ICG Enterprise Trust Plc (ICGT): 1H’23 and beyond: safe harbour in the storm
ICGT reported another strong half-year, with an NAV per share total return of 10.9% and sterling portfolio returns of 12.4% (local currency 7.4%). Total proceeds and new investments were strong, at £107m and £144m, respectively. At this stage of the cycle, disciplined net investment is expected, capitalising on attractive opportunities, especially in secondaries. ICGT saw an average 25.2% exit uplift, despite the challenging market conditions. Investment remains focused on businesses with good risk-adjusted returns and defensive growth characteristics. The board is optimising shareholder returns with a progressive dividend policy and share buybacks.ICG Enterprise Trust is an investment trust. Co. is a private equity investment company focused on buyouts in developed markets. Co. invests in private equity funds and also directly in private companies. As of Jan 31 2017, Co.'s total investment portfolio amounted to £594.3 million.
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