Business
ICG Enterprise Trust Plc: For the three months ...
ICG Enterprise Trust Plc: For the three months ....
About this update from Icg Enterprise Trust Plc Gbp
[{"type":"text","content":"\n ICG Enterprise Trust Plc: For the three months to 31 October 201923 January 2020ICG Enterprise Trust plcQuarterly UpdateFor the three months to 31 October 2019HighlightsNAV per share of 1,140.4pTotal return of +9.7% over the nine monthsTotal return of -2.5% over the quarter; performance impacted by foreign exchange movementsContinued positive underlying performance across the portfolioCash generative portfolio with healthy level of realisations at significant uplifts to carrying value and multiples of costContinued development of new high-quality manager relationships and highly selective co-investment programmeFurther increasing exposure to the North American market, which now represents 30% of the portfolioActive management of the portfolio, post the reporting period, one secondary sale has been completed at a premium to fund valuationNAV and share price continue to outperform the FTSE All-Share Index over one, three, five and 10 yearsBusiness reviewContinued strong performance across the portfolioInvestment portfolio valued at £782.6m1+12.4% portfolio return for the first nine months of the financial year; +12.6% on a constant currency basis-2.1% portfolio return for the quarter; +2.1% on a constant currency basisImpact of FX movements negative during the quarter but broadly neutral over the nine monthsPortfolio is cash generative 16 full realisations in the quarter; £40.5m of proceeds received Realisation of Abode Healthcare co-investment alongside Tailwind III at 2.0x cost, generating proceeds of £9.8m, an IRR of 81%41 full realisations in the first nine months of the financial year; £108.1m of proceeds received Realisations at a 34% uplift to carrying value; 2.3x multiple of costSelective investment into a number of compelling high conviction investment opportunitiesHigh conviction investments (ICG directly controlled investments, third-party co-investments and secondary investments) comprise 41% of investment portfolio Two US co-investments completed during the quarter, each alongside leading US mid-market managers $10m (£8.1m) into VitalSmarts, a leading provider of corporate training courses, our second co-investment alongside Leeds Equity$10m (£7.8m) into Berlin Packaging, a provider of global packaging services and supplies, alongside Oak Hill Capital Partners £45.7m of new investment in the quarter; £109...