Preliminary Results for the twelve months ended 31 January 2026

	ICG Enterprise Trust plc Preliminary Results for the twelve months ended 31 January 2026 7 May 2026
	Highlights Portfolio Return on a Local Currency Basis of 4.8% (5-year annualised: 11.8%) Negative FX impact of (3.6)% due to one of the largest 12-month appreciations of GBP vs USD in a decade. Over last 5 and 10 years, FX impact broadly neutral NAV per Share Total Return of 0.5% and Share Price Total Return of 17.3%. NAV per Share of 2,045p at 31 Jan 2026 Portfolio net cashflow of £188m, with 25% of Opening Portfolio Value realised during the year 49 Full Exits during the year at a weighted-average Multiple of Cost of 3.0x and Uplift to Carrying Value of 11.2% Robust balance sheet: £227m total available liquidity; £33m net debt (£1,353m Portfolio Value) Buybacks of £28m during year added 22p to NAV per Share. Total dividends of 39p per share for FY26 (+8% YoY; 13th consecutive year of ordinary dividend per share increases). Board renews both buyback programmes and reaffirms progressive dividend policy

	Jane Tufnell			Oliver Gardey
	Chair of ICG Enterprise Trust plc			Portfolio Manager for ICG Enterprise Trust plc
		"ICGT's Portfolio of mature, profitable private companies has remained resilient during FY26. In recent years the Board and Manager have taken a number of steps to enhance ICGT's offering to shareholders, including through a differentiated capital allocation policy. This year, we have returned £51m to shareholders through buybacks and dividends, equivalent to 4% of opening NAV. The Board is renewing the long-term and opportunistic buyback programmes for FY27, and is reaffirming its commitment to the progressive dividend policy. Over the last five years, dividends per share have grown at an annualised rate of 10%. As an investment trust, ICGT does not need to accommodate subscriptions or redemptions. This enables us to manage the Portfolio actively to achieve long-term compounding growth for our shareholders. With our low net debt and high liquidity, we are well positioned to continue executing our strategy into FY27 and beyond."			"Our actively-managed Portfolio is performing well across a number of important metrics. EBITDA growth of our portfolio companies was approximately 13% over the last twelve months1, and 25% of the opening Portfolio value was realised during the year. ICGT's low net debt and high liquidity gives us the flexibility to continue to deploy capital into high quality new investments, maintaining vintage diversification to support long-term growth. Macroeconomic uncertainty has risen post year-end; transaction activity in the near-term may slow. However, the Portfolio is positioned to benefit from a number of growth trends, with broad diversification and low leverage. This provides resilience and flexibility in the face of market turbulence."

¹ Based on Enlarged Perimeter covering 70% of the Portfolio

PERFORMANCE OVERVIEW

				Annualised
Performance to 31 January 2026	3 months	6 months	1 year	3 years	5 years	10 years
Portfolio Return on a Local Currency Basis	1.5%	2.9%	4.8%	7.0%	11.8%	14.9%
NAV per Share Total Return	(1.1)%	1.2%	0.5%	4.2%	10.0%	12.9%
Share Price Total Return	0.5%	4.4%	17.3%	13.1%	12.6%	13.8%
FTSE All-Share Index Total Return	5.7%	12.7%	21.1%	13.0%	12.6%	9.0%

Financial year ended:		Jan 2022	Jan 2023	Jan 2024	Jan 2025	Jan 2026
Fund performance	Portfolio return (local currency)	29.4%	10.5%	5.9%	10.2%	4.8%
	Portfolio return (sterling)	27.6%	17.0%	3.2%	10.6%	1.2%
	NAV	£1,158m	£1,301m	£1,283m	£1,332m	£1,273m
	NAV per Share Total Return (%)	24.4%	14.5%	2.1%	10.5%	0.5%
Investment activity	New Investments	£304m	£287m	£137m	£181m	£194m
	As % opening Portfolio	32%	24%	10%	13%	13%
	Total Proceeds	£343m	£252m	£239m	£151m	£382m
	As % opening Portfolio	36%	22%	17%	11%	25%
Shareholder experience	Closing share price	1,200p	1,150p	1,226p	1,342p	1,534p
	Total dividends per share	27p	30p	33p	36p	39p
	Share Price Total Return	27.1%	(2.3)%	9.6%	12.5%	17.3%
	Total shareholder distributions	£21m	£22m	£35m	£59m	£51m
	As % Opening NAV	2.2%	1.9%	2.7%	4.5%	3.9%

Portfolio activity overview for FY26	Primary	Direct	Secondary	Total	ICG-managed
Local Currency return	5.2%	6.0%	0.8%	4.8%	6.9%
Sterling return	2.5%	1.5%	(4.3)%	1.2%	3.4%
New Investments	£84m	£69m	£41m	£194m	£62m
Total Proceeds	£192m	£126m	£64m	£382m	£113m
New Fund Commitments	£134m	—	£67m	£201m	£108m
Closing Portfolio value	£701m	£457m	£195m	£1,353m	£398m
% Total Portfolio	51.8%	33.8%	14.4%	100.0%	29.4%

COMPANY TIMETABLE
A presentation for investors and analysts will be held at 10:30am BST today. A link to the presentation can be found on the Results & Reports page of the Company website. A recording of the presentation will be made available on the Company website after the event.

		FY26 Final Dividend
Ex-dividend date		2 July 2026
Record date		3 July 2026
Dividend payment date		17 July 2026

Annual General Meeting The Annual General Meeting will be held on Thursday 25 June 2026. The Board will be communicating the format of the meeting separately in the Notice of Meeting. This will include details of how shareholders may register their interest in attending the Annual General Meeting.

Shareholder Seminar In March 2026, ICGT held its annual Shareholder Seminar. We explored a number of topics: 2025 in review – including several realisation case studies Our new and established manager relationships – across both ICG plc and leading third party managers Inside ICG Europe Mid-Market – insights from the ICG Europe team on current themes and deal flow Positioning for long term growth – why ICGT’s portfolio can benefit from several long-term growth trends A recording is available at this link: https://www.icg-enterprise.co.uk/cmd

ENQUIRIES

Institutional investors and analysts:         

Martin Li, Shareholder Relations                        [phone]
Nathan Brown, Deutsche Numis                        [phone]
David Harris, Cadarn Capital                             [phone]

Media:                                       

Clare Glynn, Corporate Communications, ICG  [phone]

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, cash-generative private companies, primarily in Europe and the US, while offering the added benefit to shareholders of daily liquidity.

We invest in companies directly as well as through funds managed by ICG plc and other leading private equity managers who focus on creating long-term value and building sustainable growth through active management and strategic change.

NOTES

Included in this document are Alternative Performance Measures (“APMs”). APMs have been used if considered by the Board and the Manager to be the most relevant basis for shareholders in assessing the overall performance of the Company, and for comparing the performance of the Company to its peers and its previously reported results. The Glossary includes further details of APMs and reconciliations to International Financial Reporting Standards (“IFRS”) measures, where appropriate.

In the Manager’s Review and Supplementary Information, all performance figures are stated on a Total Return basis (i.e. including the effect of re-invested dividends). ICG Alternative Investment Limited, a regulated subsidiary of Intermediate Capital Group plc, acts as the Manager of the Company.

DISCLAIMER

The information contained herein and on the pages that follow does not constitute an offer to sell, or the solicitation of an offer to acquire or subscribe for, any securities in any jurisdiction where such an offer or solicitation is unlawful or would impose any unfulfilled registration, qualification, publication or approval requirements on ICG Enterprise Trust PLC (the "Company") or its affiliates or agents. Equity securities in the Company have not been and will not be registered under the applicable securities laws of the United States, Australia, Canada, Japan or South Africa (each an “Excluded Jurisdiction”). The equity securities in the Company referred to herein and on the pages that follow may not be offered or sold within an Excluded Jurisdiction, or to any U.S. person ("U.S. Person") as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or to any national, resident or citizen of an Excluded Jurisdiction.

The information on the pages that follow may contain forward looking statements. Any statement other than a statement of historical fact is a forward looking statement. Actual results may differ materially from those expressed or implied by any forward looking statement. The Company does not undertake any obligation to update or revise any forward looking statements. You should not place undue reliance on any forward looking statement, which speaks only as of the date of its issuance.

CHAIR’S STATEMENT

Dear fellow shareholders,

ICGT’s strategy is to invest in profitable, cash-generative private companies that can deliver long-term growth. A share in the Company provides access to a unique portfolio of such companies in the US and Europe, which is impossible to replicate in public markets.

For the 12 months to 31 January 2026, ICGT generated a NAV per Share Total Return of 0.5% and the discount to NAV of its shares narrowed from 35% to 24%. Shareholders received a Share Price Total Return of 17.3% for the year.

Over the last five years, ICGT has delivered an annualised NAV per Share Total Return of 10.0% and an annualised Share Price Total Return of 12.6%.

In the months between the end of our financial year and the publication of this report, the environment for private equity has become more complicated and macroeconomic uncertainty has increased in a number of areas. In that context, I am confident in the experienced and dedicated team that manages ICGT, and I believe the Company has an attractive portfolio. We will remain focused on executing our investment strategy and allocating our capital thoughtfully.

Performance

ICGT’s portfolio returned 4.8% in local currency terms and 1.2% in sterling terms during FY26. Portfolio companies in aggregate have continued to generate double digit growth in profits¹, and have modest leverage in the context of private equity.

NAV per Share Total Return was 0.5% for FY26. This was a disappointing result albeit in a challenging market. The Board continues to have great confidence in our Portfolio of mature cash generative companies to deliver attractive returns for our shareholders.

At 31 January 2026, ICGT had net debt of £33m and Total Available Liquidity of £227m, which the Board judges appropriate in the current environment.

Shareholder engagement

2025 saw a high level of engagement with shareholders. I and the Manager met with a wide range of investors, and we welcomed several new investors to our shareholder register. We were also pleased to win Investment Week’s ‘Investment Company of the Year 2025’ award in the private equity category.

These conversations, together with the newsletter survey the Manager ran in October 2025, have helped to refine our programme of initiatives to engage with our existing shareholder base and attract new investors. The Board will oversee delivery of these initiatives and monitor their effectiveness.

Capital allocation

During the year, the Manager made new investments of £194m and committed £201m to new funds, in line with the programme approved and regularly reviewed by the Board. The Portfolio generated net cashflow of £188m.

Alongside this investment activity, ICGT bought back 3% of its opening share count at an average discount of 32.3%. The Board regularly reviews the effectiveness of the programmes with the Manager and our advisers. The share buybacks undertaken during the year enhanced the NAV per Share Total Return by 1.1%.

We maintain the progressive dividend policy, with total FY26 dividends of 39p per share. This represents an 8% increase on the prior year and the 13^th consecutive year of ordinary dividend per share increases.

Looking ahead

I believe there is substantial value in ICGT’s shares, and your Board is committed to working with the Manager and other partners to support the marketing of ICGT to a wide range of current and potential shareholders.

ICGT is managed by an experienced team with the resources, network and track record to navigate complex markets. The Company has a robust capital structure and liquidity, and an investment strategy that supports our objective of delivering long-term compounding returns.

Thank you for your continued support.

Jane Tufnell
Chair
6 May 2026

¹ EBITDA, based on Enlarged Perimeter covering 70% of the Portfolio.

MANAGER’S REVIEW

Alternative Performance Measures

The Board and the Manager monitor the financial performance of the Company on the basis of Alternative Performance Measures (‘APM’), which are non-UK-adopted IAS measures. The APM predominantly form the basis of the financial measures discussed in this review, which the Board believes assists shareholders in assessing their investment and the delivery of the investment strategy.

The Company holds certain investments in subsidiary entities. The substantive difference between APM and UK-IAS is the treatment of the assets and liabilities of these subsidiaries. The APM basis ‘looks through’ these subsidiaries to the underlying assets and liabilities they hold, and it reports the investments as the Portfolio APM, gross of the liability in respect of the Co-investment Incentive Scheme. Under UK-IAS, the Company and its subsidiaries are reported separately. The assets and liabilities of the subsidiaries, which include the liability in respect of the Co-investment Incentive Scheme, are presented on the face of the UK-IAS balance sheet as a single carrying value. The same is true for the UK-IAS and APM basis of the cash flow statement.

The following table sets out UK-IAS metrics and the APM equivalents:

IFRS (£m)	31 January 2026	31 January 2025	APM (£m)	31 January 2026	31 January 2025
Investments	1,309	1,470	Portfolio	1,353	1,523
NAV	1,273	1,332	Realisation Proceeds	316	151
Cash flows from the sale of portfolio investments	60	20	Total Proceeds	382	151
Cash flows related to the purchase of portfolio investments	51	34	Total New Investment	194	181

The Glossary includes definitions for all APM and, where appropriate, a reconciliation between APM and UK-IAS.

Why private equity

Every day the lives of those living and working in the US and Western Europe are touched by companies owned by private equity: retailers, payments processors, home security, pet food, health services – the list is long. What typically unites these companies is that they are profitable and cash generative. These companies are actively managed by their shareholders, with management teams heavily incentivised to generate returns. Increasingly, companies with these characteristics are choosing to grow under private equity ownership and to stay private for longer. Within that, ICGT focuses on a subset of those companies that we expect will generate resilient growth. As more companies are owned by private equity, we believe it is a structurally attractive allocation within an investment portfolio, with a track record of attractive returns, and significant opportunity to continue that trajectory.

A share in ICGT gives you access to a unique portfolio of private companies.

Our investment strategy

Within developed markets, we focus on investing in buyouts of profitable, cash-generative businesses that exhibit resilient growth characteristics, which we believe will generate strong long-term compounding returns across economic cycles.

We take an active approach to Portfolio construction, with a flexible mandate that enables us to deploy capital in Primary, Secondary and Direct Investments. Geographically, we focus on the developed markets of North America and Europe which have deep and mature private equity markets.

	Medium-term target	Five-year average1	31 January 2026
1. Target Portfolio composition 2
Investment category
Primary	~40-50%	53%	52%
Direct	~30-35%	30%	34%
Secondary	~25-30%	17%	14%
Geography
North America	~50%	45%	48%
Europe	~50%	49%	47%
Other	—	6%	5%

1. Five-year average is the linear average of FY exposures for FY22-FY26.
2. As a percentage of Portfolio.

ICG Enterprise Trust benefits from access to ICG-managed funds and Direct Investments, which represented 29% of the Portfolio value at period end and generated a 6.9% return on a Local Currency Basis.

Performance overview

At 31 January 2026, our Portfolio was valued at £1,353m, and the Portfolio Return on a Local Currency Basis for the financial year was 4.8% (FY25: 10.2%).

Due to the geographic diversification of our Portfolio, the reported value is impacted by changes in foreign exchange rates. During the period, FX movements affected the Portfolio negatively by £55m, driven by Sterling’s 10.4% appreciation against the US Dollar in the year. In sterling terms, Portfolio growth during the period was 1.2%.

The net result for shareholders was that ICG Enterprise Trust generated a NAV per Share Total Return of 0.5% during FY26, ending the period with a NAV per Share of 2,045p.

Movement in the Portfolio £m	Twelve months to 31 January 2026	Twelve months to 31 January 2025
Opening Portfolio1	1,523	1,349
Total New Investments	194	181
Total Proceeds	(382)	(151)
Portfolio net cashflow	(188)	30
Valuation movement2	73	138
Currency movement	(55)	6
Closing Portfolio	1,353	1,523
1 Refer to the Glossary. 2 93% of the Portfolio valuations are dated 31 December 2025 or later (FY25: 97%).
NAV per Share Total Return	Twelve months to 31 January 2026	Twelve months to 31 January 2025
% Portfolio growth (local currency)	4.8%	10.2%
% currency movement	(3.6)%	0.4%
% Portfolio growth (Sterling)	1.2%	10.6%
Impact of gearing	0.2%	0.7%
Management fee	(1.2)%	(1.3)%
Finance costs and other expenses	(0.5)%	(0.6)%
Co-investment Incentive Scheme Accrual	(0.1)%	(0.7)%
Impact of share buybacks	1.1%	1.8%
NAV per Share Total Return	0.5%	10.5%

For Q4 the Portfolio Return on a Local Currency Basis was 1.5% and the NAV per Share Total Return was (1.1)%.

Executing our investment strategy

Commitments in the financial year	Total New Investments in the financial year	Growth in the financial year	Total Proceeds in the financial year
Making commitments to funds, which expect to be drawn over 3 to 5 years	Cash deployments into portfolio companies, either through funds or directly	Driving growth and value creation of our portfolio companies	Cash realisations of investments in Portfolio companies, plus Fund Disposals
£201m (FY25: £83m)	£194m (FY25: £181m)	£73m (FY25: £138m)	£382m (FY25: £151m)

Commitments

Our structure and investment mandate enable us to commit through the cycle, maintaining vintage diversification for our Portfolio and sowing the seeds for future growth.

During the year we made 11 new Fund Commitments totalling £201m, including £88m to funds managed by ICG plc, as detailed below:

		Commitment during the period
Fund	Manager	Local currency	£m
ICG LP Secondaries Fund II	ICG	$90.0m	£67.3m
ICG Europe IX	ICG	€25.0m	£20.9m
Advent GPE XI	Advent	€20.0m	£17.1m
TH Lee X	THL	$20.0m	£15.8m
Hg Saturn IV	Hg	$20.0m	£15.4m
Green Equity Investor X	Leonard Green	$20.0m	£14.8m
Integrum II	Integrum	$18.0m	£13.8m
GHO Capital IV	GHO	€15.0m	£12.4m
New Mountain Strategic Equity II	New Mountain	$15.0m	£11.0m
Hg Genesis XI	Hg	€10.0m	£8.7m
Stone Point - Trident X	Stone Point	$5.0m	£3.7m

At 31 January 2026, ICG Enterprise Trust had outstanding Undrawn Commitments of £635.3m. Total Undrawn Commitments at 31 January 2026 comprised £470.5m of Undrawn Commitments to funds within their Investment Period, and a further £164.8m were to funds outside their Investment Period.

Movement in outstanding Commitments	Year to 31 January 2026 £m
Undrawn Commitments as at 1 February 2025	553.2
New Fund Commitments	201.0
New Commitments relating to Co-investments	79.5
Drawdowns	(193.7)
Currency and other movements, including repayment of commitments which can be reinvested	(4.7)
Undrawn commitments as at 31 January 2026	635.3

	31 January 2026 £m	31 January 2025 £m
Undrawn Commitments – funds in Investment Period	470.5	419.1
Undrawn Commitments – funds outside Investment Period	164.8	134.1
Total Undrawn Commitments	635.3	553.2
Total available liquidity (including facility)	(227.1)	(124.6)
Overcommitment net of total available liquidity	408.2	428.6
Overcommitment % of net asset value	32.1%	31.1%

Commitments are made in the funds’ underlying currencies. The currency split of the Undrawn Commitments at 31 January 2026 was as follows:

	31 January 2026		31 January 2025
Undrawn Commitments	£m	%	£m	%
US Dollar	381.6	60.1%	310.3	56.1%
Euro	229.1	36.1%	213.1	38.5%
Sterling	24.6	3.9%	29.8	5.4%
Total	635.3	100%	553.2	100%

Investments

Total New Investments were £194m during the period, of which 32% (£62m) were alongside ICG. New investments by category are detailed in the table below:

Investment Category	Cost (£m)	% of New Investments
Primary	84.3	43.4%
Direct	69.2	35.6%
Secondary	40.7	21.0%
Total	194.2	100.0%

The five largest new investments in the period were as follows:

Investment	Description	Manager	Country	Cost £m1
Project Domino	Diversified secondaries portfolio	ICG	Multiple	18.7
Dayforce	Provider of human capital management solutions	Thoma Bravo	United States	11.2
Global Market Foods	Specialty distributor of international foods	Audax	United States	10.9
Headlands Research	Operator of a network of clinical trial sites	TH Lee	United States	9.1
Minimax	Supplier of fire protection systems and services	ICG	Germany	8.3
Total of top 5 largest underlying new investments				58.1

1 Represents ICG Enterprise Trust’s indirect investment (share of fund cost) plus any Direct Investments in the period.

Occasionally ICGT simultaneously has both a realisation from and an investment into the same company in the same period. This typically occurs when an underlying fund sells a company that is purchased by another fund within ICGT’s portfolio. During FY26 shareholders will note that Minimax appears both in the top 5 realisations and top 5 new investments, which is a result of this situation.

Growth

The Portfolio grew by £73m (+4.8%) on a Local Currency Basis in the 12 months to 31 January 2026, driven by realised gains and supported by earnings growth on a weighted-average basis across the Enlarged Perimeter of 13%.

No single movement at the level of an individual fund or direct investment had a positive or negative impact of greater than 0.5% on the overall Portfolio valuation.

Growth across the Portfolio was split as follows:

• By investment type: growth was spread across Primary (+5.2%), Secondary (+0.8%) and Direct (+6.0%)
• By geography: North America and Europe experienced growth of +5.6% and +3.9% respectively

The growth in the Portfolio is underpinned by the performance of our portfolio companies, which delivered robust financial performance during the period:

	Top 30	Enlarged Perimeter
Portfolio coverage	37%	70%
Last Twelve Months ('LTM') revenue growth	10%	10%
LTM EBITDA growth	14%	13%
Net Debt / EBITDA	4.7x	4.8x
Enterprise Value / EBITDA	15.9x	15.7x
Note: values are weighted averages for the respective Portfolio segment; Enlarged Perimeter represents the aggregate value of the Top 30 Companies and a representative sample of primary funds; see Glossary for definition and calculation methodology

Quoted Company Exposure

We do not actively invest in publicly quoted companies but gain listed investment exposure when IPOs are used as a route to exit an investment. In these cases, exit timing typically lies with the manager with whom we have invested.

At 31 January 2026, ICG Enterprise Trust’s exposure to quoted companies was valued at £52.4m, equivalent to 3.9% of the Portfolio value (31 January 2025: 4.8%). Across the Portfolio, quoted positions resulted in a £20.7m decrease in Portfolio NAV during the period. This negatively impacted the Portfolio Return on a Local Currency Basis by approximately 1.4%. The share price of our largest listed exposure, Chewy, decreased by 25% in local currency (USD) during the period.

At 31 January 2026, Chewy was the only quoted investment that individually accounted for 0.5% or more of the Portfolio value:

Company	Ticker	31 January 2026 % of Portfolio value
Chewy	CHWY-US	1.2%
Other companies		2.7%
Total		3.9%

Realisations

During FY26, the ICG Enterprise Trust Portfolio generated Total Proceeds of £382m.

Realisation activity during the period included 49 Full Exits generating proceeds of £196m. These were completed at a weighted average Uplift to Carrying Value of 11.2% and represent a weighted average Multiple to Cost of 3.0x for those investments.

The five largest underlying realisations in the period were as follows:

Investment	Description	Manager	Country	Proceeds £m
Minimax	Supplier of fire protection systems and services	ICG	Germany	48.8
Froneri	Manufacturer and distributor of ice cream products	PAI	United Kingdom	38.1
Datasite Global Corporation	Provider of SaaS software focused on virtual data rooms	ICG	United States	22.5
PSB Academy	Provider of private tertiary education	ICG	Singapore	19.2
European Camping Group	Operator of premium campsites and holiday parks	PAI	France	18.8
Total of 5 largest underlying realisations				147.4

Balance sheet and liquidity

Net assets at 31 January 2026 were £1,273m, equal to 2,045p per share.

The Company had net debt of £33m and at 31 January 2026, the Portfolio represented 106% of net assets (31 January 2025: 114%).

	£m	% of net assets
Portfolio	1,352.9	106.3%
Cash	33.8	2.7%
Drawn debt	(66.6)	(5.2)%
Co-investment Incentive Scheme Accrual	(44.4)	(3.5)%
Other net current liabilities	(3.2)	(0.3)%
Net assets	1,272.6	100.0%

Our policy is to be fully invested through the cycle, while ensuring that we have sufficient financial resources to be able to meet existing obligations and take advantage of attractive investment opportunities as they arise.

The Company utilises a €300m (£260m) credit facility to enhance balance sheet flexibility. During the year the credit facility was extended by one year and matures in May 2029.

At 31 January 2026, ICG Enterprise Trust had a cash balance of £33.8m (31 January 2025: £3.9m) and total available liquidity of £227.1m (31 January 2025: £124.6m).

	£m
Cash at 31 January 2025	3.9
Total Proceeds	382.3
New investments	(194.2)
Debt repaid	(73.6)
Dividends and buybacks	(51.3)
Management fees	(16.2)
FX and other expenses	(17.1)
Cash at 31 January 2026	33.8
Available undrawn debt facilities	193.3
Total available liquidity	227.1

Dividend and share buyback

ICG Enterprise Trust has a progressive dividend policy alongside two share buyback programmes to return capital to shareholders. In total ICGT returned £51m to shareholders in FY26 through dividends and buybacks.

Dividends

The Board has proposed a dividend of 12p per share in respect of the fourth quarter, taking total dividends for the year to 39p (FY25: 36p). This is the 13th consecutive year in which ordinary dividend per share increased.

Share Buybacks

The following purchases have been made under the Company's share buyback programmes:

	Long-term		Opportunistic		Total
	FY263	Since inception1	FY263	Since inception2	FY263	Since inception
Number of shares purchased	1,007,501	3,754,189	1,031,221	2,523,396	2,038,722	6,277,585
% of opening shares since buyback started						9.2%
Capital returned to shareholders through buybacks	£13.9m	£46.4m	£13.9m	£32.2m	£27.8m	£78.6m
Number of days shares have been acquired	82	264	12	23	94	287
Weighted average discount to last reported NAV	31.7%	36.5%	32.8%	34.8%	32.3%	35.8%
NAV per Share accretion (p)					21.5	72.6
NAV per Share accretion (% of NAV)					1.1%	3.7%

1. Since October 2022 (which was when the long-term share buyback programme was launched) up to and including 31 January 2026.
2. Since May 2024 (which was when the opportunistic buyback programme was launched) up to and including 31 January 2026.
3. Based on date of settlement.
   
   

Note: aggregate consideration excludes commission, PTM and SDRT.

The Board believes the long-term buyback programme demonstrates the Manager’s discipline around capital allocation; underlines the Board’s confidence in the long-term prospects of the Company, its cash flows and NAV; will enhance the NAV per Share; and, over time, may positively influence the volatility of the Company’s discount and its trading liquidity. The Board reconfirms the long-term share buyback programme is intended to operate at any discount to NAV.

The opportunistic buyback programme is intended to enable us to take advantage of attractive trading levels when we have the ability to purchase a meaningful number of shares. The size of the opportunistic buyback programme will be subject to a number of considerations, including the availability of shares and our cash flow experience and expectations.

The Board has renewed both long-term and opportunistic buyback programmes for FY27, with the opportunistic buyback sized at up to £25m.

Foreign exchange rates

The details of relevant foreign exchange rates applied in this report are provided in the table below:

	Average rate for FY26	Average rate for FY25	31 January 2026 year end	31 January 2025 year end
GBP:EUR	1.16	1.18	1.15	1.20
GBP:USD	1.33	1.28	1.37	1.24
EUR:USD	1.14	1.08	1.19	1.04

Activity since the period end

Notable activity between 1 February 2026 and 31 March 2026 has included:

• 2 new Fund Commitments for a combined value of £30m
• Total New Investments of £17m
• Total Proceeds of £27m
  
  

From 1 February 2026 up to and including 30 April 2026, 942,647 shares £13.7m were bought back at a weighted-average discount to NAV of 29.9%.

Post Period-end: Volatility In Public Market Software Companies

Post period-end, public market software companies experienced increased share price volatility amid concerns over the impact of Artificial Intelligence (‘AI’) on the sector.

The investment team’s view is that, in general, software companies can be very attractive investments. Business models are characterised by high margins, sticky recurring revenues, low capital intensity and structural growth driven by digitalisation. The understandably strong investor appetite drove software valuations to become elevated and, in our view, unsupportable. Over the past six years, ICGT has taken a disciplined approach to software investing, declining opportunities in several high-quality companies where valuations were considered unsustainable.

As a result, ICGT’s software exposure is 12%, which we believe is below the private market average. This exposure is focused on mission-critical businesses in areas such as accounting, payroll and compliance, which we consider resilient and, in every case, we only invested after stress-testing the impact of reduced exit valuations.

Looking ahead, we believe a number of our software companies are well-positioned to benefit from AI, particularly those with deterministic products and deep domain expertise.

The average EV/EBITDA multiple of our software investments at year-end was 21.6x. By comparison¹, the S&P 500 Software Industry Index stood at 27x at the start of 2026.

As public market movements feed through to private valuations over the coming quarters, we believe ICGT’s limited exposure, the quality of the existing software companies and our disciplined approach should continue to support portfolio resilience.

ICG Private Equity Funds Investments Team

6 May 2026

1. Indicative software index, noting differences in size and composition of software company

SUPPLEMENTARY INFORMATION

This section presents supplementary information regarding the Portfolio (see Manager’s Review and the Glossary for further details and definitions).

Portfolio composition

Portfolio by calendar year of investment	% of value of underlying investments 31 January 2026	% of value of underlying investments 31 January 2025
2026	0.7%	—%
2025	9.7%	0.5%
2024	12.5%	10.1%
2023	8.5%	7.6%
2022	19.7%	18.5%
2021	22.3%	25.7%
2020	7.9%	8.6%
2019	8.2%	10.3%
2018	2.9%	7.3%
2017 and older	7.6%	11.4%
Total	100.0%	100.0%

Portfolio by sector	% of value of underlying investments 31 January 2026	% of value of underlying investments 31 January 2025
TMT	30.1%	29.9%
Consumer goods and services	14.5%	18.1%
Healthcare	12.6%	11.5%
Business services	11.0%	12.4%
Financials	10.6%	7.8%
Industrials	10.3%	7.6%
Education	5.1%	5.0%
Leisure	2.3%	4.0%
Other	3.5%	3.7%
Total	100.0%	100.0%

Portfolio by fund currency1	£m	31 January 2026 %	31 January 2025 £m	31 January 2025 %
USD	771	57.0%	796	52.4%
EUR	478	35.3%	584	38.4%
GBP	104	7.7%	140	9.2%
Total	1,353	100.0%	1,520	100.0%
1 Currency exposure by reference to the reporting currency of each fund .

Portfolio Dashboard

The tables below provide disclosure on the composition and dispersion of financial and operational performance for the Top 30 and the Enlarged Perimeter. At 31 January 2026, the Top 30 Companies represented 36.9% of the Portfolio by value and the Enlarged Perimeter represented 69.6% of total Portfolio value. This information is prepared on a value-weighted basis, based on contribution to Portfolio value at 31 January 2026. Datasets for Top 30 companies and ‘Enlarged perimeter’ are not distinct and will have some overlap.

	% of value at 31 January 2026
Sector exposure	Top 30	Enlarged Perimeter
TMT	34.2%	31.2%
Industrials	14.1%	14.3%
Consumer goods and services	11.5%	13.1%
Business services	16.8%	13.1%
Healthcare	14.2%	12.8%
Leisure	2.8%	3.2%
Education	6.4%	6.1%
Financials	—%	3.3%
Other	—%	3.0%
Total	100.0%	100.0%

	% of value at 31 January 2026
Geographic exposure1	Top 30	Enlarged Perimeter
North America	48.6%	48.0%
Europe	48.4%	49.5%
Other	3.0%	2.5%
Total	100.0%	100.0%
1 Geographic exposure is calculated by reference to the location of the headquarters of the underlying Portfolio companies

	% of value at 31 January 2026
LTM revenue growth	Top 30	Enlarged Perimeter
<0%	10.5%	16.7%
0-10%	40.6%	36.2%
10-20%	34.6%	26.8%
20-30%	9.3%	7.1%
>30%	5.0%	7.0%
n.a.	—%	6.3%
Weighted average	10.2%	9.5%
Note: for consistency, any excluded investments are excluded for all dispersion analysis.

	% of value at 31 January 2026
LTM EBITDA growth	Top 30	Enlarged Perimeter
<0%	11.6%	15.6%
0-10%	35.5%	30.3%
10-20%	18.5%	19.5%
20-30%	17.8%	12.0%
>30%	16.7%	15.6%
n.a.	—%	6.9%
Weighted average	13.9%	13.1%
Note: for consistency, any excluded investments are excluded for all dispersion analysis.

	% of value at 31 January 2026
EV/EBITDA multiple	Top 30	Enlarged Perimeter
0-10x	7.8%	9.1%
10-12x	10.1%	14.5%
12-13x	10.9%	9.3%
13-15x	23.7%	16.5%
15-17x	15.8%	15.5%
17-20x	8.5%	8.1%
>20x	21.2%	19.7%
n.a.	2.0%	7.3%
Weighted average	15.9x	15.7x
Note: for consistency, any excluded investments are excluded for all dispersion analysis.

	% of value at 31 January 2026
Net Debt / EBITDA	Top 30	Enlarged Perimeter
<2x	16.2%	12.5%
2-4x	8.8%	13.8%
4-5x	26.0%	22.1%
5-6x	20.0%	17.5%
6-7x	23.2%	18.9%
>7x	5.8%	7.9%
n.a.	—%	7.3%
Weighted average	4.7x	4.8x
Note: for consistency, any excluded investments are excluded for all dispersion analysis.

Top 30 companies
The table below presents the 30 companies in which ICG Enterprise Trust had the largest investments by value at 31 January 2026. The valuations are gross of underlying managers’ fees and carried interest.

	Company	Manager	Year of investment	Country	Value as a % of Portfolio
1	Circana
	Provider of mission-critical data and predictive analytics to consumer goods manufacturers	New Mountain	2022	United States	2.1%
2	Visma
	Provider of business management software and outsourcing services	Hg / ICG	2017/ 2020 / 2024	Norway	2.0%
3	Leaf Home Solutions
	Provider of home maintenance services	Gridiron	2016 / 2025	United States	1.8%
4	Curium Pharma
	Supplier of nuclear medicine diagnostic pharmaceuticals	ICG	2020	United Kingdom	1.8%
5	Exail
	Provider of autonomous systems for the aerospace and maritime sectors	ICG	2022	France	1.7%
6	Davies Group
	Provider of speciality business process outsourcing services	BC	2021	United Kingdom	1.6%
7	Crucial Learning
	Provider of corporate training courses focused on communication skills and leadership development	Leeds Equity	2019	United States	1.4%
8	Vistage
	Provider of CEO leadership and coaching for small and mid-size businesses in the US	Gridiron	2022	United States	1.4%
9	Ambassador Theatre Group
	Operator of theatres and ticketing platforms	ICG	2021	United Kingdom	1.4%
10	Precisely
	Provider of enterprise software	Clearlake / ICG	2021 / 2022	United States	1.3%
11	KronosNet
	Provider of tech-enabled customer engagement and business solutions	ICG	2022	Spain	1.3%
12	Minimax
	Supplier of fire protection systems and services	ICG	2018 / 2024 / 2025	Germany	1.3%
13	Chewy
	Online retailer of pet food and products	BC	2014 / 2015 / 2022	United States	1.2%
14	Planet Payment
	Provider of integrated payments services focused on hospitality and luxury retail	Eurazeo / ICG	2021	Ireland	1.2%
15	Audiotonix
	Manufacturer of audio mixing consoles	PAI	2024	United Kingdom	1.1%
16	Class Valuation
	Provider of residential mortgage appraisal management services	Gridiron	2021	United States	1.1%
17	Yudo
	Designer and manufacturer of hot runner systems	ICG	2017 / 2018	South Korea	1.1%
18	DigiCert
	Provider of enterprise security solutions	ICG	2021	United States	1.1%
19	DomusVi
	Operator of nursing homes	ICG	2017 / 2021	France	1.1%
20	Brooks Automation
	Provider of semiconductor manufacturing solutions	TH Lee	2021 / 2022	United States	1.0%
21	European Camping Group
	Operator of premium campsites and holiday parks	PAI	2021 / 2022 / 2023 / 2025	France	1.0%
22	Multiversity
	Provider of online higher education	CVC / ICG	2024	Italy	0.9%
23	Ping Identity
	Provider of cyber security solutions	Thoma Bravo	2022 / 2023	United States	0.9%
24	Datavant
	Provider of healthcare data	ICG	2023	United States	0.9%
25	Archer
	Developer of governance, risk and compliance software intended for risk management	Cinven	2023	United States	0.9%
26	Newton
	Provider of management consulting services	ICG	2021 / 2022	United Kingdom	0.8%
27	Dayforce
	Provider of human capital management solutions	Thoma Bravo	2026	United States	0.8%
28	Global Market Foods
	Speciality distributor of international foods	Audax	2026	United States	0.8%
29	AMEOS Group
	Operator of private hospitals	ICG	2021	Switzerland	0.8%
30	Avid Bioservices
	Provider of biologic drug development and manufacturing services	GHO	2025	United States	0.7%
	Total of the 30 largest underlying investments				36.9%

The 30 largest fund investments

The table below presents the 30 largest fund investments by value at 31 January 2026. The valuations are net of underlying managers’ fees and carried interest.

	Fund	Year of commitment	Value £m	Outstanding commitment £m
1	ICG Strategic Equities Fund IV
	GP-led secondary transactions	2021	34.1	5.6
2	ICG Europe VIII
	Mezzanine and equity in mid-market buyouts	2021	32.3	11.2
3	ICG Strategic Equities Fund III
	GP-led secondary transactions	2018	21.7	10.2
4	CVC European Equity Partners VII
	Large buyouts	2017	21.3	3.1
5	ICG LP Secondaries Fund I LP
	LP-led secondary transactions	2022	21.1	28.4
6	Gridiron Capital Fund III
	Mid-market buyouts	2016	20.1	1.2
7	Seventh Cinven
	Large buyouts	2019	19.8	1.7
8	PAI Europe VII
	Mid-market and large buyouts	2017	18.5	1.5
9	ICG Ludgate Hill (Feeder B)
	Secondary portfolio	2021	18.4	14.1
10	ICG Strategic Equities Fund V
	GP-led secondary transactions	2023	17.9	26.9
11	Oak Hill V
	Mid-market buyouts	2019	17.6	0.5
12	ICG Ludgate Hill (Feeder) Domino
	Secondary portfolio	2025	17.4	4.0
13	Resolute V
	Mid-market buy-outs	2021	17.1	0.6
14	Investindustrial VII
	Mid-market buyouts	2019	16.3	4.1
15	ICG Augusta Partners Co-Investor**
	Secondary fund restructurings	2018	16.2	15.8
16	Gridiron Capital Fund V
	Mid-market buyouts	2022	15.0	1.7
17	Graphite Capital Partners VIII*
	Mid-market buyouts	2013	14.7	4.1
18	Tailwind Capital Partners III
	Mid-market buyouts	2018	14.6	1.1
19	Advent Global Private Equity IX
	Large buyouts	2019	14.6	0.5
20	CVC Capital Partners VIII
	Large buyouts	2020	14.6	0.5
21	ICG Ludgate Hill III
	Secondary portfolio	2022	14.6	5.2
22	Graphite Capital Partners IX
	Mid-market buyouts	2018	14.5	0.9
23	ICG Ludgate Hill (Feeder) II Boston SCSp
	Secondary portfolio	2022	13.9	4.9
24	Gridiron Capital Fund IV
	Mid-market buyouts	2019	13.5	0.4
25	Advent Global Private Equity X
	Large buyouts	2022	13.3	6.5
26	New Mountain Partners VI
	Mid-market buy-outs	2020	13.2	1.6
27	ICG Europe VII
	Mezzanine and equity in mid-market buyouts	2018	12.9	5.9
28	Thomas H Lee Equity Fund IX
	Mid-market and large buyouts	2021	12.8	3.3
29	Bowmark Capital Partners VI
	Mid-market buyouts	2018	12.6	4.0
30	ICG Europe Mid-Market Fund
	Mezzanine and equity in mid-market buyouts	2019	12.4	5.0
	Total of the largest 30 fund investments		517.2	174.3
	Percentage of total investment Portfolio		38.2%

* Includes the associated Top Up funds.

** All or part of interest acquired through a secondary sale.

HOW WE MANAGE RISK

Identifying and evaluating the strategic, financial and operational impact of our key risks

The execution of the Company’s investment strategy is subject to a variety of risks and uncertainties, and the Board and Manager have identified several principal risks to the Company’s business.

As part of this process, the Board has put in place an ongoing process to identify, assess and monitor the principal and emerging risks facing the Company, including those that would threaten its business model, future performance, solvency or liquidity.

RISK MANAGEMENT FRAMEWORK

The Board is responsible for risk management and determining the Company’s overall risk appetite. The Audit Committee assesses and monitors the risk management framework and specifically reviews the controls and assurance programmes in place.

Principal Risks

The Company’s principal risks are individual risks, or a combination of risks, that could threaten the Company’s business model, future performance, solvency or liquidity.

Details of the Company’s principal risks, potential impact, controls and mitigating factors are set out on pages 23 to 26.

Other Risks

Other risks, including reputational risk, are actively managed and mitigated as part of the wider risk management framework of the Company and the Manager.

Emerging Risks

Emerging risks are considered by the Board and are regularly assessed to identify any potential impact on the Company and to determine whether any actions are required. Emerging risks often arise from regulatory, legislative, macro-economic and political changes.

The Company depends upon the experience, skill and reputation of the employees of the Manager. The Manager’s ability to retain the services of these individuals, who are not obligated to remain employed by the Manager, and recruit successfully, is a significant factor in the success of the Company.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company considers its principal risks (as well as several underlying risks comprising each principal risk) in four categories:

1.   Investment risks

The risk to performance resulting from ineffective or inappropriate investment selection, execution or monitoring.

2.   External risks

The risk of failing to deliver the Company’s investment objective and strategic goals due to external factors beyond the Company’s control.

3.   Operational risks

The risk of loss resulting from inadequate or failed internal processes, people or systems and external events, including regulatory risk.

4.   Financial risks

The risk of adverse impact on the Company due to having insufficient resources to meet its obligations or counterparty failure and the impact any material movement in foreign exchange rates may have on underlying valuations.

RISK ASSESSMENT PROCESS

A comprehensive risk assessment process is undertaken regularly to re-evaluate the impact and probability of each risk materialising and the strategic, financial and operational impact of the risk. Where the residual risk is determined to be outside appetite, appropriate action is taken. Further information on risk factors is set out within the financial statements.

Risk Appetite And Tolerance

The Board acknowledges and recognises that in the normal course of business, the Company is exposed to risk and it is willing to accept a certain level of risk in managing the business to achieve its targeted returns. The Board’s risk appetite framework provides a basis for the ongoing monitoring of risks and enables dialogue with respect to the Company’s current and evolving risk profile, allowing strategic and financial decisions to be made on an informed basis.

The Board considers several factors to determine its acceptance for each principal risk and categorises acceptance for each risk as low, moderate and high.

Where a risk is approaching or is outside the tolerance set, the Board will consider the appropriateness of actions being taken to manage the risk. In particular, the Board has a lower tolerance for financing risk with the aim to ensure that even under a stress scenario, the Company is likely to meet its funding requirements and financial obligations. Similarly, the Board has a low risk tolerance concerning operational risks including legal, tax and regulatory compliance and business process and continuity risk.

How we manage and mitigate our key risks

RISK	IMPACT	MITIGATION	CHANGE IN THE YEAR
INVESTMENT RISKS
INVESTMENT PERFORMANCE The Manager selects the fund investments and Direct Investments for the Company’s Portfolio, executing the investment strategy approved by the Board. The underlying managers of those funds in turn select individual investee companies. The origination, investment selection and management capabilities of both the Manager and the third-party managers are key to the performance of the Company.	Poor origination, investment selection and monitoring by the Manager and/or third-party managers which may have a negative impact on Portfolio performance.	The Manager has a strong track record of investing in private equity through multiple economic cycles. The Manager has a highly selective investment approach and disciplined process, which is overseen by ICG Enterprise Trust’s Investment Committee within the Manager, which comprises a balance of skills and perspectives. Further, the Company’s Portfolio is diversified, reducing the likelihood of a single investment decision impacting Portfolio performance.	STABLE The Board is responsible for ensuring that the investment policy is met. The day-to-day management of the Company’s assets is delegated to the Manager under investment guidelines determined by the Board. The Board regularly reviews these guidelines to ensure they remain appropriate and monitors compliance with the guidelines through regular reports from the Manager, including performance reporting. The Board also reviews the investment strategy at least annually. Following this assessment and other considerations, the Board concluded that investment performance risk has remained stable.
VALUATION In valuing its investments in private equity funds and unquoted companies and publishing its NAV, the Company relies to a significant extent on the accuracy of financial and other information provided by the underlying managers to the Manager. There is the potential for inconsistency in the valuation methods adopted by the managers of these funds and companies and for valuations to be misstated.	Incorrect valuations being provided would lead to an incorrect overall NAV.	The Manager carries out a formal valuation process quarterly including a review of third-party valuations. This process includes a comparison of unaudited valuations to latest audited reports, as well as a review of any potential adjustments that are required to ensure the valuations of the underlying investments are in accordance with the fair market value principles required under UK-adopted International Accounting Standards (‘IAS’).	STABLE The Board regularly reviews and discusses the valuation process in detail with the Manager, including the sources of valuation information and methodologies used. Following this assessment and other considerations, the Board concluded that there was no material change in valuation risk.
EXTERNAL RISKS
POLITICAL AND MACRO-ECONOMIC UNCERTAINTY Political and macro-economic uncertainty and other global events, such as pandemics and conflicts, that are outside the Company’s control could adversely impact the environment in which the Company and its investment portfolio companies operate.	Changes in the political or macro-economic environment could significantly affect the performance of existing investments (and valuations) and prospects for realisations. In addition, they could impact the number of credible investment opportunities the Company can originate.	The Manager uses a range of complementary approaches to inform strategic planning and risk mitigation, including active investment management, profitability and balance sheet scenario planning and stress testing to ensure resilience across a range of outcomes. The process is supported by a dedicated in-house economist and professional advisers where appropriate.	INCREASING The Board monitors and reviews the potential impact on the Company from political and economic developments on an ongoing basis, including input and discussions with the Manager. Incorporating these views and other considerations, the Board concluded that this risk had increased.
CLIMATE CHANGE The underlying managers of the fund investments and Direct Investments in the Company’s Portfolio fail to ensure that their portfolio companies respond to the emerging threats from climate change.	Climate-related transition risks, driven in particular by abrupt shifts in the political and technological landscape, impact the value of the Company’s Portfolio.	The Manager has a well-defined, firm-wide Responsible Investing Policy and sustainable investing framework in place. A tailored sustainable investing framework applies across all stages of the Company’s investment process.	STABLE The Board monitors and reviews the potential impact to the Company from failures by underlying managers to mitigate the impact of climate change on portfolio company valuation.
THE LISTED PRIVATE EQUITY SECTOR The listed private equity sector could fall out of favour with investors leading to a reduction in demand for the Company’s shares.	A change in sentiment to the sector has the potential to damage the Company’s reputation and impact the performance of the Company’s share price and widen the discount the shares trade at relative to NAV per Share, causing shareholder dissatisfaction.	Private equity continues to outperform public markets over the long term and has proved to be an attractive asset class through various cycles. The Manager is active in marketing the Company’s shares to a wide variety of investors to ensure the market is informed about the Company’s performance and investment proposition. In setting the capital allocation policy, including the allocations to dividends and share buybacks, the Board monitors the discount to NAV and considers appropriate solutions to address any ongoing or substantial discount to NAV.	STABLE The Board receives regular updates from the Company’s broker and is kept informed of all material discussions with investors and analysts.
FOREIGN EXCHANGE The Company has continued to expand its geographic diversity by making investments in different countries. Accordingly, most investments are denominated in US dollars and euros.	The Company does not hedge its foreign exchange exposure. Therefore, movements in exchange rates between these currencies may have a material effect on the underlying sterling valuations of the investments and performance of the Company.	The Board regularly reviews the Company’s exposure to currency risk and reconsiders possible hedging strategies on at least an annual basis. Furthermore, the Company’s multicurrency bank facility permits the borrowings to be drawn in euros and US dollars, as required.	STABLE The Board reviewed the Company’s exposure to currency risk and possible hedging strategies and concluded that there was no material change in foreign exchange risk during the year and that it remains appropriate for the Company not to hedge its foreign exchange exposure.
OPERATIONAL RISKS
REGULATORY, LEGAL AND TAX COMPLIANCE Failure by the Manager to comply with relevant regulation and legislation could have an adverse impact on the Company. Additionally, adherence to changes in the legal, regulatory and tax framework applicable to the Manager could become onerous, lessening competitive or market opportunities.	The failure of the Manager and the Company to comply with the rules of professional conduct and relevant laws and regulations could expose the Company to regulatory sanction and penalties as well as significant damage to its reputation.	The Board is responsible for ensuring the Company’s compliance with all applicable regulatory, legal and tax requirements. Monitoring of this compliance has been delegated to the Manager, of which the in-house Legal, Compliance and Risk functions provide regular updates to the Board covering relevant changes to regulation and legislation. The Board and the Manager continually monitor regulatory, legislative and tax developments to ensure early engagement in any areas of potential change.	STABLE The Company remains responsive to a wide range of developing regulatory areas; and will continue to enhance its processes and controls in order to remain compliant with current and expected legislation.
KEY PROFESSIONALS Loss of key professionals at the Manager could impair the Company’s ability to deliver its investment strategy and meet its external obligations if replacements are not found in a timely manner.	If the Manager’s team is not able to deliver its objectives, investment opportunities could be missed or misevaluated, while existing investment performance may suffer.	The Board has frequent dialogue with the Manager about its resourcing model and succession planning. The Manager employs an active and comprehensive approach to attract, retain and develop talent. This includes a well-defined recruitment process, succession planning, competitive long-term compensation and incentives.	STABLE The Board reviewed the Company’s exposure to people risk and concluded that the Manager continues to operate sustainable succession, competitive remuneration and retention plans. The Board believes that the risk in respect of people remains stable.
THE MANAGER AND THIRD-PARTY PROVIDERS (INCLUDING BUSINESS PROCESSES, BUSINESS CONTINUITY AND CYBER) The Company is dependent on third parties for the provision of services and systems, especially those of the Manager, the Administrator and the Depositary.	Failure by a third-party provider to deliver services in accordance with its contractual obligations could disrupt or compromise the functioning of the Company. A material loss of service could result in, among other things, an inability to perform business critical functions, financial loss, legal liability, regulatory censure and reputational damage. The failure of the Manager and Administrator to deliver an appropriate cyber security platform for critical technology systems could result in unauthorised access by malicious third parties, breaching the confidentiality, integrity and availability of Company data, negatively impacting the Company’s reputation.	The Audit Committee formally assesses the internal controls of the Manager, the Administrator and Depositary on an annual basis to ensure adequate controls are in place. The assessment in respect of the current year is discussed in the Report of the Audit Committee. The Management Agreement and agreements with other third-party service providers are subject to notice periods that are designed to provide the Board with adequate time to put in place alternative arrangements.	STABLE The Board carries out a formal annual assessment (supported by the Manager’s internal audit function) of the Manager’s internal controls and risk management systems. The Board also received regular reporting from the Manager and other third parties. Following this review and other considerations, the Board concluded that there was no material change in the Manager and other third-party suppliers risk.
FINANCIAL RISKS
FINANCING The Company has outstanding commitments to private equity funds in excess of total liquidity that may be drawn down at any time. The ability to fund this difference is dependent on receiving cash proceeds from investments (the timing of which are unpredictable) and the availability of financing facilities.	If the Company encountered difficulties in meeting its outstanding commitments, there would be significant reputational damage as well as risk of damages being claimed from managers and other counterparties.	The Manager monitors the Company’s liquidity, overcommitment ratio and covenants on a frequent basis, and undertakes cash flow monitoring, and provides regular updates on these activities to the Board.	STABLE The Board reviewed the Company’s exposure to financing risk, noting the Net Debt position, the increase in available liquidity and the short-term realisation forecast, and concluded that this risk was stable.

Audited Financial Statements for the year ended 31 January 2026

INCOME STATEMENT

Year to 31 January 2026					Year to 31 January 2025
	Notes	Revenue return £’000	Capital return £’000	Total £’000	Revenue return £’000	Capital return £’000	Total £’000
Investment returns
Income, gains and losses on investments	2, 10	2,306	13,584	15,890	1,060	134,156	135,216
Deposit interest	2	196	—	196	48	—	48
Other income	2	63	—	63	5	—	5
Foreign exchange gains and losses		—	3,533	3,533	—	(729)	(729)
		2,565	17,117	19,682	1,113	133,427	134,540
Expenses
Investment management charges	3	(1,606)	(14,457)	(16,063)	(1,618)	(14,558)	(16,175)
Other expenses including finance costs	4	(3,198)	(8,850)	(12,048)	(2,439)	(8,417)	(10,856)
		(4,804)	(23,307)	(28,111)	(4,057)	(22,975)	(27,031)
Profit/(loss) before tax		(2,239)	(6,190)	(8,429)	(2,943)	110,453	107,510
Taxation	6	—	—	—	—	—	—
Profit/(loss) for the period		(2,239)	(6,190)	(8,429)	(2,943)	110,453	107,510
Attributable to:
Equity shareholders		(2,239)	(6,190)	(8,429)	(2,943)	110,453	107,510
Basic and diluted earnings per share	7			(13.35)p			163.95p

The columns headed ‘Total’ represent the income statement for the relevant financial years and the columns headed ‘Revenue return’ and ‘Capital return’ are supplementary information in line with guidance published by the AIC. There is no Other Comprehensive Income.

All profits are from continuing operations.

The notes on pages 32 to 54 form an integral part of the financial statements.

BALANCE SHEET

	Notes	31 January 2026 £'000	31 January 2025 £'000
Non-current assets
Investments held at fair value	9, 10, 17	1,308,900	1,469,549
Current assets
Cash and cash equivalents	11	33,837	3,927
Prepayments and receivables	12	1,486	2,018
		35,323	5,945
Current liabilities
Borrowings	13	(66,570)	(131,931)
Payables	13	(5,081)	(11,171)
Net current liabilities		(36,328)	(137,157)
Total assets less current liabilities		1,272,572	1,332,392
Capital and reserves
Share capital	14	6,355	7,292
Capital redemption reserve		3,049	2,112
Share premium		12,936	12,936
Capital reserve		1,258,146	1,315,727
Revenue reserve		(7,914)	(5,675)
Total equity		1,272,572	1,332,392
Net Asset Value per Share (basic and diluted)	15	2044.6p	2072.9p

The notes on pages 32 to 54 form an integral part of the financial statements.

The financial statements on pages 28 to 54 were approved by the Board of Directors on 6 May 2026 and signed on its behalf by:

JaneTufnell        Alastair Bruce
Director                Director

CASH FLOW STATEMENT

	Notes	Year to 31 January 2026 £'000	Year to 31 January 2025 £'000
Operating activities
Sale of portfolio investments		60,090	19,966
Purchase of portfolio investments		(50,605)	(34,144)
Cash flow to subsidiaries' investments		(154,775)	(152,174)
Cash flow from subsidiaries' investments		320,137	125,769
Interest income received from portfolio investments		708	494
Dividend income received from portfolio investments		1,452	547
Other income received		259	53
Investment management charges paid		(16,240)	(16,021)
Other expenses paid		(1,998)	(1,881)
Net cash inflow/(outflow) from operating activities		159,028	(57,391)
Financing activities
Bank facility fee paid		(2,572)	(2,011)
Interest paid		(6,492)	(545)
Credit facility utilised		126,608	139,761
Credit facility repaid		(196,875)	(27,831)
Purchase of shares into treasury		(27,987)	(35,851)
Equity dividends paid	8	(23,404)	(22,308)
Net cash (outflow)/inflow from financing activities		(130,722)	51,215
Net increase/(decrease) in cash and cash equivalents		28,306	(6,176)
Cash and cash equivalents at beginning of year	11	3,927	9,722
Net increase/(decrease) in cash and cash equivalents		28,306	(6,176)
Effect of changes in foreign exchange rates		1,604	381
Cash and cash equivalents at end of period	11	33,837	3,927

The notes on pages 32 to 54 form an integral part of the financial statements.

STATEMENT OF CHANGES IN EQUITY

	Share capital £’000	Capital redemption reserve £’000	Share premium £’000	Realised capital reserve1 £’000	Unrealised capital reserve £’000	Revenue reserve1 £’000	Total shareholders’ equity £’000
Opening balance at 1 February 2025	7,292	2,112	12,936	408,641	907,087	(5,675)	1,332,392
Profit for the period and total comprehensive income	—	—	—	37,556	(43,747)	(2,239)	(8,429)
Transfer to capital redemption reserve	(937)	937	—	—	—	—	—
Dividends paid or approved	—	—	—	(23,404)	—	—	(23,404)
Purchase of shares into treasury	—	—	—	(27,987)	—	—	(27,987)
Closing balance at 31 January 2026	6,355	3,049	12,936	394,806	863,340	(7,914)	1,272,572
	Share capital £’000	Capital redemption reserve £’000	Share premium £’000	Realised capital reserve1 £’000	Unrealised capital reserve £’000	Revenue reserve1 £’000	Total shareholders’ equity £’000
Opening balance at 1 February 2024	7,292	2,112	12,936	473,015	790,602	(2,733)	1,283,223
Profit for the period and total comprehensive income	—	—	—	(6,033)	116,485	(2,942)	107,510
Dividends paid or approved	—	—	—	(22,308)	—	—	(22,308)
Purchase of shares into treasury	—	—	—	(36,033)	—	—	(36,033)
Closing balance at 31 January 2025	7,292	2,112	12,936	408,641	907,087	(5,675)	1,332,392

1. Distributable reserves
   
   

The notes on pages 32 to 54 form an integral part of the financial statements.

1 MATERIAL ACCOUNTING POLICY INFORMATION

General information

These financial statements relate to ICG Enterprise Trust Plc (‘the Company’). ICG Enterprise Trust Plc is registered in England and Wales and is incorporated in the United Kingdom. The Company is domiciled in the United Kingdom and its registered office is Procession House, 55 Ludgate Hill, London EC4M 7JW. The Company’s objective is to provide long-term growth by investing in private companies managed by leading private equity managers.

(a) Basis of preparation

The financial information for the year ended 31 January 2026 has been prepared in accordance with UK-adopted International Accounting Standards (‘UK-IAS’) and the Statement of Recommended Practice (‘SORP’) for investment trusts issued by the Association of Investment Companies in July 2022.

UK-IAS comprises standards and interpretations approved by the International Accounting Standards Board (‘IASB’) and the IFRS Interpretations Committee.

These financial statements have been prepared on a going concern basis and on the historical cost basis of accounting, modified for the revaluation of certain assets at fair value. The directors have concluded that the preparation of the financial statements on a going concern basis continues to be appropriate.

Going concern

In assessing the appropriateness of continuing to adopt the going concern basis of accounting, the Board has assessed the financial position and prospects of the Company. The Company’s business activities, together with factors likely to affect its future development, performance, position and cash flows, are set out in the Chair’s statement on page 6, and the Manager’s review on page 8.

As part of this review, the Board assessed the potential impact of principal risks on the Company’s business activities, the Company’s cash position, the availability of the Company’s credit facility and compliance with its covenants, and the Company’s cash flow projections.

Based on this assessment, the Board expects that the Company will be able to continue in operation and meet its liabilities as they fall due until, at least, 31 May 2027, a period of more than 12 months from the signing of the financial statements. Therefore it is appropriate to continue to adopt the going concern basis of preparation of the Company’s financial statements.

Climate change

In preparing the financial statements, the directors have considered the impact of climate change, particularly in the context of the climate change risks identified in the Principal risks and uncertainties section of the Strategic Report, and the impact of climate change risk on the valuation of investments.

These considerations did not have a material impact on the financial reporting judgements and estimates in the current year, nor were they expected to have a significant impact on the Company’s going concern or viability.

Accounting policies

The principal accounting policies adopted are set out below. These policies have been applied consistently throughout the current and prior year. In order to reflect the activities of an investment trust company, supplementary information which analyses the income statement between items of revenue and capital nature has been presented alongside the income statement. In analysing total income between capital and revenue returns, the directors have followed the guidance contained in the SORP as follows:

Capital gains and losses on investments sold and on investments held arising on the revaluation or disposal of investments classified as held at fair value through profit or loss should be shown in the capital column of the income statement.

Returns on any share or debt security for a fixed amount (whether in respect of dividends, interest or otherwise) should be shown in the revenue column of the income statement.

The Board should determine whether the indirect costs of generating capital gains should also be shown in the capital column of the income statement. If the Board decides that this should be so, the management fee should be allocated between revenue and capital in accordance with the Board’s expected long-term split of returns, and other expenses should be charged to capital only to the extent that a clear connection with the maintenance or enhancement of the value of investments can be demonstrated.

The accounting policy regarding the allocation of expenses is set out in Note 1(j).

In accordance with IFRS 10 (amended), the Company is deemed to be an investment entity on the basis that:
(a) it obtains funds from one or more investors for the purpose of providing investors with investment management services;
(b) it commits to its investors that its business purpose is to invest funds for both returns from capital appreciation and investment income; and
(c) it measures and evaluates the performance of substantially all of its investments on a fair value basis.
As a result, the Company’s controlled structured entities (‘subsidiaries’) are deemed to be investments and are classified as held at fair value through profit and loss.

New and amended standards and interpretations

The Company adopts new standards, if applicable, when they become effective. There are no new standards that are expected to have a material impact on the Company. IFRS 18 Presentation and Disclosure in Financial Statements is not expected to have a material impact on the results or net assets of the Company, the impact on the presentation of the financial statements is still being assessed.

(b) Financial assets

The Company classifies its financial assets in the following categories: at fair value through profit or loss; and at amortised cost. The classification depends on the purpose for which the financial assets were acquired. The classification of financial assets is determined at initial recognition.

Financial assets at fair value through profit or loss

The Company classifies its quoted and unquoted investments as financial assets at fair value through profit or loss. These assets are measured at subsequent reporting dates at fair value and further details of the accounting policy are disclosed in Note 1(c).

Financial assets at amortised cost

Financial assets at amortised cost are non-derivative financial assets which pass the contractual cash flow test and are held to receive contractual cash flows. These are classified as current assets and measured at amortised cost using the effective interest rate method. The Company’s financial assets at amortised cost comprise cash and cash equivalents and trade and other receivables in the balance sheet.

(c) Investments

Investments comprise fund investments and portfolio company investments held by the Company directly, together with the fair value of the Company’s interest in controlled structured entities (see Note 9) which themselves invest in fund investments and portfolio company investments.

All investments are classified upon initial recognition as held at fair value through profit or loss (described in these financial statements as investments held at fair value) and are measured at subsequent reporting dates at fair value. All investments are fair valued in line with IFRS 13 ‘Fair Value Measurement’, using industry standard valuation guidelines such as the International Private Equity and Venture Capital (‘IPEV’) valuation guidelines. Changes in the value of all investments held at fair value, which include returns on those investments such as dividends and interest, are recognised in the income statement and are allocated to the revenue column or the capital column in accordance with the SORP (see Note 1(a)). More detail on certain categories of investment is set out below. Given that the subsidiaries and associates are held at fair value and are exposed to materially similar risks as the Company, we do not expect the risks to materially differ from those disclosed in Note 17.

Unquoted investments

Fund investments and Co-investments (collectively ‘unquoted investments’) are fair valued using the net asset value of those unquoted investments as determined by the investment manager of those funds. The investment manager performs periodic valuations of the underlying investments in their funds, typically using earnings multiple or discounted cash flow methodologies to determine enterprise value in line with IPEV guidelines. In the absence of contrary information, these net asset valuations received from the investment managers are deemed to be appropriate by the Manager, for the purposes of the Manager’s determination of the fair values of the unquoted investments. A robust assessment is performed by the Manager’s experienced Investment Committee to determine the capability and track record of the investment manager. All investment managers are scrutinised by the Investment Committee and an approval process is recorded before any new investment manager is approved and an investment made. This level of scrutiny provides reasonable comfort that the investment manager’s valuation will be consistent with the requirement to use fair value.

Adjustments may be made to the net asset values provided or an alternative valuation method may be adopted if deemed to be more appropriate. The most common reason for adjustments to the value provided by an underlying manager is to take account of events occurring between the date of the manager’s valuation and the reporting date, for example, subsequent cash flows or notification of an agreed sale.

Subsidiary undertakings

The investments in the controlled structured entities (‘subsidiaries’) are recognised at fair value through profit and loss.

The valuation of the subsidiaries takes into account an accrual for the estimated value of interests in the Co-investment Incentive Scheme. Under these arrangements, ICG (the ‘Manager’) and certain of its executives and, in respect of certain historic investments, the executives and connected parties of Graphite Capital Management LLP (the ‘Former Manager’) (together ‘the Co-investors’), are required to co-invest alongside the Company, for which they are entitled to a share of investment profits if certain performance hurdles are met. At 31 January 2026, the accrual was estimated as the theoretical value of the interests if the Portfolio had been sold at the carrying value at that date.

Associates

The Company holds an interest (including indirectly through its subsidiaries) of more than 20% in a small number of investments that may normally be classified as subsidiaries or associates. These investments are not considered subsidiaries or associates as the Company does not exert control or significant influence over the activities of these companies/structured entities as they are managed by other third parties.

(d) Prepayments and receivables

Receivables include unamortised fees which were incurred directly in relation to the agreement of a financing facility. These fees will be amortised over the life of the facility on a straight-line basis.

(e) Borrowings

Borrowings drawdowns are recognised initially at cost being the fair value of the amounts received upon utilisation. They are subsequently stated at amortised cost.

(f) Payables

Other payables are non-interest bearing and are stated at their amortised cost, which is not materially different from fair value.

(g) Cash and cash equivalents

Cash and cash equivalents comprise cash and short-term bank deposits with an original maturity of three months or less.

(h) Dividend distributions

Dividend distributions to shareholders are recognised in the period in which they are paid.

(i) Income

When it is probable that economic benefits will flow to the Company and the amount can be measured reliably, interest is recognised on a time apportionment basis.

Dividends receivable on quoted equity shares are brought into account on the ex-dividend date. Dividends receivable on equity shares where no ex-dividend date is applicable are brought into account when the Company’s right to receive payment is established.

UK dividend income is recorded at the amount receivable. Overseas dividend income is shown net of withholding tax. Income distributions from funds are recognised when the right to distributions is established.

(j) Expenses

All expenses are accounted for on an accruals basis. Expenses are allocated to the revenue column in the income statement, consistent with the SORP, with the following exceptions:

• Expenses which are incidental to the acquisition or disposal of investments (transaction costs) are allocated to the capital column.
• The Board expects the majority of long-term returns from the Portfolio to be generated from capital gains. Expenses are allocated 90% to the capital column and 10% to the revenue column, reflecting the Company’s current and future return profile. Other expenses are allocated to the capital column where a clear connection with the maintenance or enhancement of the value of investments can be demonstrated.
• All expenses allocated to the capital column are treated as realised capital losses (see Note 1(m).
  
  

(k) Taxation

Investment trusts which have approval as such under Section 1158 of the Corporation Tax Act 2010 are not liable for taxation on capital gains.

Tax recognised in the income statement represents the sum of current tax and deferred tax charged or credited in the year. The tax effect of different items of expenditure is allocated between capital and revenue on the same basis as the particular item to which it relates.

Deferred tax is the tax expected to be payable or recoverable on the difference between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method.

Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax assets are not recognised in respect of tax losses carried forward to future periods.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the assets are realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

(l) Foreign currency translation

The functional and presentation currency of the Company is sterling, reflecting the primary economic environment in which the Company operates.

Transactions in currencies other than sterling are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, financial assets and liabilities denominated in foreign currencies are translated at the rates prevailing on the balance sheet date.

Gains and losses arising on the translation of investments held at fair value are included within gains and losses on investments held at fair value in the income statement. Gains and losses arising on the translation of other financial assets and liabilities are included within foreign exchange gains and losses in the income statement.

(m) Revenue and capital reserves

The revenue return component of total income is taken to the revenue reserve within the statement of changes in equity. The capital return component of total income is taken to the capital reserve within the statement of changes in equity.

Gains and losses on the realisation of investments including realised exchange gains and losses and expenses of a capital nature are taken to the realised capital reserve (see Note 1(j). Changes in the valuations of investments which are held at the year end and unrealised exchange differences are accounted for in the unrealised capital reserve.

Net gains on the realisation of investments in the controlled structured entities (see Note 9) are transferred to the Company by way of profit distributions.

The revenue reserve is distributable by way of dividends to shareholders. The realised capital reserve is distributable by way of dividends and share buybacks. The capital redemption reserve is not distributable and represents the nominal value of shares bought back for cancellation.

(n) Treasury shares

Shares that have been repurchased into treasury remain included in the share capital balance, unless they are cancelled.

(o) Critical estimates and assumptions

Estimates and judgements used in preparing the financial information are continually evaluated and are based on historic experience and other factors, including expectations of future events that are believed to be reasonable. The resulting estimates will, by definition, seldom equal the related actual results.

In preparing the financial statements, the directors have considered the impact of climate change on the key estimates within the financial statements.

The only estimates and assumptions that have a significant risk of causing a material adjustment to the carrying values of assets and liabilities in the next financial year relate to the valuation of unquoted investments. Unquoted investments are primarily the Company’s investments in unlisted funds, managed by investment fund managers and ICG. As such there is significant estimation in the valuation of the unlisted fund at a point in time. Note 1(c) sets out the accounting policy for unquoted investments. The carrying amount of unquoted investments at the year end is disclosed within Note 10.

(p) Segmental reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker who is responsible for allocating resources and assessing performance of the segments has been identified as the Board. It is considered that the Company’s operations comprise a single operating segment.

2 INVESTMENT RETURNS

	Year ended	Year ended
	31 January 2026	31 January 2025
	£’000	£’000
Income from investments
Interest and dividends from investments	2,306	1,060
	2,306	1,060
Deposit interest on cash	196	48
Other	63	5
	259	53
Total income	2,565	1,113
Analysis of income from investments
Unquoted	2,306	1,060
	2,306	1,060

3 INVESTMENT MANAGEMENT CHARGES

From 1 February 2023 the management fee has been subject to a cap of 1.25% of net asset value.

Management fees paid to ICG for managing ICG Enterprise Trust amounted to 1.25% (2025: 1.25%) of the average net assets in the year.

The amounts charged during the year are set out below:

	Year ended 31 January 2026			Year ended 31 January 2025
	Revenue	Capital	Total	Revenue	Capital	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Investment management charge	1,606	14,457	16,063	1,617	14,558	16,175

The Company and its subsidiaries also incur management fees in respect of its investment in funds managed by members of ICG on an arms-length basis.

	Year ended	Year ended
	31 January 2026	31 January 2025
	£’000	£’000
ICG Europe VIII	521	434
ICG Strategic Equity V	475	353
ICG Strategic Equity III	227	238
ICG Europe VII	217	238
ICG LP Secondaries Fund I LP	354	325
ICG Europe Mid-Market	427	87
ICG Strategic Equity IV	312	340
ICG Europe Mid-Market II	422	95
ICG Augusta Partners Co-Investor II	76	89
ICG North American Private Debt II	34	68
ICG Strategic Secondaries II	17	36
ICG Europe VI	20	23
ICG Asia Pacific III	13	15
ICG Recovery Fund 2008B	—	3
ICG Europe V	—	2
	3,115	2,346

4 OTHER EXPENSES

The Company did not employ any staff in the year to 31 January 2026 (2025: none). Expenses are presented inclusive of irrecoverable VAT at a rate of 20%, where applicable.

	Year ended		Year ended
	31 January 2026		31 January 2025
	£’000	£’000	£’000	£’000
Directors’ fees (see Note 5)		351		340
Fees payable to the Company’s auditor for the audit of the Company’s annual accounts1	373		170
Fees payable to the Company’s auditor and its associates for other services:
- Audit of the accounts of the subsidiaries	135		108
- Audit-related assurance services2	69		71
Total auditors’ remuneration		577		349
Administrative expenses		1,343		811
		2,271		1,500
Bank facility costs allocated to revenue		289		277
Interest costs allocated to revenue		638		661
Expenses allocated to revenue		3,198		2,438
Bank facility costs allocated to capital		8,850		8,417
Total other expenses		12,048		10,855

1. The auditors’ remuneration for the year ended 31 January 2026 includes an under-accrual of £176k from the prior year.

2.The auditors have additionally provided £16k (2025: £16k) of non-audit related services permitted under the Financial Reporting Council’s (‘FRC’) Revised Ethical Standards. The service related to agreed upon procedures over the Company’s carried interest scheme.

Included within Total other expenses above are £9.8m (2025: £9.4m) of costs related to financing and £0.5m (2025: £0.2m credit) of other expenses which are non-recurring and are excluded from the Ongoing Charges as detailed in the Glossary on page 55.

Professional fees of £0.2m (2025: £0.2m) incidental to the acquisition or disposal of investments are included within gains/(losses) on investments held at fair value.

5 DIRECTORS’ REMUNERATION AND INTERESTS

No income was received or receivable by the directors from any other subsidiary of the Company.

6 TAXATION

In both the current and prior years the tax charge was lower than the standard rate of corporation tax of 25%, principally due to the Company’s status as an investment trust, which means that capital gains are not subject to corporation tax. The effect of this and other items affecting the tax charge are shown in Note 6(b) below:

	Year ended	Year ended
	31 January 2026	31 January 2025
	£’000	£’000
a) Analysis of charge in the year
Tax credit on items allocated to revenue	—	—
Tax charge on items relating to prior years	—	—
Corporation tax	—	—
b) Factors affecting tax charge for the year
Profit on ordinary activities before tax	(8,429)	107,510
Profit before tax multiplied by rate of corporation tax in the UK of 25% (2025: 25%)	(2,108)	26,790
Effect of:
– net investment returns not subject to corporation tax	(4,279)	(33,357)
– dividends not subject to corporation tax	(363)	(52)
– expenses not deductible for tax purposes	1,588	1,353
– taxable allocation of income and expenses from partnerships	138	489
– current year management expenses not utilised/(utilised)	5,024	4,777
Total tax charge	—	—

The Company has £89.5m excess management expenses carried forward (2025: £70.0m). No deferred tax assets or liabilities (2025: nil) have been recognised in respect of the carried forward management expenses due to the uncertainty that future taxable profit will be generated that these losses can be offset against. For all investments the tax base is equal to the carrying amount. There was no deferred tax expense relating to the origination and reversal of timing differences in the year (2025: nil).

7 EARNINGS PER SHARE

	Year ended	Year ended
	31 January 2026	31 January 2025
Revenue return per ordinary share	(3.55p)	(4.49p)
Capital return per ordinary share	(9.80p)	168.38p
Earnings per ordinary share (basic and diluted)	(13.35)p	163.95p

Revenue return per ordinary share is calculated by dividing the revenue return attributable to equity shareholders of £(2.2)m (2025: £(2.9)m) by the weighted average number of ordinary shares outstanding during the year.

Capital return per ordinary share is calculated by dividing the capital return attributable to equity shareholders of £(6.2)m (2025: £110.4m) by the weighted average number of ordinary shares outstanding during the year.

Basic and diluted earnings per ordinary share are calculated by dividing the earnings attributable to equity shareholders of £(8.4)m (2025: £107.5m) by the weighted average number of ordinary shares outstanding during the year.

The weighted average number of ordinary shares outstanding (excluding those held in treasury) during the year was 63,153,044 (2025: 65,569,285). There were no potentially dilutive shares, such as options or warrants, in either year.

8 DIVIDENDS

	Year ended	Year ended
	31 January 2026	31 January 2025
	£’000	£’000
Third quarterly dividend in respect of year ended 31 January 2025: 8.5p per share (2024: 8.0p)	5,460	5,345
Final dividend in respect of year ended 31 January 2025: 10.5p per share (2024: 9.0p)	6,625	5,894
First quarterly dividend in respect of year ended 31 January 2026: 9.0p per share (2025: 8.5p)	5,669	5,557
Second quarterly dividend in respect of year ended 31 January 2026: 9.0p per share (2025: 8.5p)	5,650	5,512
Total	23,404	22,308

The Company paid a third quarterly dividend of 9.0p per share in February 2026. The Board has proposed a final dividend of 12.0p per share (estimated cost £7.5m) in respect of the year ended 31 January 2026 which, if approved by shareholders, will be paid on 17 July 2026 to shareholders on the Register of Members at the close of business on 3 July 2026.

9 SUBSIDIARY UNDERTAKINGS AND UNCONSOLIDATED STRUCTURED ENTITIES

Subsidiary undertakings (controlled structured entities)

Subsidiaries of the Company as at 31 January 2026 comprise the following controlled structured entities, which are registered in England and Wales, ICG Lewis (Delaware) LLC is registered in Delaware,USA. Subsidiaries of the Company’s direct subsidiaries are reported as indirect subsidiaries.

Direct subsidiaries		Ownership interest 2026	Ownership interest 2025
ICG Enterprise Trust Limited Partnership		—%	97.5%
ICG Enterprise Trust (2) Limited Partnership		97.5%	97.5%
ICG Enterprise Trust Co-investment Limited Partnership		99.0%	99.0%

Indirect subsidiaries		Ownership interest 2026	Ownership interest 2025
ET Holdings LP		99.5%	99.5%
ICG Morse Partnership LP		99.5%	99.5%
ICG Lewis Partnership LP		99.5%	99.5%
ICG Lewis (Delaware) LLC		99.5%	—%

The ICG Enterprise Trust Limited Partnership was dissolved on 31 July 2025. ICG Lewis (Delaware) LLC was formed on 31 December 2025.

In accordance with IFRS 10 (amended), the subsidiaries are not consolidated and are instead included in unquoted investments at fair value.

The fair value of the investment in subsidiaries includes an accrual for the interests of the Co-investors (ICG and certain of its executives and in respect of certain historical investments, the executives and connected parties of Graphite Capital, the Former Manager) in the Co-investment Incentive Scheme. As at 31 January 2026, a total of £44.4m (2025: £53.9m) was accrued in respect of these interests. During the year the Co-investors invested £0.7m (2025: £1.0m) into ICG Enterprise Trust Co-investment Limited Partnership. Payments received by the Co-investors amounted to £11.9m or 3.1% of £382.3m of Total Proceeds received in the year (2025: £10.8m or 7.1% of £150.8m Total Proceeds received).

Unconsolidated structured entities

The Company’s principal activity is investing in private equity funds and directly into private companies. Such investments may be made and held via a subsidiary. The majority of these investments are unconsolidated structured entities as defined in IFRS 12.

The Company holds interests in closed-ended limited partnerships which invest in underlying companies for the purposes of capital appreciation. The Company and the other limited partners make commitments to finance the investment programme of the relevant manager, who will typically draw down the amount committed by the limited partners over a period of four to six years (see Note 16).

The table below disaggregates the Company’s interests in unconsolidated structured entities. The table presents for each category the related balances and the maximum exposure to loss.

	Unquoted investments £'000	Co-investment incentive scheme accrual £'000	Maximum loss exposure £'000
As at 31 January 2026	1,353,292	(44,392)	1,308,900
As at 31 January 2025	1,523,459	(53,910)	1,469,549

Further details of the Company’s investment Portfolio are included in the Portfolio dashboard on page 16.

10 INVESTMENTS

The tables below analyse the movement in the carrying value of the Company’s investments in the year. In accordance with accounting standards, subsidiary undertakings of the Company are reported at fair value rather than on a ‘look-through’ basis.

An investee fund is considered to generate realised gains or losses if it is more than 85% drawn and has returned at least the amount invested by the Company. All gains and losses arising from the underlying investments of such funds are presented as realised. All gains and losses in respect of fund investments that have not satisfied the above criteria are presented as unrealised.

Direct Investments are considered to generate realised gains or losses when they are sold.

Investments are held by both the Company and through its subsidiaries.

	Quoted	Unquoted	Subsidiary Undertakings	Total
	£’000	£’000	£’000	£’000
Cost at 1 February 2025	—	193,458	325,637	519,095
Unrealised appreciation at 1 February 2025	—	111,771	838,683	950,454
Valuation at 1 February 2025	—	305,229	1,164,320	1,469,549
Movements in the year:
Purchases	—	50,606	154,590	205,196
Sales
– capital proceeds	—	(60,167)	(320,138)	(380,305)
– realised gains/(losses) based on carrying value at previous balance sheet date	—	(1,365)	—	(1,365)
Movement in unrealised appreciation	—	20,636	(4,811)	15,825
Valuation at 31 January 2026	—	314,939	993,961	1,308,900
Cost at 31 January 2026	—	183,897	160,089	343,986
Unrealised appreciation at 31 January 2026	—	131,042	833,872	964,914
Valuation at 31 January 2026	—	314,939	993,961	1,308,900
	Quoted	Unquoted	Subsidiary Undertakings	Total
	£’000	£’000	£’000	£’000
Cost at 1 February 2024	—	179,528	300,114	479,642
Unrealised appreciation at 1 February 2024	—	80,768	735,972	816,740
Valuation at 1 February 2024	—	260,296	1,036,086	1,296,382
Movements in the year:
Purchases	—	34,144	151,292	185,436
Sales
– capital proceeds	—	(20,214)	(125,769)	(145,983)
– realised gains based on carrying value at previous balance sheet date	—	1,530	—	1,530
Movement in unrealised appreciation	—	29,473	102,711	132,184
Valuation at 31 January 2025	—	305,229	1,164,320	1,469,549
Cost at 31 January 2025	—	193,458	325,637	519,095
Unrealised appreciation at 31 January 2025	—	111,771	838,683	950,454
Valuation at 31 January 2025	—	305,229	1,164,320	1,469,549

	31 January 2026	31 January 2025
	£’000	£’000
Realised (losses)/gains based on carrying values at previous balance sheet date	(1,365)	1,530
Increase in unrealised appreciation	15,825	132,184
Gains on investments	14,460	133,714

Gains on investments includes the ‘Realised loss based on carrying values at previous balance sheet date’, which meet the criteria set out on this page, together with the net fair value movement on the balance of the investee funds.

Related undertakings

At 31 January 2026, the Company held direct and indirect interests in five limited partnership and one limited liability company subsidiaries. These interests, net of the incentive accrual as described in Note 9, were:

Investment	31 January 2026 %	31 January 2025 %
ICG Enterprise Trust Limited Partnership	—%	99.9%
ICG Enterprise Trust (2) Limited Partnership	66.5%	66.5%
ICG Enterprise Trust Co-investment Limited Partnership	66.0%	66.0%
ICG Enterprise Holdings LP	99.5%	99.5%
ICG Morse Partnership LP	99.5%	99.5%
ICG Lewis (Delaware) LLC	99.5%	—%
ICG Lewis Partnership LP	99.5%	99.5%

The registered address of the limited liability company is The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801. The registered address and principal place of business of all other subsidiary partnerships is Procession House, 55 Ludgate Hill, London EC4M 7JW.

In addition, the Company held an interest (including indirectly through its subsidiaries) of more than 20% in the following entities. These investments are not considered subsidiaries or associates as the Company does not exert control or have significant influence over the activities of these companies/partnerships.

As at 31 January 2026
Investment	Instrument	% interest1
Graphite Capital Partners VII Top Up Plus2	Limited partnership interests	20.0%
Graphite Capital Partners VIII Top Up	Limited partnership interests	41.1%
ICG Velocity3	Limited partnership interests	42.9%
As at 31 January 2025
Investment	Instrument	% interest1
Graphite Capital Partners VII Top Up Plus2	Limited partnership interests	20.0%
Graphite Capital Partners VIII Top Up	Limited partnership interests	41.1%
ICG Velocity3	Limited partnership interests	32.5%

1. The percentage shown for limited partnership interests represents the proportion of total commitments to the relevant fund. The percentage shown for shares represents the proportion of total shares in issue.
2. Address of principal place of business is 7 Air Street, Soho, London W1B 5AD.
3. Address of principal place of business is Procession House, 55 Ludgate Hill, London EC4M 7JW.
   
   

11 CASH AND CASH EQUIVALENTS

	31 January 2026	31 January 2025
	£’000	£’000
Cash at bank and in hand	33,837	3,927

12 PREPAYMENTS AND RECEIVABLES

	31 January 2026	31 January 2025
	£’000	£’000
Prepayments and accrued income	1,486	2,018

As at 31 January 2026, prepayments and accrued income included £1.1m (2025: £2.0m) of unamortised costs in relation to the bank facility. Of this amount £0.8m (2025: £0.8m) is expected to be amortised in less than one year.

13 PAYABLES – CURRENT

	31 January 2026	31 January 2025
	£’000	£’000
Accruals	5,081	11,171
Credit facility drawn	66,570	131,931
	71,651	143,102

Bank facility details are shown in the Liquidity risk section of Note 17 on page 46.

14 SHARE CAPITAL

	Authorised		Issued and fully paid
		Nominal		Nominal
Equity share capital	Number	£’000	Number	£’000
Balance at 31 January 2026	120,000,000	12,000	63,554,192	6,355
Balance at 31 January 2025	120,000,000	12,000	72,913,000	7,292

All ordinary shares have a nominal value of 10.0p. At 31 January 2026 63,554,192 (2025: 72,913,000) shares had been allocated, called up and fully paid. During the year 2,032,722 shares were bought back in the market and held in treasury (2025: 2,932,675 shares). On the 30 April 2025 the Company cancelled 9,358,808 10p ordinary shares that were held in Treasury. Following the cancellation, the Company had 63,554,192 ordinary shares in issue. At 31 January 2026, the Company held 1,314,722 shares in treasury (2025: 8,640,808) and had 62,239,470 (2025: 64,272,192) shares outstanding, all of which have equal voting rights.

	31 January 2026	31 January 2025
Shares held in treasury	1,314,722	8,640,808
Shares not held in treasury	62,239,470	64,272,192
Total	63,554,192	72,913,000

15 NET ASSET VALUE PER SHARE

The net asset value per share is calculated on equity attributable to equity holders of £1,272.6m (2025: £1,332.4m) and on 62,239,470 (2025: 64,272,192) ordinary shares in issue at the year end. There were no potentially dilutive shares, such as options or warrants, at either year end. Calculated on both the basic and diluted basis the net asset value per share was 2,044.6p (2025: 2,072.9p).

16 CAPITAL COMMITMENTS AND CONTINGENCIES

The Company and its subsidiaries had uncalled commitments in relation to the following Portfolio investments:

	31 January 2026 £'000	31 January 2025 £'000
ICG LP Secondaries Fund II (Feeder) SCSp	65,758	—
ICG LP Secondaries Fund I LP	28,378	41,146
ICG Strategic Equity V	26,866	36,868
ICG Europe IX	21,447	—
ICG Europe Mid-Market Fund II1	17,543	19,245
ICG Augusta Partners Co-Investor	15,822	17,775
ICG Strategic Secondaries Fund II	15,340	16,938
ICG Ludgate Hill (Feeder B) SCSp1	14,081	13,591
ICG Europe VIII1	11,224	14,339
ICG Strategic Equity Fund III	10,166	11,201
ICG Europe VII1	5,907	6,082
ICG Strategic Equity IV	5,618	7,055
ICG Ludgate Hill (Feeder) IIIA Porsche SCSp	5,154	5,691
ICG Europe Mid-Market Fund1	4,966	5,524
ICG Ludgate Hill (Feeder) II Boston SCSp	4,883	5,392
ICG Ludgate Hill (Feeder) Domino SCSp	3,952	—
ICG Europe VI1	4,157	4,013
ICG Asia Pacific Fund III	2,242	2,523
ICG Midsummer	1,862	—
ICG North American Private Debt Fund II	1,804	2,097
ICG Colombe Co-investment1	1,876	1,811
Commitments of less than £1,000,000 at 31 January 2026	6,263	15,347
Total ICG	275,308	226,638
Graphite Capital Partners VIII2	4,124	4,124
Graphite Capital Partners IX	942	2,281
Graphite Capital Partners VII2	456	456
Total Graphite funds	5,522	6,861

1Includes interest acquired through a secondary fund purchase.

2.Includes the associated Top Up funds.

	31 January 2026 £'000	31 January 2025 £'000
Advent International GPE XI-D Scsp	17,324	—
Green Equity Investors (Lux) X, S.C.Sp.	14,613	—
Thomas H Lee Equity Fund X	14,613	—
Hg Saturn 4 B L.P	14,576	—
Leeds VIII-A	12,886	16,135
PAI VIII	12,430	12,356
Integrum II	11,735	—
GHO Capital IV EUR LP	11,264	—
New Mountain Strategic Equity Fund II, L.P.	10,960	—
Bowmark VII	10,890	15,000
Thoma Bravo XVI-A	9,926	12,101
Cinven VIII	9,550	11,748
New Mountain VII	9,436	14,299
CVC IX A	9,240	10,546
Hg Genesis 11 B L.P	8,662	—
Investindustrial VIII	8,261	12,009
Bain VI	7,504	9,939
CDR XII	7,343	8,908
Hellman Friedman XI (Parallel)	7,306	8,067
Advent International X-A	6,517	8,039
Genstar Capital Partners XI (EU)	6,302	7,455
Apax XI EUR	6,248	6,860
Bregal Unternehmerkapital IV-A	6,247	7,762
The Resolute Fund VI	5,646	8,577
Permira VIII	5,409	7,618
Green Equity Investors Side IX	5,000	7,618
Investindustrial VII	4,143	4,895
Bowmark VI	3,975	3,357
Oak Hill VI (Offshore)	3,884	5,034
American Securities IX	3,653	4,034
Trident X Parallel Fund, L.P	3,653	—
TH Lee IX	3,271	3,998
Audax Private Equity VII-B	3,180	4,546
BC XI	3,166	3,710
Five Arrows III	3,151	1,823
CVC VII	3,140	2,944
Ivanti	2,698	2,979
Valeas Capital Partners I A	2,526	2,973
Charlesbank X	2,406	1,685
Hg Genesis X	2,324	3,326
Audiotonix	2,243	2,243
BSI Software	2,016	1,265
Commitments of less than £2,000,000 at 31 January 2026	55,192	85,838
Total third party	354,509	319,687
Total commitments	635,339	553,186

The Company and its subsidiaries had no other unfunded commitments to investment funds. Commitments made by the Company and its subsidiaries are irrevocable.

As at 31 January 2026, the Company (excluding its subsidiaries) had uncalled commitments in relation to the above Portfolio of £174.4m (2025: £114.3m). The Company did not have any contingent liabilities at 31 January 2026 (2025: none).

The Company’s subsidiaries, which are not consolidated, had the balance of uncalled commitments in relation to the above Portfolio of £460.9m (2025: £438.9m). The Company is responsible for financing its pro-rata share of those uncalled commitments (see Note 9).

17 FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

The Company is an investment company as defined by Section 833 of the Companies Act 2006 and conducts its affairs so as to qualify as an investment trust under the provisions of Section 1158 of the Corporation Tax Act 2010 (‘Section 1158’). The Company’s objective is to provide long-term growth by investing in private companies managed by leading private equity managers.

Investments in funds have anticipated lives of approximately 10 years. Direct Investments are made with an anticipated holding period of between three and five years.

Financial risk management

The Company’s activities expose it to a variety of financial risks: market risk (comprising currency risk, interest rate risk and price risk), investment risk, credit risk and liquidity risk. The Company’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company’s financial performance. The Board has overall responsibility for managing the risks and the framework for monitoring and co-ordinating these risks. The Audit Committee regularly reviews, identifies and evaluates the risks taken by the Company to allow them to be appropriately managed. All of the Company’s management functions are delegated to the Manager which has its own internal control and risk monitoring arrangements. The Committee makes a regular assessment of these arrangements, with reference to the Company’s risk matrix. The Company’s financial risk management objectives and processes used to manage these risks have not changed from the previous period and the policies are set out below:

Market risk

(i) Currency risk

The Company’s investments are principally in continental Europe, the US and the UK, and are primarily denominated in euro, US dollars and sterling. There are also smaller amounts in other European currencies. The Company’s investments in controlled structured entities are reported in sterling. The Company is exposed to currency risk in that movements in the value of sterling against these foreign currencies will affect the net asset value and the cash required to fund undrawn commitments. The Board regularly reviews the level of foreign currency denominated assets and outstanding commitments in the context of current market conditions and may decide to buy or sell currency or put in place currency hedging arrangements. No hedging arrangements were in place during the financial year.

The composition of the net assets of the Company by reporting currency at the year end is set out below:

	Sterling	Euro	USD	Other	Total
31 January 2026	£’000	£’000	£’000	£’000	£’000
Investments	1,026,902	85,458	196,546	(6)	1,308,900
Cash and cash equivalents and other net current assets/(liabilities)	(44,933)	6,233	2,369	3	(36,328)
	981,969	91,691	198,915	(3)	1,272,572
	Sterling	Euro	USD	Other	Total
31 January 2025	£’000	£’000	£’000	£’000	£’000
Investments	1,201,166	81,755	186,623	5	1,469,549
Cash and cash equivalents and other net current assets/(liabilities)	(139,168)	1,385	618	8	(137,157)
	1,061,998	83,140	187,241	13	1,332,392

On a look-through basis to the currency of the portfolio company, the effect of a 25% increase or decrease in the sterling value of the euro would be a fall of £117.4m and a rise of £114.9m in the value of shareholders’ equity and on profit after tax at 31 January 2026 respectively (2025: a fall of £71.3m and a rise of £65.1m based on a 25% increase or decrease). The effect of a 25% increase or decrease in the sterling value of the US dollar would be a fall of £181.5m and a rise of £178.4m in the value of shareholders’ equity and on profit after tax at 31 January 2026 respectively (2025: a fall of £158m and a rise of £152.1m based on a 25% movement). The percentages applied are based on market volatility in exchange rates observed in prior periods.

(ii) Interest rate risk

The Company’s assets primarily comprise non-interest bearing investments in funds and non-interest bearing investments in portfolio companies. The fair values of these investments are not significantly directly affected by changes in interest rates. The Company’s net debt balance is exposed to interest rate risk; the financial impact of this risk is currently immaterial.

The Company is indirectly exposed to interest rate risk through the impact of interest rates on the performance of investments in funds and portfolio companies as a result of interest rate changes impacting the underlying manager valuation. This performance impact as a result of interest rate risk is recognised through the valuation of those investments, which will be affected by the impact of any change in interest rates on the financial performance of the underlying portfolio companies and also on any valuation of those investments for sale. The Company is not able to quantify how a change in interest rates would impact valuations.

(iii) Price risk

The risk that the value of a financial instrument will change as a result of changes to market prices is one that is fundamental to the Company’s objective, which is to provide long-term capital growth through investment in unquoted companies. The investment Portfolio is continually monitored to ensure an appropriate balance of risk and reward in order to achieve the Company’s objective.

The Company is exposed to the risk of change in value of its private equity investments. For all investments the market variable is deemed to be the price itself. The table below shows the impact of a 30% increase or decrease in the valuation of the investment Portfolio. The percentages applied are reasonable based on the Manager’s view of the potential for volatility in the Portfolio valuations under stressed conditions.

	31 January 2026		31 January 2025
	Increase in variable	Decrease in variable	Increase in variable	Decrease in variable
	£’000	£’000	£’000	£’000
30% (2025: 30%) movement in the price of investments
Impact on profit after tax	372,686	(382,564)	423,339	(370,568)

A reasonably possible percentage change in relation to the earnings estimates or Enterprise Value/EBITDA multiples used by the underlying managers to value the private equity fund investments and co-investments may result in a significant change in fair value of unquoted investments

Investment and credit risk

(i) Investment risk

Investment risk is the risk that the financial performance of the companies in which the Company invests either improves or deteriorates, thereby affecting the value of that investment. Investments in unquoted companies whether indirectly or directly are, by their nature, subject to potential investment losses. The investment Portfolio is highly diversified in order to mitigate this risk.

(ii) Credit risk

The Company’s exposure to credit risk arises principally from its investment in cash deposits. The Company aims to invest the majority of its liquid portfolio in assets which have low credit risk. The Company’s policy is to limit exposure to any one investment to 15% of gross assets. This is regularly monitored by the Manager as a part of its cash management process.

Additionally, the Company is exposed to credit risk through its investments in unquoted companies and the company’s subsidiaries (refer to Note 10).

Cash is held on deposit with Royal Bank of Scotland (‘RBS’) and totalled £33.8m (2025: £3.9m). RBS currently has a credit rating of A1 from Moody’s. This represented the maximum exposure to credit risk at the balance sheet date. No collateral is held by the Company in respect of these amounts. None of the Company’s cash deposits or money market fund balances were past due or impaired at 31 January 2026 (2025: nil) and as a result of this, no ECL provision has been recorded.

Liquidity risk

The Company makes commitments to private equity funds in advance of that capital being invested, typically in illiquid, unquoted companies. These commitments are in excess of the Company’s total liquidity, therefore resulting in an overcommitment. When determining the appropriate level of overcommitment, the Board considers the rate at which commitments might be drawn down, typically over four to six years, versus the rate at which existing investments are sold and cash realised. The Company has an established liquidity management policy, which involves active monitoring and assessment of the Company’s liquidity position and its overcommitment risk. This is regularly reviewed by the Board and incorporated into the Board’s assessment of the viability of the Company.This process incorporates balance sheet and cash flow projections, including scenarios with varying levels of Portfolio gains and losses, fund drawdowns and realisations, availability of the credit facility, exchange rates and possible remedial action that the Company could undertake if required in the event of significant Portfolio declines.

At the year end, the Company had cash and cash equivalents totalling €33.8m and had access to committed bank facilities of £260m maturing in May 2029, which is a multi-currency revolving credit facility provided by SMBC and Lloyds. The key terms of the facility are:

• Upfront cost: 120bps.
• Non-utilisation fees: 115bps per annum.
• Margin on drawn amounts: 300bps per annum.
  
  

As at 31 January 2026 the Company’s total financial liabilities amounted to £71.7m (2025: £143.1m) of payables which were due in less than one year, which includes accrued balances payable in respect of the credit facility above.

Movement in financial liabilities arising from financing activities

The following table sets out the movements in total liabilities held at amortised cost arising from financing activities undertaken during the year.

	31 January 2026	31 January 2025
	£’000	£’000
At 1 February	134,775	22,062
Proceeds from borrowings	126,608	139,762
Repayment of long term borrowings	(196,875)	(27,831)
Foreign exchange and other movements	2,061	782
At 31 January	66,569	134,775

Capital risk management

The Company’s capital is represented by its net assets, which are managed to achieve the Company’s investment objective. As at the year end, the Company had net debt of £32.7m (2025: £128.0m).

The Board can manage the capital structure directly since it has taken the powers, which it is seeking to renew, to issue and buy back shares and it also determines dividend payments. The Company complied with its externally imposed capital requirements with respect to the obligation and ability to pay dividends by Section 1159 of the Corporation Tax Act 2010 and by the Companies Act 2006, respectively. Total equity at 31 January 2026, the composition of which is shown on the balance sheet, was £1,272.6m (2025: £1,332.4m).

Fair values estimation

IFRS 13 requires disclosure of fair value measurements of financial instruments categorised according to the following fair value measurement hierarchy:

• Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).
• Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2).
• Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).
  
  

The valuation techniques applied to level 3 assets are described in Note 1(c) of the financial statements.
No investments were categorised as level 1 or level 2.

The Company’s policy is to recognise transfers into and transfers out of fair value hierarchy levels at the end of the reporting year when they are deemed to occur.

The sensitivity of the Company’s investments to a change in value is discussed on page 49.
The following table presents the assets that are measured at fair value at 31 January 2026 and 31 January 2025:

31 January 2026
	Level 1	Level 2	Level 3	Total
	£’000	£’000	£’000	£’000
Investments held at fair value
Unquoted investments – indirect	—	—	148,108	148,108
Unquoted investments – direct	—	—	166,831	166,831
Quoted investments – direct	—	—	—	—
Subsidiary undertakings	—	—	993,961	993,961
Total investments held at fair value	—	—	1,308,900	1,308,900

31 December 2025
	Level 1	Level 2	Level 3	Total
	£’000	£’000	£’000	£’000
Investments held at fair value
Unquoted investments – indirect	—	—	150,987	150,987
Unquoted investments – direct	—	—	154,242	154,242
Quoted investments – direct	—	—	—	—
Subsidiary undertakings	—	—	1,164,320	1,164,320
Total investments held at fair value	—	—	1,469,549	1,469,549

All investments are valued at fair value in accordance with IFRS 13. The Company has no quoted investments as at 31 January 2026 (2025: nil); quoted investments held by subsidiary undertakings are reported within Level 3.

Investments in Level 3 securities are in respect of private equity fund investments and co-investments. These are held at fair value and are calculated using valuations provided by the underlying manager of the investment, with adjustments made to the statements to take account of cash flow events occurring after the date of the manager’s valuation, such as realisations or liquidity adjustments.

The following tables present the changes in Level 3 instruments for the year to 31 January 2026 and 31 January 2025.

31 January 2026	Unquoted investments (indirect) at fair value through profit or loss £’000	Unquoted investments (direct) at fair value through profit or loss £’000	Subsidiary undertakings £’000	Total £’000
Opening balances	153,045	152,184	1,164,320	1,469,549
Additions	21,171	29,435	154,590	205,196
Disposals	(33,486)	(26,681)	(320,138)	(380,305)
Gains and losses recognised in profit or loss	16,190	3,081	(4,811)	14,460
Closing balance	156,920	158,019	993,961	1,308,900

31 January 2025	Unquoted investments (indirect) at fair value through profit or loss £’000	Unquoted investments (direct) at fair value through profit or loss £’000	Subsidiary undertakings £’000	Total £’000
Opening balances	136,473	123,823	1,036,086	1,296,382
Additions	18,124	16,020	151,292	185,436
Disposals	(16,076)	(4,138)	(125,769)	(145,983)
Gains and losses recognised in profit or loss	14,524	16,479	102,711	133,714
Closing balance	153,045	152,184	1,164,320	1,469,549

The additions figure includes amounts of £11.1m (2025: £8.9m) from the parent to subsidiary which relate to incentive payments that are included in the ‘Cash flow to subsidiaries’ investments line in the Cash Flow Statement. The gains and losses recognised in profit or loss in the note do not align directly with the Income Statement due to difference in classification and disclosure requirements.

18 RELATED PARTY TRANSACTIONS

Significant transactions between the Company and its subsidiaries are shown below:

Subsidiary	Nature of transaction	Year ended 31 January 2026 £’000	Year ended 31 January 2025 £’000
ICG Enterprise Trust Limited Partnership	Increase in amounts owed to subsidiaries	492	—
	Decrease in amounts owed to subsidiaries	—	(8,689)
	Income allocated	—	—
ICG Enterprise Trust (2) Limited Partnership	Increase in amounts owed to subsidiaries	4,714	—
	Decrease in amounts owed to subsidiaries	—	(2,956)
	Income allocated	52	(169)
ICG Enterprise Trust Co-Investment LP	Increase in amounts owed by subsidiaries	—	33,229
	Decrease in amounts owed to subsidiaries	(59,839)	—
	Income allocated	2,444	2,127
ICG Enterprise Holdings LP	Increase in amounts owed by subsidiaries	—	—
	Decrease in amounts owed to subsidiaries	—	—
	Income allocated	3,410	4,224
ICG Morse Partnership LP	Increase in amounts owed by subsidiaries	—	—
	Decrease in amounts owed to subsidiaries	—	—
	Income allocated	—	—
ICG Lewis Partnership LP	Increase in amounts owed by subsidiaries	446	687
	Decrease in amounts owed to subsidiaries	—	—
	Income allocated	—	—
ICG Lewis (Delaware) LLC	Increase in amounts owed by subsidiaries	—	—
	Decrease in amounts owed to subsidiaries	—	—
	Income allocated	—	—

ICG Enterprise Trust Limited Partnership transferred its remaining assets to ICG Enterprise Trust PLC during the year ended 31 January 2025. The Partnership was dissolved on 31 July 2025 and ceased to be a subsidiary.

For the purpose of IAS 24 Related Party Disclosures, key management personnel comprised the Board of Directors.

Remuneration in the year (audited)	Fees		Expenses		Total
Name	2026 £’000	2025 £’000	2026 £’000	2025 £’000	2026 £’000	2025 £’000
Jane Tufnell	76	74	—	—	76	74
Alastair Bruce	62	60	—	—	62	60
David Warnock	61	59	—	—	61	59
Gerhard Fusenig1	50	48	2	3	52	51
Adiba Ighodaro	50	48	—	—	50	48
Janine Nicholls	50	48	—	—	50	48
Total	349	337	2	3	351	340

1 Gerhard Fusenig is resident in Switzerland and the Company has agreed to pay for his costs of travel to London (including appropriate accommodation) to attend meetings of the Board.

Amounts owed by/to subsidiaries represent the Company’s loan account balances with those entities, to which the Company’s share of drawdowns and distributions in respect of those entities are credited and debited respectively.

	Amount owed by subsidiaries		Amount owed to subsidiaries
Subsidiary	31 January 2026 £’000	31 January 2025 £’000	31 January 2026 £’000	31 January 2025 £’000
ICG Enterprise Trust Limited Partnership	—	—	—	(492)
ICG Enterprise Trust (2) Limited Partnership	—	—	36,085	31,372
ICG Enterprise Trust Co-Investment LP	213,716	273,555	—	—
ICG Enterprise Holdings LP	—	—	—	—
ICG Morse Partnership LP	—	—	—	—
ICG Lewis Partnership LP	9,015	8,569	—	—
ICG Lewis (Delaware) LLC	—	—	—	—

The Company and its subsidiaries’ total shares in funds and co-investments managed by the Company’s Manager are:

	Year ended 31 January 2026		Year ended 31 January 2025
Fund/Co-investment	Remaining commitment £’000	Fair value investment £’000	Remaining commitment £’000	Fair value investment £’000
ICG Strategic Equity IV	5,618	34,146	7,055	32,851
ICG Europe VIII	11,224	32,346	14,339	23,640
ICG Vanadium Co-Investment	255	23,497	246	16,180
ICG Strategic Equity Fund III	10,166	21,740	10,727	31,043
ICG LP Secondaries Fund I LP	28,378	21,061	41,146	12,175
ICG Ludgate Hill (Feeder B) SCSp	14,081	18,409	13,591	23,814
ICG Strategic Equity V	26,866	17,949	36,868	7,101
ICG Ludgate Hill (Feeder) Domino SCSp	3,952	17,364	—	—
ICG Augusta Partners Co-Investor	15,822	16,189	17,775	20,469
ICG Midsummer	1,862	14,965	—	—
ICG Ludgate Hill (Feeder) III A Porsche SCSp	5,154	14,552	5,691	17,995
ICG Colombe Co-investment	1,876	14,404	1,810	13,795
ICG Cheetah Co-Investment	636	14,379	635	11,123
ICG Ludgate Hill (Feeder) II Boston SCSp	4,883	13,878	5,392	16,030
CX VIII Co-Investment	173	13,062	167	9,076
ICG Match Co-Investment	119	12,904	132	15,253
ICG Europe VII	5,907	12,879	6,082	30,721
ICG MXV Co-Investment	245	12,690	8,361	32,728
ICG Europe Mid-Market Fund	4,966	12,354	5,524	13,494
ICG Newton Co-Investment	393	10,167	393	17,808
ICG Dallas Co-Investment	797	8,600	1,240	8,172
ICG Asia Pacific Fund III	2,242	6,985	2,523	8,706
ICG Sunrise Co-Investment	77	6,399	75	5,840
ICG Recovery Fund 2008 B1	728	5,758	846	4,954
ICG Crown Co-Investment	58	4,910	96	5,492
ICG Europe Mid-Market II	17,543	4,163	19,245	1,534
ICG Strategic Secondaries Fund II	15,340	4,016	16,938	4,853
ICG Holiday Co-Investor I	259	2,944	286	3,748
ICG Holiday Co-Investor II	180	2,178	199	2,775
ICG North American Private Debt Fund II	1,804	1,937	2,097	3,061
ICG Europe VI	4,157	1,130	4,013	2,814
ICG Europe IX	21,447	234	—	—
ICG Europe V	561	127	545	757
ICG Diocle Co-Investment	150	65	145	81
ICG Velocity Partners Co-Investor	588	16	650	18
ICG European Fund 2006 B1	497	5	480	15
ICG Cross Border	165	—	182	273
ICG LP Secondaries Fund II (Feeder) SCSp	65,758	—	—	—
ICG Progress Co-Investment	381	—	421	17,265
ICG Trio Co-Investment	—	—	36	—
ICG Topvita Co-Investment	—	—	687	—
Total	275,308	398,401	226,638	415,652

At the balance sheet date the Company has fully funded its share of capital calls due to ICG-managed funds in which it is invested.

19 Post Balance Sheet Events

There have been no material events since the balance sheet date.

GLOSSARY

Term	Short form	Definition
Alternative Performance Measures	APMs	Alternative Performance Measures (‘APMs’) are a term defined by the European Securities and Markets Authority as ‘financial measures of historical or future performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework’. APMs are used in this report if considered by the Board and the Manager to be the most relevant basis for shareholders in assessing the overall performance of the Company and for comparing the performance of the Company to its peers, taking into account industry practice. Definitions and reconciliations to IFRS measures are provided in the main body of the report or in this Glossary, where appropriate.
Buyback impact on NAV per Share		Buyback impact on NAV per Share is calculated by comparing the NAV per Share with an adjusted NAV per Share as follows:
			Year ended 31 January 2026	Since inception (Oct. 22)
		Opening number of shares	64,278,192	68,517,055	A
		Number of shares bought back in period	2,038,722	6,277,585
		Closing number of shares	62,239,470	62,239,470	B
		31 January 2026 NAV	£1,273m	£1,273m	C
		Add back cash invested in buybacks	£28m	£79m
		31 January 2026 NAV + cash invested in buybacks	£1,300m	£1,351m	D
		31 January 2026 NAV per Share	2,044.6 p	2,044.6 p	E (C/B)
		Pro forma NAV per share excluding buybacks	2,023.1p	1,972.0p	F (D/A)
		Impact of buybacks	21.5p	72.6p	G (E-F)
		NAV per Share accretion from buybacks	1.1%	3.7%	G/F
		Note: scenario excluding buyback does not include any cash impact of dividends that would have been paid to holders of those shares had the buyback not been undertaken.
Carried Interest		Carried Interest is equivalent to a performance fee. This represents a share of the profits that will accrue to the underlying private equity managers, after achievement of an agreed Preferred Return.
Cash drag		Cash drag is the negative impact on performance arising as a result of the allocation of a portion of the entity’s assets to cash.
Co-investment		Co-investment is a Direct Investment in a company alongside a private equity fund.
Co-investment Incentive Scheme Accrual		Co-investment Incentive Scheme Accrual represents the estimated value of interests in the Co-investment Incentive Scheme operated by the subsidiary partnerships of the Company.
Commitment		Commitment represents the amount of capital that each investor agrees to contribute to a fund or a specific investment.
Compound Annual Growth Rate	CAGR	The rate of return that would be required for an investment to grow from its beginning balance to its ending balance, assuming the profits were reinvested at the end of each period of the investment’s life span.
Deployment		See ‘Total new investment’
Direct Investment		An investment in a portfolio company held directly, not through a private equity fund. Direct Investments are typically co-investments with a private equity fund.
Discount		Discount arises when the Company’s shares trade at a price below the Company’s NAV per Share. In this circumstance, the price that an investor pays or receives for a share would be less than the value attributable to it by reference to the underlying assets. The Discount is the difference between the share price and the NAV, expressed as a percentage of the NAV. For example, if the NAV was 100p and the share price was 90p, the Discount would be 10%.
Drawdowns		Drawdowns are amounts invested by the Company when called by underlying managers in respect of an existing Commitment.
EBITDA		Stands for earnings before interest, tax, depreciation and amortisation, which is a widely used profitability measure in the private equity industry.
Enlarged Perimeter		The aggregate value of the Top 30 Companies and as many of the managers from within the Top 30 funds as practicable (70% of Portfolio Value at 31 January 2026).
Enterprise Value	EV	Enterprise Value is the aggregate value of a company’s entire issued share capital and Net Debt.
Exclusion List		The Exclusion List defines the business activities which are excluded from investment.
FTSE All-Share Index Total Return		The change in the level of the FTSE All-Share Index, assuming that dividends are re-invested on the day that they are paid.
Full Exits		Full Exits are exit events (e.g., trade sale, sale by public offering, or sale to a financial buyer) following which the residual exposure to an underlying company is zero or immaterial; this does not include Fund Disposals. See ‘Fund Disposals’.
Fund Disposals		Fund Disposals are where the Company receives sales proceeds from the full or partial sale of a fund position within the secondary market.
General Partner	GP	The General Partner is the entity managing a private equity fund. This is commonly referred to as the manager.
Hedging		Hedging is an investment technique designed to offset a potential loss on one investment by purchasing a second investment that is expected to perform in the opposite way.
Initial Public Offering	IPO	An Initial Public Offering is an offering by a company of its share capital to the public with a view to seeking an admission of its shares to a recognised stock exchange.
Internal Rate of Return	IRR	Internal Rate of Return is a measure of the rate of return received by an investor in a fund. It is calculated from cash drawn from and returned to the investor, together with the residual value of the investment.
Investment Period		Investment Period is the period in which funds are able to make new investments under the terms of their fund agreements, typically up to five years after the initial Commitment.
Last Twelve Months	LTM	Last Twelve Months refers to the timeframe of the immediately preceding 12 months in reference to financial metrics used to evaluate the Company’s performance.
Limited Partner	LP	The Limited Partner is an institution or individual who commits capital to a private equity fund established as a Limited Partnership. These funds are generally protected from legal actions and any losses beyond the original investment.
Limited Partnership		A Limited Partnership includes one or more General Partners, who have responsibility for managing the business of the partnership and have unlimited liability, and one or more Limited Partners, who do not participate in the operation of the partnership and whose liability is ordinarily capped at their capital and loan contribution to the partnership. In typical fund structures, the General Partner receives a priority share ahead of distributions to Limited Partners.
Net Asset Value per Share	NAV per Share	Net Asset Value per Share is the value of the Company’s net assets attributable to one Ordinary share. It is calculated by dividing ‘shareholders’ funds’ by the total number of ordinary shares in issue, excluding treasury shares. Shareholders’ funds are calculated by deducting current and long-term liabilities, and any provision for liabilities and charges, from the Company’s total assets.
Net Debt		Net Debt is calculated as the total short-term and long-term debt in a business, less cash and cash equivalents.
Ongoing charges		Ongoing Charges are calculated capturing management fees and expenses, excluding finance costs, incurred at the Company level only. The calculation does not include the expenses and management fees incurred by any underlying funds.
		31 January 2026	Total per income statement £'000	Amount excluded from Ongoing Charges £'000	Included Ongoing Charges £000
		Management fees	16,063		16,063
		General expenses	2,273	(473)	1,800
		Finance costs	9,775	(9,775)	—
		Total	28,111	(10,248)	17,863
		Total Ongoing Charges			17,863
		Average NAV			1,285,750
		Ongoing Charges as % of NAV			1.39%
		31 January 2025	Total per income statement £'000	Amount excluded from Ongoing Charges £'000	Included Ongoing Charges £000
		Management fees	16,175	—	16,175
		General expenses	1,500	165	1,665
		Finance costs	9,354	(9,354)	—
		Total	27,029	(9,189)	17,840
		Total Ongoing Charges			17,840
		Average NAV			1,294,186
		Ongoing Charges as % of NAV			1.38%
		Included within General expenses above are £0.5m (2025: £0.2m (credit)) of other expenses which are non-recurring and are excluded from the Ongoing Charges.
Other Net Liabilities		Other Net Liabilities at the aggregated Company level represent net other liabilities per the Company’s balance sheet. Net other liabilities per the balance sheet of the subsidiaries include amounts payable under the Co-investment Incentive Scheme Accrual.
Overcommitment		Overcommitment refers to where private equity fund investors make Commitments exceeding the amount of liquidity immediately available for investment. When determining the appropriate level of Overcommitment, careful consideration needs to be given to the rate at which Commitments might be drawn down, and the rate at which realisations will generate cash from the existing Portfolio to fund new investment.

Portfolio		Portfolio represents the aggregate of the investment Portfolios of the Company and of its subsidiary Limited Partnerships. This APM is consistent with the commentary in previous annual and interim reports. The Board and the Manager consider that disclosing our Portfolio assists shareholders in understanding the value and performance of the underlying investments selected by the Manager. It is shown before the Co-investment Incentive Scheme Accrual to avoid being distorted by certain funds and Direct Investments on which ICG Enterprise Trust Plc does not incur these costs (for example, on funds managed by ICG plc). Portfolio is related to the NAV, which is the value attributed to our shareholders, and which also incorporates the Co-investment Incentive Scheme Accrual as well as the value of cash and debt retained on our balance sheet. The value of the Portfolio at 31 January 2026 is £1,352.9m (31 January 2025: £1,523.1m).
		31 January 2026 £m	IFRS Balance sheet fair value	Net assets of subsidiary limited partnerships	Co-investment Incentive Scheme Accrual	Total Company and subsidiary Limited Partnership
		Investments1	1,308.9	(0.4)	44.4	1,352.9
		Cash	33.8	—	—	33.8
		Other Net Liabilities	(70.1)	0.4	(44.4)	(114.1)
		Net assets	1,272.6	—	—	1,272.6
		31 January 2025 £m	IFRS Balance sheet fair value	Net assets of subsidiary limited partnerships	Co-investment Incentive Scheme Accrual	Total Company and subsidiary Limited Partnership
		Investments1	1,469.5	(0.3)	53.9	1,523.1
		Cash	3.9	—	—	3.9
		Other Net Liabilities	(141.0)	0.3	(53.9)	(194.6)
		Net assets	1,332.4	—	—	1,332.4
		1Investments as reported on the IFRS balance sheet at fair value comprise the total of assets held by the Company and the net asset value of the Company’s investments in the subsidiary Limited Partnerships.
Portfolio Return on a Local Currency Basis		Portfolio Return on a Local Currency Basis represents the change in the valuation of the Company’s Portfolio before the impact of currency movements and Co-investment Incentive Scheme Accrual. The Portfolio return of 4.8% is calculated as follows:
		£m			31 January 2026	31 January 2025
		Income, gains and losses on Investments			126.3	142.0
		Foreign exchange gains and losses included in gains and losses on investments			(55.1)	5.4
		Incentive accrual valuation movement			1.7	(9.3)
		Total gains on Portfolio investments excluding impact of foreign exchange			72.9	138.1
		Opening Portfolio valuation			1,523.1	1,349.0
		Portfolio Return on a Local Currency Basis			4.8%	10.2%

Term	Short form	Definition
Portfolio Company		Portfolio Company refers to an individual company in an investment portfolio.
Primary		A Primary Investment is a Commitment to a private equity fund.
Preferred Return		Preferred Return is the preferential rate of return on an individual investment or a portfolio of investments, which is typically 8% per annum.
Premium		Premium occurs when the share price is higher than the NAV and investors would therefore be paying more than the value attributable to the shares by reference to the underlying assets.
Quoted Company		A Quoted Company is any company whose shares are listed or traded on a recognised stock exchange.
Realisation Proceeds		Realisation Proceeds are amounts received in respect of underlying realisation activity from the Portfolio and exclude any inflows from the sale of fund positions via the secondary market.
Realisations - Multiple to Cost		Realisations - Multiple to Cost is the average return from Full Exits from the Portfolio in the period on a primary investment basis, weighted by cost.
		£m		31 January 2026	31 January 2025
		Realisation Proceeds from Full Exits in the year-to-date		195.8	73.7
		Cost		80.2	35.9
		Average multiple of cost		3.0x	2.9x
Realisations – Uplift To Carrying Value		Realisations – Uplift To Carrying Value is the aggregate uplift on Full exits from the Portfolio in the period comparing realisation proceeds to the most recent valuation prior to the announcements of the disposal. This measure excludes publicly listed companies that were exited via sell downs of their shares.
		£m		31 January 2026	31 January 2025
		Realisation Proceeds from Full Exits in the year-to-date		195.8	73.7
		Prior Carrying Value (most recent valuation prior to the announcement of the disposal)		176.1	62.0
		Realisations – Uplift To Carrying Value		11.2%	19.0%
Secondary Investments		Secondary Investments occur when existing private equity fund interests and Commitments are purchased from an investor seeking liquidity.
Share buybacks		Share buybacks, or stock repurchases, occur when a company uses its own funds to buy its outstanding shares in the open market, thereby reducing the number of shares in circulation. As a result of buybacks, existing shareholders own a greater percentage of the company’s assets and profits. If share buybacks are executed at a discount to NAV, the buyback will increase the NAV per Share of the remaining shares outstanding.
Share Price Total Return		Share Price Total Return is the change in the Company’s share price, assuming that dividends are re-invested on the day that they are paid.
Total New Investment		Total New Investment is the total of direct Co-investment and fund investment Drawdowns in respect of the Portfolio. In accordance with IFRS 10, the Company’s subsidiaries are deemed to be investment entities and are included in subsidiary investments within the financial statements. Movements in the cash flow statement within the financial statements reconcile to the movement in the Portfolio as follows:
		£m		31 January 2026	31 January 2025
		Purchase of Portfolio investments per cash flow statement		50.6	34.1
		Purchase of Portfolio investments within subsidiary investments		154.8	152.2
		Return of invested cost/expenses		(11.1)	(4.9)
		Total New Investment		194.2	181.4

Term	Short form	Definition
Total Proceeds		Total Proceeds are amounts received by the Company in respect of the Portfolio, which may be in the form of capital proceeds or income such as interest or dividends. In accordance with IFRS 10, the Company’s subsidiaries are deemed to be investment entities and are included in subsidiary investments within the financial statements.
		£m			31 January 2026	31 January 2025
		Sale of Portfolio investments per cash flow statement			60.1	20.0
		Sale of Portfolio investments, interest received, and dividends received within subsidiary investments			320.1	125.8
		Interest income per cash flow statement			0.7	0.5
		Dividend income per cash flow statement			1.5	0.5
		Other income per cash flow statement			0.3	0.1
		Return of invested cost			3.6	4.6
		Deal costs arising from Secondary Sales			(3.9)	(0.6)
		Total Proceeds			382.3	150.8
		Fund Disposals			(66.3)	—
		Realisation Proceeds			316.0	150.8
Total Return		The change in the Company’s Net Asset Value per Share, assuming that dividends are re-invested at the end of the quarter in which the dividend was paid.
Undrawn Commitments		Undrawn Commitments are Commitments that have not yet been drawn down (please see ‘Drawdowns’).
Unquoted Company		An Unquoted Company is any company whose shares are not listed or traded on a recognised stock exchange.
Valuation Date		The date of the valuation report issued by the underlying manager.

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