ICG Enterprise Trust plc
29 June 2022
ICG Enterprise Trust makes three new direct investments
ICG Enterprise Trust plc (ICGT) is pleased to announce that it has recently made two new direct co-investments and invested in a secondary portfolio on behalf of its shareholders.
Precisely: direct co-investment alongside Clearlake Capital and Insight Partners
On 15 June 2022, ICGT invested in Precisely alongside Clearlake Capital and Insight Partners, both leading US private equity managers. Precisely operates in the software sector and is a market leader in data integrity software, serving over 12,000 customers in more than 100 countries, including 90 percent of the Fortune 100.
ICGT will invest through a direct investment and is expected to invest an additional $20m in Precisely.
ICGT has previously invested in Precisely alongside funds advised by ICGT’s Manager, ICG, who invested alongside Clearlake Capital. At 30 April 2022, Precisely was amongst ICGT's 30 largest company exposures (22nd largest exposure), accounting for 0.8% of the Portfolio value.
ECA Group: direct co-investment alongside ICG
On 24 June 2022, ICGT invested in ECA Group, a business combination of two French companies, ECA and iXblue. The combination creates a leading player in the hi-tech manufacturing sector, where it focuses on maritime autonomous systems and navigation solutions.
ICGT is investing alongside ICG Europe Mid-Market Fund I, and will also make a direct co-investment of approximately €15m in ECA Group.
Project Ludgate Hill IIIA: direct co-investment alongside ICG in LP secondary portfolio
On 28 June 2022, ICGT invested in Project Ludgate Hill IIIA, a secondary portfolio of North American buyout investments. The portfolio is highly diversified, with over 110 companies managed by six third-party managers. The companies operate a range of sectors that are consistent with ICGT’s investment approach, including in insurance and business services.
ICGT is investing alongside ICG LP Secondaries Fund I, and will also make a direct co-investment of approximately $25m in Project Ludgate Hill III.
Analyst / Investor enquiries: +44 (0) 20 3545 2000
Oliver Gardey, Head of Private Equity Fund Investment, ICG
Colm Walsh, Managing Director, ICG
Christopher Hunt, Head of Shareholder Relations, ICG
Livia Bridgman Baker, Shareholder Relations, ICG
Clare Glynn, Corporate Communications, ICG: +44 (0) 20 3545 1395
About ICG Enterprise Trust
ICG Enterprise Trust is a leading listed private equity investor focused on creating long-term growth by delivering consistently strong returns through selectively investing in profitable private companies, primarily in Europe and the US.
As a listed private equity investor, our purpose is to provide shareholders with access to the attractive long-term returns generated by investing in private companies, with the added benefit of daily liquidity.
We invest in companies directly and through funds managed by Intermediate Capital Group plc (ICG) and other leading private equity managers who focus on creating long-term value and building sustainable growth through active management and strategic change.
We have a long track record of delivering strong returns through a flexible mandate and highly selective approach that strikes the right balance between concentration and diversification, risk and reward.
This report may contain forward looking statements. These written materials are not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration under the US Securities Act of 1933, as amended, or an exemption therefrom. The issuer has not and does not intend to register any securities under the US Securities Act of 1933, as amended, and does not intend to offer any securities to the public in the United States. No money, securities or other consideration from any person inside the United States is being solicited and, if sent in response to the information contained in these written materials, will not be accepted.
Although this investment does not amount to price sensitive material information, ICG Enterprise Trust is making this information public on an illustrative basis to aid with market understanding of our portfolio. Similar announcements may be made in respect of future non-material investments.