Icg Enterprise Trust Plc Gbp · LSE:ICGT
Icg Enterprise Trust Plc Gbp — ICG Enterprise Trust — Investor Day (June 2023)
72 slides from Icg Enterprise Trust Plc Gbp's investor day presentation, Jun 13, 2023
Slide 1: ICG Enterprise Trust Investor Day 2023
ICG Enterprise Trust Investor Day 2023 13 JUNE 2023 For professional investors only. Not for onward distribution Note: All data as at 31 January 2023 unless specified PRIVATE AND CONFIDENTIAL
Slide 2: Our key messages today
Our key messages today Clear investment strategy Centred on defensive growth, targeting superior risk-adjusted returns over the long term Differentiated portfolio Actively constructed, exposure to profitable, cash-generative private companies in the US and Europe Dedicated investment team Benefiting
Slide 3: Speakers today
Speakers today Jane Tufnell Oliver Gardey Colm Walsh Liza Lee Marchal Chair Fund Manager Managing Director Managing Director ICG Enterprise Trust ICG plc ICG plc ICG plc Chris Hunt Nick Brooks David Lomer Steve Klinsky Shareholder Relations Chief Economist ICG European Corporate Founder & CEO ICG pl
Slide 4: Agenda
Agenda • Introductory remarks Jane Tufnell • Today’s economic environment: implications for private markets Nick Brooks • Why private equity Chris Hunt • ICG Enterprise Trust’s investment approach Oliver Gardey and David Lomer • A GP’s perspective Steven Klinsky BREAK • Portfolio construction Colm W
Slide 5: Introductory remarks
Introductory remarks Jane Tufnell - Chair PRIVATE AND CONFIDENTIAL
Slide 6: Today's economic environment: Implications for private markets
Today’s economic environment: Implications for private markets Nick Brooks – ICG plc PRIVATE AND CONFIDENTIAL
Slide 7: Most economies have recovered to pre-Covid levels
Most economies have recovered to pre-Covid levels QUARTERLY GDP, BY GEOGRAPHY (REBASED TO Q4 2019) 120 115 110 105 100 95 90 85 80 75 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 US Eurozone UK Source: Bloomberg (data as at 31 March 2023) Past per
Slide 8: Banking systems are strong
Banking systems are strong BANKS’ TIER ONE CAPITAL RATIO, BY GEOGRAPHY1 BANKS’ LIQUID RESERVES TO BANK ASSETS RATIO2 20% 25% 18% 20% 16% 14% 15% 12% 10% 10% 8% 5% 6% 4% 0% 2007 2010 2013 2016 2019 2022 2008 2010 2012 2014 2016 2018 2020 2022 European Union US UK World US Risk of systemic global fina
Slide 9: GDP outlook: moderate slowdowns ahead
GDP outlook: moderate slowdowns ahead QUARTERLY GDP GROWTH, BY GEOGRAPHY (%) 0.8% Consensus Forecasts 0.6% 0.4% 0.2% 0.0% (0.2)% Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 US Eurozone UK Source: Bloomberg consensus forecasts as of 08 June 2023 Past performance is not a reliable indicato
Slide 10: Sector-specific slowdown: most at-risk
Sector-specific slowdown Most at-risk Chemicals Autos Steel Luxury / high-end Cement discretionary Inflation Risk Office real estate Demand Risk Lower Vulnerability Medium Vulnerability Higher Vulnerability Source: ICG internal analysis (June 2023) Past performance is not a reliable indicator of fut
Slide 11: Sector-specific slowdown: least at-risk
Sector-specific slowdown Least at-risk Inflation Risk Healthcare Business services Financials Consumer services Consumer staples Pharmaceuticals Technology Communications Education Demand Risk Lower Vulnerability Medium Vulnerability Higher Vulnerability Sources: ICG internal analysis (June 2023); I
Slide 12: Private company fundamentals are strong
Private company fundamentals are strong INTEREST COVERAGE RATIO OF PRIVATE COMPANIES, BY GEOGRAPHY ANNUAL EBITDA GROWTH OF PRIVATE COMPANIES, BY GEOGRAPHY 5.0x 20% 4.0x 15% 3.0x 10% 2.0x 5% 1.0x 0% 0.0x (5)% 2015 2016 2017 2018 2019 2020 2021 2022 2008 2010 2012 2014 2016 2018 2020 2022 US Europe US
Slide 13: Focus on less cyclical, high cashflow companies
Focus on less cyclical, high cashflow companies ICG ENTERPRISE TRUST PORTFOLIO VALUE, BY SECTOR Other, 6% Leisure, 4% TMT, 23% Financials, 5% Education, 7% Industrials, 8% Consumer goods & services, 21% Business services, 13% Healthcare, 13% Well-diversified Portfolio, focussed on less cyclical sect
Slide 14: Where to from here?
Where to from here? 1,2 GROWTH IN EUROPEAN PRIVATE COMPANY EBITDA VS EUROZONE GDP (YOY %) 20% 8% 15% 6% 10% 4% 5% 2% 0% 0% (5)% (2)% (10)% (4)% (15)% (6)% (20)% (8)% 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 1 Europe Private Company EBITDA Growth (LHS) Europe GDP Growth High GDP Forecast Me
Slide 15: Implications for private markets?
Implications for private markets? Slower economic growth forecast near-term, but risk of systemic financial crisis is low Private companies entered 2023 with strong fundamentals and a favourable sector mix Performance dispersion will remain high at a company, sector and country level Companies’ acce
Slide 16: Why private equity?
Why private equity? PRIVATE AND CONFIDENTIAL
Slide 17: Private equity AUM growth
Private equity AUM growth 1 2 GLOBAL PRIVATE EQUITY AUM HAS GROWN ($BN) BUT REMAINS A FRACTION OF THE SIZE OF PUBLIC MARKETS 2012 – 2022 8,000 CAGR: 15% $7.7tn 7,000 6,000 5,000 4,000 3,000 Public Equity 2,000 ~$125tn 1,000 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Note: CAGR refers t
Slide 18: Public markets have changed substantially
Public markets have changed substantially AVERAGE MARKET CAPITALISATION OF SELECTED PUBLIC MARKETS UNITED STATES UNITED KINGDOM FRANCE GERMANY $7.9bn $5.2bn $5.2bn $1.9bn $0.4bn $0.7bn $0.9bn $0.5bn 1990 Latest 1990 Latest 1990 Latest 1990 Latest available available available available Public equity
Slide 19: Private capital accesses a different part of the economy
Private capital accesses a different part of the economy OWNERSHIP OF US COMPANIES WITH ANNUAL REVENUES >$100M Private ($1bn+) ~87% Private ($500m - $1bn) Private ($100m - $500m) of US companies Public ($1bn+) generating annual revenues >$100m are Public ($500m - $1bn) privately owned Public ($100m
Slide 20: Private ownership model
Private ownership model Disciplined investment Focus on resilient businesses in sectors with structural growth drivers selection Multiyear liquidity solutions Committed capital available to support portfolio companies Supporting strategic M&A Identifying targets and implementing best-practice integr
Slide 21: Private equity has outperformed public markets historically
Private equity has outperformed public markets historically UNITED STATES EUROPE 9.5% 7.9% 20 20 14.6% 15.0% Investment horizon (in years) Investment horizon (in years) 14.0% 9.3% 10 10 17.1% 16.5% 10.4% 5.2% 5 5 18.6% 17.2% 9.3% 4.6% 3 3 21.5% 17.9% S&P 500 Index (PME) Pooled Returns (LP) MSCI Euro
Slide 22: Staying private for longer
Staying private for longer • Availability of funding not subject to market conditions • Flexibility of capital More AUM • Genuine long-term focus focussed on • Partnering with investors to drive strategic initiatives private • Regulatory obligations of public listing markets Companies Increasing inc
Slide 23: Private investors appear under allocated to private markets
Private investors appear under allocated to private markets vs institutions 1 ALLOCATIONS TO PRIVATE MARKETS Institutions Individuals 27% 19% 14% 12% 4% 3% Endowments SWF DB Insurers UHNWI HNWI ~90% of private markets AUM is owned by institutional and UHNWI investors1 Notes: Private markets include
Slide 24: Investment Trust structure
Investment Trust structure WE SEE MANY ADVANTAGES OF INVESTMENT TRUST STRUCTURE TO ACCESS PRIVATE EQUITY RECOGNISE SOME CHALLENGES Duration: closed-ended vehicle investing in long-duration assets ? Share price disconnect from underlying NAV Liquidity: shares can be traded without requiring portfolio
Slide 25: Key takeaways: why private equity?
Key takeaways: why private equity? • Offers access to different segments of the economy, compared to public markets • Outperformed public market equities historically1 • Individuals appear under allocated to private equity compared to institutions • Investment Trust structure has a number of attract
Slide 26: ICG Enterprise Trust's investment approach
ICG Enterprise Trust’s investment approach PRIVATE AND CONFIDENTIAL
Slide 27: Why access private equity through ICG Enterprise Trust?
Why access private equity through ICG Enterprise Trust? OUR DIFFERENTIATED APPROACH Platform Team Strategy Past performance is not a reliable indicator of future results PRIVATE AND CONFIDENTIAL 26
Slide 28: Unique access to ICG platform
Unique access to ICG platform ICG plc is a global leader in alternative asset management Providing flexible financing solutions across the capital structure to help companies develop and grow. ICG plc1 ICG Enterprise Trust plc2 AUM $80bn Investment type % Total Portfolio ICG Primary 6% Clients 29% I
Slide 29: ICG Enterprise Trust & ICG European Corporate
ICG Enterprise Trust & ICG European Corporate • 1989: ICG Enterprise Trust makes its first commitment to ICG’s flagship European Corporate strategy €140m £98m Primary Co-investments commitments1 at cost1 • 6 primary commitments to funds within ICG’s European Corporate strategy since 2016 • Strongest
Slide 30: ICG European Corporate: structuring for defensive growth
ICG European Corporate: structuring for defensive growth UNIQUE INVESTMENT CAPABILITY AND FLEXIBILITY Traditional PE ICG structured investment investment • Able to invest across capital structure Partner & Mgmt equity ICG Partner equity & Mgmt • Maximising ownership for founders and management teams
Slide 31: Flexible structuring in practice
Flexible structuring in practice From ICG’s European Corporate AGM, 2022 SLIDE TAKEN FROM ICG’S EUROPEAN CORPORATE AGM, 2022 Notes: MOIC = Multiple Of Invested Capital. MOIC data is presented net Source: ICG plc H1 FY22 results presentation Past performance is not a reliable indicator of future resu
Slide 32: ICG European Corporate: delivering consistent returns at scale
ICG European Corporate: delivering consistent returns at scale INDICATIVE - LOW DISPERSION OF INVESTMENT RETURNS (MOIC1) ICG EUROPE FUND SIZE, BY VINTAGE2 Fund-level MOIC 1 €8.1bn (2022) Frequency €4.5bn (2019) €3.0bn (2016) €2.5bn (2012) - 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x FUND V FUND VI FUND VII
Slide 33: ICG European Corporate fund summary
ICG European Corporate fund summary Fund V 18% 1.8x 151% Fund VI 23% 2.2x 171% IRR MOIC Net DPI (2015) IRR MOIC Net DPI (2011) Near-fully realised Anchored returns for investors Still investing Fund VII 21% 1.8x 42% Fund VIII 10% 1.1x 43% IRR MOIC Net DPI IRR MOIC Invested (2018) (2021) Early liquid
Slide 34: ICG Enterprise Trust investment team
ICG Enterprise Trust investment team Investment Committee Oliver Gardey Colm Walsh Liza Lee Marchal Kelly Tyne Lili Jones Josie Fair Fund Manager Managing Director Managing Director Vice President Vice President Vice President 25+ years’ experience 19+ years’ experience 18+ years’ experience 9+ year
Slide 35: Investment strategy: how we access the market
Investment strategy How we access the market • Commitments to new PE • Investing directly alongside funds funds managed by ICG and • Committed capital typically third-party managers invested over 3-5 years • Realised when underlying • Repaid as underlying fund Portfolio company is sold realises its
Slide 36: Focused on risk-adjusted returns and defensive growth
Investment strategy Focused on risk-adjusted returns and defensive growth A B C D E Buyouts Developed Mid-market and Top-tier markets larger deals managers Defensive More consistent returns Primarily in North More likely to be Track records of growth profile, with less risk America and Europe; resil
Slide 37: Why buyouts?
A Why buyouts? RETURNS, BY INVESTMENT STRATEGY 95th percentile 1st quartile 2nd quartile 3rd quartile 5th percentile 51% 42% 16% 24% 6% 25% 27% 21% 17% 14% 13% 9% 10% 7% 3% (3)% (4)% (12)% Buyout VC / growth Mezzanine Attractive risk / return Potential for outsized Lower dispersion but profile retur
Slide 38: Why developed markets?
B Why developed markets? BUYOUT RETURNS, BY GEOGRAPHY1 95th percentile 1st quartile 2nd quartile 3rd quartile 5th percentile 43% 39% 35% 26% 23% 20% 17% 15% 13% 10% 8% 6% (2)% (5)% (7)% US Europe Asia Historically generated higher returns with less downside risk Represent ~85% of global buyout volum
Slide 39: Why mid-market and larger?
C Why mid-market and larger? PE RETURNS, BY FUND SIZE1,2 Number of companies 41% Very large investment universe 30% Targeted investment thesis Curate exposure to specific companies 25% 20% Business maturity 18% Proven business models; multiple levers of value creation 14% 11% 9% Exit optionality 6%
Slide 40: Why top-tier managers?
D Why top-tier managers? PUBLIC AND PRIVATE MANAGER RETURN DISPERSION (2Q 2009 – 2Q 2019) Traditional Managers Alternative Managers • Private markets have higher performance 25% dispersion than Top Quartile Median 21.2% traditional managers 20.0% 20% Bottom Quartile • High persistence of returns for
Slide 41: Why defensive growth?
E Why defensive growth? EQUAL AVERAGE RETURNS DIFFERENT COMPOUND RETURNS Illustrative annual performance generating 5Y average return of 10% Best year Average Worst year Cumulative 30% 61% 20% 55% 48% 10% 0% 25% 20% -10% 10% 10% 10% 10% 10% -20% (5)% -30% Year 1 Year 2 Year 3 Year 4 Year 5 (20)% Hig
Slide 42: Primary perspective: New Mountain Capital (NMC)
Primary perspective New Mountain Capital (NMC) ICG ENTERPRISE TRUST RELATIONSHIP STEVE KLINSKY, FOUNDER AND CEO • June 2017: first commitment to NMC (Fund V) • $28.8m of Primary investments made to-date • 1 Direct investment alongside New Mountain Capital, (original investment cost of $15m) • 2.4% o
Slide 43: BREAK
BREAK PRIVATE AND CONFIDENTIAL
Slide 44: Portfolio construction
Portfolio construction PRIVATE AND CONFIDENTIAL
Slide 45: Portfolio today
ICG Enterprise Trust Portfolio today BALANCED EXPOSURE TO EUROPE AND NORTH AMERICA MID-MARKET AND LARGER Commitments1 Target Mid-market weighting North America ~50% Large-cap Investments (EV at entry)2 Europe ~50% 54% 29% Other n/a 8% 9% 1% A unique portfolio within the listed private equity market
Slide 46: How we access the market
How we access the market Primary commitments Direct investments Secondaries 54% 27% 19% Of Portfolio Of Portfolio Of Portfolio Key source of deal-flow for Increased exposure to individual Efficient return of capital Direct and Secondary investments attractive businesses Portfolio diversification, Ge
Slide 47: Our portfolio construction delivers returns
Our portfolio construction delivers returns ICG ENTERPRISE TRUST AVERAGE PORTFOLIO RETURN1,2 1yr 3yr 5yr 10yr 35% 32% 30% Attractive risk-adjusted returns 26% 25% 25% 25% 24% 22% 22% 22% 20% 20% 19% 18% 17% 15% 14% 10% 10% 10% 8% 5% 0% Primary Direct Secondary Total Highly diversified More concentra
Slide 48: Accessing a deep, global network of high quality managers
Primary Accessing a deep, global network of high quality managers GLOBAL SET OF ACTIVE RELATIONSHIPS EXAMPLE MANAGERS Europe: North America-based 17 active relationships Europe-based North America: 19 active relationships Notes: All company names and logos are trademarks owned by their respective ho
Slide 49: Case study: Gridiron Capital
Primary Case study Gridiron Capital ~$20M Hands-on approach Culture comes from previous experience as entrepreneurs and business owners COMMITMENT (FY23) To Gridiron Capital Fund V Focused, thematic investment approach across three core Specialist sectors: B2B and B2C Services, Branded Consumer, and
Slide 50: Direct investment program built on deep relationships with leading managers
Direct Direct investment program built on deep relationships with leading managers # of Co- 1,2 Manager 1 Total cost (£m) Direct investments investments 19 162 7 23 5 23 4 21 3 22 2 19 2 14 2 7 1 16 1 12 1 11 1 9 1 8 1 7 1 5 1 4 1 4 1 4 Notes All company names and logos are trademarks owned by their
Slide 51: We are highly selective
Direct We are highly selective DIRECT INVESTMENT OPPORTUNITIES BY SOURCE, 2016 - 2022 1% 90% 20% 17% 224 112 92 37 20 18 18 1 Opportunities from Opportunities from Opportunities from Total non-existing managers ICG plc existing third-party managers opportunities Offered Completed Conversion rate Pri
Slide 52: Scaling our direct investment programme
Direct Scaling our direct investment programme INCREASING VALUE OF DIRECT INVESTMENTS 2012 - 15: c. £12m 2016 – 22: c. £42m £78m £76m • Multi-year focus on scaling invested cost p.a. invested cost p.a. Direct investment £53m programme, additive to shareholder returns £24m £30m o Increased exposure t
Slide 53: Case study: European Camping Group (ECG)
Direct Case study European Camping Group (ECG) “THE TRANSACTION WILL PROVIDE A SOLID FOUNDATION FOR FUTURE GROWTH”1 ~£9.5M A leading European operator of premium campsites FY21 INVESTMENT ALONGSIDE PAI PARTNERS >22k units in >310 sites Scale across Europe, operating platform through a portfolio of p
Slide 54: Focus on LP Secondaries programme
Second- Focus on LP Secondaries programme aries LP SECONDARIES INVESTMENT OVERVIEW INVESTMENT PROFILE RETURNS TO-DATE • Five LP secondary transactions since programme began 1.5x Geography MOIC • £98m total commitments from ICGT • Highly diversified portfolio, Europe Americas RoW providing exposure t
Slide 55: Case study: ICG Ludgate Hill I
Second- Case study aries ICG Ludgate Hill I ~£32M Transparency Comprehensive visibility of portfolio at both fund and underlying investment level TOTAL INVESTMENT (FY22) Secondary investment alongside our manager, ICG 1 Diversified by fund Diversified Exposure to over 90 funds with minimal investmen
Slide 56: Our outcomes
Our outcomes PRIVATE AND CONFIDENTIAL
Slide 57: Does it work?
Does it work? Shareholder returns NAV per Share Total Return Portfolio performance Portfolio company performance Past performance is not a reliable indicator of future results PRIVATE AND CONFIDENTIAL 56
Slide 58: Long-term operational performance of Top 30 companies has been strong
Long-term operational performance of Top 30 companies has been strong LTM EBITDA GROWTH 60% Top 30 EBITDA Growth FTSE All Share EBITDA Growth 52% 50% 40% 33% 30% 30% 22% 20% 17% 16% 17% 14% 13% 14% 13% 12% 14% 10% 8% 10% 10% 8% 3% 2% 1% 0% (10)% (9%) (14%) (20)% (19%) (30)% (30%) (40)% FY12 FY13 FY1
Slide 59: Delivering attractive long-term Portfolio returns
Delivering attractive long-term Portfolio returns PORTFOLIO RETURN ON LOCAL CURRENCY BASIS Annualised Portfolio Return 29.4% 24.9% 21.3% 3 year 21.8% 16.4% 16.6% 15.0% 14.3% 13.8% 19.1% 12.3% 11.0% 11.1% 10.5% 5 year 17.0% 10 year FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 Notes: Pe
Slide 60: Track record of uplifts on exit reinforces our confidence in Portfolio valuation
Track record of uplifts on exit reinforces our confidence in Portfolio valuation TRACK RECORD OF FULL EXITS 2.5x 2.7x 2.1x 2.1x 1.9x 1.9x 2.7x 2.4x 2.4x 2.4x 2.6x 2.7x 54 Full Exits £133m proceeds 51% 49% 11% of opening 40% Portfolio Value 36% 37% 36% 35% 35% 31% 24% 24% 22% FY12 FY13 FY14 FY15 FY16
Slide 61: Low dispersion of returns
Low dispersion of returns ICG ENTERPRISE TRUST MOIC (FY16– FY23) 70% 60% 50% 40% 30% 20% 10% 0% 0-1x 1-2x 2-3x 3-4x 4-5x Over 5x Total Realised Realised investments represent the majority of outsized returns; unrealised investments prudently valued Notes: Data is value-weighted, based on original in
Slide 62: Generating substantial NAV per Share Total Return
Generating substantial NAV per Share Total Return NAV PER SHARE TOTAL RETURN Annualised NAV per Share Total Return 24.4% 23.4% 22.5% 20.4% 3 year 1.8x 15.5% 12.5% 12.4% 11.2% 16.9% 8.2% 5 year 2.2x 7.2% 5.0% 13.8% FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 10 year 3.7x NAV per Share Total Ret
Slide 63: Shareholder returns: long-term capital growth while preserving shareholder distributions
Shareholder returns: long-term capital growth while preserving shareholder distributions FORM OF SHAREHOLDER RETURNS £m FY19 FY20 FY21 FY22 FY23 NAV growth pre dividends and buybacks 82 81 175 226 165 Dividends 15 15 16 18 20 Buybacks 1 3 1 3 3 “Reinvested” NAV growth 67 63 158 206 143 % NAV growth
Slide 64: Share price performance has not reflected low volatility of our NAV
Share price performance has not reflected low volatility of our NAV NAV PER SHARE AND SHARE PRICE PERFORMANCE 2500p ICGT share price 1 NAV per share2 2000p 1500p 1000p 500p 0p 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Discount tightening has histo
Slide 65: Supporting our shareholders
Supporting our shareholders Improving • Enhanced disclosures on Portfolio transparency • Refreshed website and digital presence Increasing • Educational content including videos and op-eds awareness • Broader communication channels • Progressive dividend policy Optimising • Long-term buyback program
Slide 66: Our key messages today
Our key messages today Clear investment strategy Centred on defensive growth, targeting superior risk-adjusted returns over the long term Differentiated portfolio Actively constructed, exposure to profitable, cash-generative private companies in the US and Europe Dedicated investment team Benefiting
Slide 67: Q&A
Q&A PRIVATE AND CONFIDENTIAL
Slide 68: Portfolio Dashboard: Top 30 companies
Portfolio Dashboard Top 30 companies: 38.3% of Portfolio value COMPOSITION OPERATING PERFORMANCE FINANCIAL MULTIPLE 2 SECTOR EXPOSURE LTM REVENUE GROWTH Average: +21.9% EV / EBITDA2 Average: +14.3x 30.0% 26.1% 30% TMT 20.0% 20.3% 14.8% 13.9% 1 12.8% 12.1% 22.6% Consumer 10.0% 20% 19.2% Business serv
Slide 69: Portfolio Dashboard: Enlarged perimeter
Portfolio Dashboard Enlarged perimeter: 75.2% of Portfolio value 2 2 COMPOSITION OPERATING PERFORMANCE FINANCIAL MULTIPLE SECTOR EXPOSURE LTM REVENUE GROWTH Average: +22.2% EV / EBITDA Average: +14.0x 30% TMT 40% Consumer 1 28.9% 19.4% 30% Business services 20% 16.7% 21.4% 15.1% Healthcare 13.7% 20%
Slide 70: Performance figures
Performance figures Performance for 12 months ending: 31 January 2023 31 January 2022 31 January 2021 31 January 2020 31 January 2019 NAV per Share Total Return 14.5% 24.4% 22.5% 11.2% 12.4% Share Price Total Return (2.3)% 27.1% 2.8% 20.5% 3.0% FTSE All-Share Index Total Return 5.2% 18.9% (7.5)% 18.
Slide 71: Methodology of data provided
Methodology of data provided BURGISS Public Market Equivalent IRR: utilises the Long-Nickels ICM – IRR-based methodology developed by Austin Long and Craig Nickels that makes meaningful comparisons between private capital investments and indexes like the S&P 500 Total Return; known as Index Comparis
Slide 72: Legal notice
Legal notice What this document is for This material is communicated by ICG Enterprise Trust plc (the "ICG Enterprise").ICG Enterprise is managed by ICG Alternative Investment Limited ("ICG AIL") which is authorised and regulated by the UK Financial Conduct Authority. This material is provided for i