Podcast Digest | How the UK's Oldest Listed Private Equity Vehicle Navigates Modern Markets
- Editor
- Jan 11
- 2 min read
What's New
In a recent Fund Shack podcast episode, host Ross Butler interviews Colm Walsh, Managing Director at ICG Enterprise Trust, who shares insights on managing the UK's oldest listed private equity vehicle within ICG's $100 billion asset management platform. The conversation reveals how the trust maintains its edge through strategic manager selection and defensive growth investments.
Why It Matters
As private markets become increasingly accessible to retail investors, ICG Enterprise Trust's 40+ year track record and investment approach offers valuable lessons on democratizing private equity access while maintaining institutional-quality returns through market cycles.
Key Quotes
Strategy: "We're looking for managers that are investing in companies that offer defensive growth... companies that have the ability to grow even in quite tough economic environments"
Performance: "We've returned over 40 times cost since 1981... we do have some investors that invested right from the beginning and are still here"
Evolution: "When private equity was a very new asset class there probably was a much greater concentration on financial engineering... now managers have to be much more operationally focused"
Big Picture Drivers
Geographic Balance: Portfolio targets 50/50 split between US and European markets, leveraging different market characteristics and opportunities
Risk Management: Focus on experienced managers and defensive growth sectors provides resilience through market cycles
Platform Advantage: ICG's $100 billion platform provides enhanced deal flow, due diligence capabilities, and strategic relationships
By The Numbers
Portfolio Mix: 50% primary investments, with remainder split between secondaries and co-investments
ICG Exposure: 30% of portfolio managed by ICG, focusing on strategies aligned with trust objectives
Market Size: Operating in markets representing 85-90% of global buyout opportunities
Key Trends to Watch
Innovation: Increasing adoption of data science and AI capabilities among private equity managers
Liquidity: Evolution of secondary markets creating more portfolio management flexibility
Activity Levels: Current low M&A and fundraising activity potentially leading to future opportunity surge
The Wrap
ICG Enterprise Trust demonstrates how the traditional investment trust structure remains relevant for democratizing private equity access, while its focus on defensive growth and experienced managers provides a template for sustainable private market investing.
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