ICG Enterprise has published results for the 12 months ended 31 January 2025. The NAV return for the year was 10.5% – the underlying portfolio return was 10.6%, helped by earnings growth for the companies held of about 15% on average. In addition, there were 40 exits achieved, which came at an average 19% uplift to their former carrying value [underlining the conservative nature of private equity valuations].

The return to shareholders was 12.5%, reflecting a small narrowing of the discount. However, there is a long way to go on this front, with the discount currently standing at 40.8%, towards the wider end of the peer group’s range. The board says that it is active in its pursuit of ways to improve the company’s rating. £36m worth of shares were bought back over the year, up from £13m in the financial year ended in 2024.

The dividend was upped from 33p to 36p.

In total, there were £181m of new investments and £151m of realisations during the period. Since the year end, the largest underlying position in the portfolio – Minimax – has been sold for £107m.

ICGT : Small improvement in ICG Enterprise’s discount but there is a long way to go