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In this episode of Fund Shack, Ross Butler speaks with Colm Walsh, Managing Director of ICG Enterprise Trust. ICG Enterprise Trust is a listed private equity investor managed by ICG, a global alternative asset manager. Colm shares insights on ICG’s investment strategies, including their focus on buyouts, the benefit of being part of ICG’s extensive platform, and the importance of experienced managers in achieving consistent returns. They also discuss the unique advantages of the investment trust structure for private equity and Colm’s perspective on the evolving private equity landscape.
ICG Enterprise Trust and Its Role in Private Equity:
ICG Enterprise Trust is a listed private equity investor focusing on buyouts. As part of ICG’s broader alternative asset management platform, it benefits from access to a vast ecosystem of managers and market insights. ICG Enterprise is the UK’s oldest listed private equity vehicle, having been formed in 1981.
Investment Strategy Focused on Buyouts and Defensive Growth:
ICG Enterprise Trust primarily invests in cash-generative, EBIT-positive companies, favoring the established private equity markets in North America and Europe. They focus on sectors that demonstrate “defensive growth,” such as pet products and fire protection services, which can sustain growth even during challenging economic times.
Diversified Portfolio with Primaries, Secondaries, and Co-Investments:
ICG Enterprise Trust diversifies its investments through a mix of primary fund commitments, secondary investments, and co-investments. Around 30% of the portfolio is tied to ICG’s network, providing Colm and his team with enhanced diligence capabilities, particularly for co-investment opportunities.
Balancing Risk and Return Through Experienced Managers:
Colm emphasizes the importance of backing experienced and established managers who have developed a strong playbook and pattern recognition. This conservative approach is geared towards minimizing loss ratios and achieving consistent returns, appealing to public shareholders seeking stability in private equity.
Advantages of the Investment Trust Structure for Retail Investors:
Colm highlights the unique benefits of the investment trust structure, which allows retail investors access to private equity returns with the liquidity of a public company. This structure has facilitated democratized access to private equity long before recent innovations, such as LTAFs, were introduced.
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Fund Shack is a private equity podcast and global media channel for alternative investment professionals. Fund Shack is produced by Linear B Group and if you are interested in appearing on the show, wish to propose a client, or are interested in sponsorship, contact:
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