Private equity specialist ICG Enterprise Trust (LON:ICGT) is showing solid returns and margin expansion, despite broader market challenges. In this interview, Hardman & Co analyst Mark Thomas outlines why the trust’s latest report, titled Mid-Teen Zipper EBITDA Growth and Long-Term Returns, suggests steady momentum across its portfolio. With 15% EBITDA growth, widening margins, and realisations already exceeding the previous year, investors may want to revisit assumptions about the private equity sector in today’s climate.
The discussion also highlights the impact of rising rates, realisation timing, and how secondary investments are improving NAV visibility. With second quarter performance significantly ahead of the first and a balanced capital return strategy in place, the trust appears well-positioned going forward.
Key Moments (Timecoded)
00:11 – What ICG Enterprise Trust does
00:31 – New report overview: Mid-Teen Zipper EBITDA Growth
01:25 – Summary of half-year results and operating performance
02:43 – Key portfolio numbers: EBITDA, NAV, investments, exits
03:22 – Long-term performance metrics (CAGR and returns)
04:02 – Explaining short-term underperformance
05:43 – Factors that could improve NAV growth going forward
06:41 – Sector risks and investor concerns
07:26 – Final comments on the trust’s structure and returns
ICG Enterprise Trust is a listed private equity investor focused on delivering long-term value by investing selectively in private companies, primarily across the US and Europe.
