Kepler Trust Intelligence - New Research

RNS Number : 3822L

ICG Enterprise Trust PLC

19 April 2018

 

ICG Enterprise Trust: New research        

19/04/2018

ICG Enterprise aims to deliver better than equity market growth over the cycle, through investing in private unlisted companies.

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Highlights:

·     High conviction portfolio of actively sourced private equity investments make up 43% of the trust and over time the manager's anticipate this reaching 50-60%

·     The move to ICG continues to have a beneficial impact on the team's ability to deploy capital. Within the ICG managed funds, the team are focussed on those that are targeting equity type returns of 15-20% IRRs. Almost a third of all capital deployed or committed in the last two years has been to ICG managed strategies or investments

·     The trust's exposure to the US, which has risen from 14% a year ago to 23%, is expected to reach 30-40% over time

·     Recent performance has been driven by a record level of distributions from the portfolio during 2017 - realisations have outweighed the total proceeds received in the previous two years. Sales have been completed at an aggregate 35% uplift to the most recent valuation and 2.4x cost

·     Move to a progressive dividend, payable in four quarterly instalments, equivalent to 2.5% pa at the current price

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ICG Enterprise Trust is a client of Kepler Trust Intelligence. This material should be considered a marketing communication, and is not independent research.

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