ICG Enterprise Trust plc (LON:ICGT) has announced its Q3 update for the three months ended 31 October 2025.
Highlights
- NAV per Share of 2,080p (31 Jul 2025: 2,040p)
- Q3 NAV per Share Total Return of 2.4%
- Continuing strong realisation activity: £82m Total Proceeds in Q3
- Q3 Total New Investments of £25m, bringing YTD Total New Investments to £138m
- Robust balance sheet: 3% gearing ratio, £230m total available liquidity
- Q3 dividend of 9p per share; Board increases FY26 dividend guidance to 39p per share (FY25: 36p)
- In the three years since the launch of the long-term buyback programme in October 2022, ICGT has bought back 8.4% of its opening shares, adding 71p (3.5%) to NAV per Share Total Return1
- The Board reconfirms the long-term share buyback programme is intended to operate at any discount to NAV
- Strong momentum post period-end into Q42: £75m Total Proceeds; £43m Total New Investments; and £76m New Fund Commitments (including $90m/£67m to ICG LP Secondaries II)
1 Figures include both long-term and opportunistic buyback programmes, see page 5 for details; 2 Post period-end reflects 1 November 2025 to 29 January 2026
| PERFORMANCE OVERVIEW | ||||||
| Annualised | ||||||
| Performance to 31 October 2025 | 3 months | 1 year | 3 years | 5 years | 10 years | |
| Portfolio Return on a Local Currency Basis | 1.6% | 6.7% | 6.7% | 14.9% | 14.7% | |
| NAV per Share Total Return | 2.4% | 6.1% | 4.5% | 12.8% | 13.6% | |
| Share Price Total Return | 3.9% | 28.1% | 18.4% | 16.4% | 12.4% | |
| FTSE All-Share Index Total Return | 6.6% | 22.5% | 14.7% | 14.7% | 8.0% | |
| Portfolio activity overview for Q3 FY26 | Primary | Direct | Secondary | Total | ICG-managed | |
| Local Currency return | 1.6% | 1.2% | 2.6% | 1.6% | 3.2% | |
| Sterling return | 2.4% | 1.8% | 3.2% | 2.3% | 4.0% | |
| New Investments1 | £20m | £7m | £(2)m | £25m | £(2)m | |
| Total Proceeds | £46m | £2m | £35m | £82m | £6m | |
| New Fund Commitments | £—m | £—m | £—m | £—m | £—m | |
| Closing Portfolio value | £701m | £480m | £210m | £1,391m | £435m | |
| % Total Portfolio | 50% | 35% | 15% | 100% | 31% | |
| 1 Secondaries (£(2)m) reflect a recallable capital contribution as opposed to an income distribution | ||||||
COMPANY TIMETABLE
A presentation for investors and analysts will be held at 10:30 GMT today. A link for the presentation can be found on the Results & Reports page of the Company website. A recording of the presentation will be made available on the Company website after the event.
| FY26 Third Interim Dividend | |
| Ex-dividend date | 12 February 2026 |
| Record date | 13 February 2026 |
| Dividend payment date | 27 February 2026 |
MANAGER’S REVIEW
Our investment strategy
Within developed markets, we focus on investing in buyouts of profitable, cash-generative businesses that exhibit resilient growth characteristics, which we believe will generate long-term compounding returns across economic cycles.
We take an active approach to portfolio construction, with a flexible mandate that enables us to deploy capital in Primary, Direct and Secondary investments. Geographically we focus on the developed markets of North America and Europe, including the UK, which have deep and mature private equity markets supported by a robust corporate governance framework.
Investments managed by ICG accounted for 31% of the Portfolio.
| Medium-term target | Five-year average | Q3 FY26 | |
| 1. Target Portfolio composition 1 | |||
| Investment category | |||
| Primary | ~40-50% | 56% | 50% |
| Direct | ~30-35% | 29% | 35% |
| Secondary | ~25-30% | 15% | 15% |
| Geography | |||
| North America | ~50% | 44% | 47% |
| Europe (inc. UK) | ~50% | 49% | 47% |
| Other | — | 7% | 6% |
| 1 As percentage of Portfolio | |||
Performance overview
- At 31 October 2025, the Portfolio was valued at £1,391m. The Portfolio Return on a Local Currency Basis for the quarter was 1.6%, and in Sterling terms was 2.3%
- ICG Enterprise Trust generated a NAV per Share Total Return of 2.4% during the quarter, ending the period with a NAV per Share of 2,080p
- Over the last five years ICG Enterprise Trust has generated an annualised NAV per Share Total Return of 12.8%
| Movement in the Portfolio £m | 3 months to 31 October 2025 |
| Opening Portfolio1 | 1,415.6 |
| Total New Investments | 24.9 |
| Total Proceeds | (82.2) |
| Portfolio net cashflow | (57.3) |
| Valuation movement2 | 23.1 |
| Currency movement | 9.9 |
| Closing Portfolio | 1,391.3 |
| 1 Refer to the Glossary 2 95% of the Portfolio valuations are dated 30 September 2025 or later (2024: 92%) |
| NAV per Share Total Return | 3 months to 31 October 2025 |
| % Portfolio growth (local currency) | 1.6% |
| % currency movement | 0.7% |
| % Portfolio growth (Sterling) | 2.3% |
| Impact of gearing | 0.2% |
| Management fee | (0.3)% |
| Finance costs and other items | 0.1% |
| Co-investment Incentive Scheme Accrual | 0.0% |
| Impact of share buybacks | 0.1% |
| NAV per Share Total Return | 2.4% |
Quoted company exposure
- We do not actively invest in publicly quoted companies but gain listed investment exposure when IPOs are used as a route to exit an investment. In these cases, exit timing typically lies with the manager with whom we have invested.
- At 31 October 2025, ICG Enterprise Trust’s exposure to quoted companies was valued at £53m, equivalent to 3.8% of the Portfolio value (31 July 2025: 3.8%). There was one quoted investment that individually accounted for 0.5% or more of the Portfolio value:
| Company | Ticker | 31 Oct 2025 % of Portfolio value |
| Chewy | CHWY-US | 1.5% |
| Other companies | 2.3% | |
| Total | 3.8% |
Realisation activity
- Total Proceeds of £82m during the quarter
- 45 Full Exits completed LTM, at a weighted average Uplift to Carrying Value of 11.1% and a 3.1x Multiple to Cost
New investment activity
- Total New Investments of £25m during the quarter
- The split of Total New Investments was split by category as follows:
| Investment Category | Cost £m | % of New Investments |
| Primary | 20.0 | 80.5% |
| Direct | 7.2 | 28.9% |
| Secondary1 | (2.3) | (9.4)% |
| Total | 24.9 | 100.0% |
1 Secondaries (£(2)m) reflect a recallable capital contribution as opposed to an income distribution
Commitments
- No new fund Commitments during the quarter
- At 31 October 2025, total Undrawn Commitments of £416m to funds in their investment period and a further £165m to funds outside their investment period
Balance sheet and liquidity
- Total available liquidity at 31 October 2025 was £230.0m (31 July 2025: £187.4m)
| £m | |
| Cash at 31 July 2025 | 20.9 |
| Total Proceeds | 82.2 |
| New investments | (24.9) |
| Debt drawn down / (repaid) | (41.4) |
| Dividends and buybacks | (9.7) |
| Management fees | (4.1) |
| Co-investment Incentive Scheme payment | (2.4) |
| FX and other expenses | (2.2) |
| Cash at 31 October 2025 | 18.4 |
| Available undrawn debt facilities | 211.6 |
| Total available liquidity | 230.0 |
- The cash balance was £18.4m (31 July 2025: £20.9m) and drawn debt was £51.5m (31 July 2025: £89.8m). As a result, net debt was £33.1m (31 July 2025: £68.9m)
- At 31 October 2025, the Portfolio represented 106.5% of net assets (31 July 2025: 110.1%)
| £m | % of net assets | |
| Portfolio | 1,391.2 | 106.5% |
| Cash | 18.4 | 1.4% |
| Drawn debt | (51.5) | (3.9)% |
| Co-investment Incentive Scheme Accrual | (48.7) | (3.7)% |
| Other net current liabilities | (3.2) | (0.2)% |
| Net assets | 1,306.2 | 100.0% |
Dividend and share buyback
- Third quarter dividend of 9p per share (Q3 FY25: 8.5p). The Board increases FY26 dividend guidance to 39p per share (FY25: 36p)
- The following purchases have been made under the Company’s share buyback programme:
| Long-term | Opportunistic | Total | ||||
| Q3 FY263 | Since inception1 | Q3 FY263 | Since inception2 | Q3 FY263 | Since inception | |
| Number of shares purchased | 254,001 | 3,629,189 | – | 2,098,396 | 254,001 | 5,727,585 |
| % of opening shares since buyback started | 8.4% | |||||
| Capital returned to shareholders | £3.8m | £44.5m | – | £25.8m | £3.8m | £70.4m |
| Number of days shares have been acquired | 20 | 252 | – | 20 | 20 | 272 |
| Weighted average discount to last reported NAV | 25.9% | 36.9% | – | 36.7% | 25.9% | 36.9% |
| NAV per Share accretion (p) | 2.4 | 70.7 | ||||
| NAV per Share accretion (% of NAV) | 0.1% | 3.5% | ||||
1. Since October 2022 (which was when the long-term share buyback programme was launched) up to and including 31 October 2025.
2. Since May 2024 (which was when the opportunistic buyback programme was launched) up to and including 31 October 2025.
3. Based on company-issued announcements / date of purchase, rather than date of settlement.
Note: aggregate consideration excludes commission, PTM and SDRT.
Activity since the period end
Notable activity between 1 November 2025 and 29 January 2026 include: New Fund Commitments of £76m (including $90m (£67m) commitment to ICG LP Secondaries II); Total New Investments of £43m; and Total Proceeds of £75m.
ICG Private Equity Fund Investments Team
29 January 2026
