ICG Enterprise Trust (ICGT) has completed a secondary sale of eight mature primary fund investments, raising net proceeds of £62m. The transaction, which ICGT says attracted strong buyer interest, was completed at a 5.5% discount to the 30 September 2024 valuation and delivered a 1.6x multiple on invested capital (equivalent to a 15% IRR).

The funds released will be redeployed in line with ICGT’s capital allocation policy and investment strategy, which remains focused on generating long-term value from private equity investments. The sale also releases £10m of undrawn commitments.

Portfolio managers Oliver Gardey and Colm Walsh said this marks the fourth such secondary sale by ICGT in the past five years, highlighting the trust’s active approach to portfolio management. They noted that while the assets – vintage years 2014 to 2020 – have performed well, they now offer limited upside relative to newer opportunities.

The managers added that the decision to sell was driven by favourable pricing conditions and a desire to recycle capital into higher-conviction ideas with greater return potential.