ICG Enterprise Trust plc
Q1 Update for the three months ended 30 April 2022
28 June 2022

NAV per Share Total Return of 4.5% in the first quarter;
27.9% in the last twelve months

PERFORMANCE OVERVIEW

ENQUIRIES

Investor / Analyst enquiries:

Oliver Gardey, Head of Private Equity Fund Investment, ICG: +44 (0) 20 3545 2000

Colm Walsh, Managing Director of Private Equity Fund Investments, ICG

Chris Hunt, Head of Shareholder Relations, ICG

Livia Bridgman Baker, Shareholder Relations, ICG

Media enquiries:

Clare Glynn, Corporate Communications, ICG: +44 (0) 20 3545 1395

Website:

www.icg-enterprise.co.uk

Company timetable

Ex-dividend date: 7 July 2022

Record date: 8 July 2022

Payment of dividend: 22 July 2022

ABOUT ICG ENTERPRISE TRUST

ICG Enterprise Trust is a leading listed private equity investor focused on creating long-term growth by delivering consistently strong returns through selectively investing in profitable private companies, primarily in Europe and the US.

As a listed private equity investor, our purpose is to provide shareholders with access to the attractive long-term returns generated by investing in private companies, with the added benefit of daily liquidity.

We invest in companies directly via co-investments and through funds managed by ICG and other leading private equity managers who focus on creating long-term value and building sustainable growth through active management and strategic change.

We have a long track record of delivering strong returns through a flexible mandate and highly selective approach that strikes the right balance between concentration and diversification, risk and reward.

NOTES

Included in this document are Alternative Performance Measures (“APMs”). APMs have been used if considered by the Board and the Manager to be the most relevant basis for shareholders in assessing the overall performance of the Company, and for comparing the performance of the Company to its peers and its previously reported results. The Glossary in the Company’s H1 results includes further details of APMs and reconciliations to International Financial Reporting Standards (“IFRS”) measures, where appropriate.

In the Manager’s Review and Supplementary Information, all performance figures are stated on a Total Return basis (i.e., including the effect of re-invested dividends). ICG Alternative Investment Limited, a regulated subsidiary of Intermediate Capital Group plc, acts as the Manager of the Company.

DISCLAIMER

This report may contain forward looking statements. These statements have been made by the directors in good faith based on the information available to them up to the time of their approval of this report and should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying such forward-looking information. These written materials are not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration under the US Securities Act of 1933, as amended, or an exemption therefrom. The issuer has not and does not intend to register any securities under the US Securities Act of 1933, as amended, and does not intend to offer any securities to the public in the United States. No money, securities or other consideration from any person inside the United States is being solicited and, if sent in response to the information contained in these written materials, will not be accepted.

BUSINESS REVIEW

Portfolio Structure
We invest in businesses directly, through ICG managed funds, and through third-party private equity managers. We believe that this combination of investments results in a differentiated and balanced portfolio construction, striking the right balance between concentration and diversification, risk and reward.

ICGT’s Portfolio composition as at 30 April 2022 is shown below:

Portfolio performance

• Portfolio valued at £1,244m on 30 April 2022

• Portfolio Return on a Local Currency Basis of 2.0% during the quarter

• High Conviction Investments (49.9% of the Portfolio) generated local currency returns of 2.1% during the quarter and Third Party Funds (50.1% of the Portfolio) generated local currency returns of 1.9%
  
  

* 83% of the Portfolio is valued using 30 March 2022 (or later) valuations (Q1 22: 82%)

New investment

• £59.1m of Total New Investment in the quarter; 52.8% (£31.2m) invested into High Conviction Investments with the remaining 47.2% (£27.9m) being drawdowns on a range of Commitments to Third Party Funds

• Within our High Conviction Investments, we made a new co-investment of £12.8m alongside our Manager and deployed £16.7m in drawdowns to ICG-managed funds (principally LP Secondaries I and ICG Europe Fund VIII). The detail of the co-investment made during the period is set out below:

• The balance of £1.7m of High Conviction Investments made during the quarter comprises co-investments alongside third-party managers and drawdowns on commitments acquired through secondary transactions
  
  

New commitments

• During the period we made a total of £119.0m of new fund Commitments, of which £45.5m was to the ICG-managed LP Secondaries Fund I, supporting our strategic target to increase our exposure to the secondary market

• The breakdown of new Commitments was as follows:

Realisation activity

• Realisation proceeds of £48.8m received during the quarter, of which £37.9m was generated from 17 Full Exits executed at an average of 23% Uplift to Carrying Value and 2.7x Multiple to Cost
  
  

Quoted Companies

• We do not invest directly in publicly quoted companies, but gain listed investment exposure when IPOs are used to exit an investment. Public market valuations are typically more volatile than those observed in private markets

• At 30 April 2022, quoted companies representing 9.2% of the Portfolio were valued by reference to the latest market price (31 January 2022; 10.3%)

• Only one quoted investment individually accounted for 0.5% or more of the Portfolio value:
  
  

Balance sheet and financing

• Total liquidity of £166.4m, comprising £15.4m cash and £151.0m undrawn bank facility
  
  

• Portfolio represented 103.1% of net assets
  
  

• Undrawn commitments of £491.9m, of which 19.1% (£93.9m) were to funds outside of their investment period
  
  

DIVIDEND

• Maintaining a progressive dividend policy

• First quarter dividend of 7p per share

• In the absence of any unforeseen circumstances, it is the Board’s current intention to declare total dividends of at least 30p per share for the financial year ended 31 January 2023. This would represent an increase of 3p (11.1%) per share compared to the financial year ended 31 January 2022
  
  

ACTIVITY SINCE THE QUARTER END (TO 31 MAY 2022)

• Total Proceeds of £45.0m

• New investments of £4.8m, 14.6% into High Conviction Investments

• Post period-end, we increased the size of our Revolving Credit Facility ("RCF") to €240m (from €200m previously), in keeping with the Company’s higher net asset value. In addition, the maturity of the RCF was also extended by one year to February 2026. The other key terms remain unchanged. The RCF is available for general corporate purposes, including short-term financing of investments such as the Drawdown on Commitments to funds
  
  

BOARD CHANGES

• Adiba Ighodaro and Janine Nicholls have been appointed as Non-Executive Directors of the Company, and will join the Board on 1 July 2022

• Sandra Pajarola has retired from the Board, effective 28 June 2022, having served as a Non-Executive Director of the Company for nine years

ICG Private Equity Fund Investments Team
28 June 2022

SUPPLEMENTARY INFORMATION

Top 30 companies
The table below presents the 30 companies in which ICG Enterprise Trust had the largest investments by value at 30 April 2022.

+ All or part of this investment is held directly as a Co-investment or other Direct Investment

30 largest fund investments
The table below presents the 30 largest funds by value at 30 April 2022. The valuations are net of underlying managers’ fees and Carried Interest.

Portfolio at 30 April 2022
All data is presented on a look-through basis to the investment portfolio held by the Company, consistent with the commentary in previous annual and interim reports