Highlights - ICG Enterprise Trust delivered a NAV per Share Total Return of 10.5% for the year ending 31 January 2025, with a closing NAV per Share of 2,073p [2][38] - The portfolio companies achieved a 15% earnings growth over the last twelve months, contributing to a robust operational performance [3][47] - The company returned £59 million to shareholders, representing 5% of the opening NAV, through dividends and share buybacks [3][15] Financial Performance - The portfolio grew by 10.2% on a Local Currency Basis during the year, with a Portfolio Return on a Sterling basis of 10.6% [6][37] - Total new investments amounted to £181 million, with commitments of £83 million made during the year [3][44] - The company executed 40 full exits at a weighted-average uplift to carrying value of 19%, generating total proceeds of £150.8 million [52][54] Capital Allocation and Shareholder Returns - The Board declared a total dividend of 36p per share for FY25, marking a 9% increase compared to FY24 [15][60] - Share buybacks returned £36 million to shareholders, reducing the share count by 4.3% during the year [15][20] - The company has a proactive capital allocation policy, balancing new investments with cash returns to shareholders [18][19] Portfolio Composition and Strategy - The portfolio is geographically balanced between North America and Europe, focusing on mid-market private companies with resilient growth characteristics [16][32] - The investment strategy includes a mix of Primary, Direct, and Secondary investments, with a target portfolio composition evolving towards more Direct and Secondary Investments [34][41] - At 31 January 2025, the portfolio was valued at £1,523 million, with 52.3% in US Dollar, 38.4% in Euro, and 9.2% in Sterling [69][70] Market Environment and Outlook - The company is well-positioned to navigate current market uncertainties, supported by a robust balance sheet and strong origination network [4][25] - The secondary market is expected to present compelling opportunities for future investments [4][23] - The focus on private equity-owned companies is seen as a structurally attractive allocation within investment portfolios, with a track record of attractive returns [30][32]