	1.8
19	Resolute V Mid-market buy-outs	2021	16.1	1.3
20	AEA VII Mid-market buyouts → Read case study	2019	16.1	0.5
21	Sixth Cinven Fund Large buy-outs	2016	15.3	2.9
22	ICG Ludgate Hill (Feeder) II Boston SCSp Secondary portfolio	2022	14.9	5.2
23	Permira VII Large buyouts	2019	14.0	1.3
24	Investindustrial VII Mid-market buyouts	2019	13.8	4.3
25	BC European Capital X Large buyouts	2016	13.3	1.4
26	ICG LP Secondaries Fund I LP LP-led secondary transactions	2022	13.0	38.2
27	New Mountain Partners VI Mid-market buyouts	2020	12.4	1.2
28	Bowmark Capital Partners VI Mid-market buyouts	2018	12.3	3.4
29	New Mountain Partners V Mid-market buyouts	2017	11.4	1.1
30	CVC Capital Partners VIII Large buyouts	2020	11.4	2.2
	Total of the largest 30 fund investments		591.1	158.6
	Percentage of total investment Portfolio		42.0%

*Includes the associated top up funds
**All or part of interest acquired through a secondary purchase

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Portfolio analysis

The Portfolio is appropriately diversified by sector and geography

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Portfolio performance

Continuing our track record of growth

About private equity investment trusts

A private equity investment trust is listed on the London Stock Exchange and invests its shareholders’ funds in unquoted companies.

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How to invest

ICG Enterprise is listed on the London Stock Exchange (ICGT.LN) and its shares can be bought and sold just as those of any other listed company

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