ICG Enterprise Trust

Overview

ICG Enterprise Trust is a London Stock Exchange-listed private equity investment trust managed by Intermediate Capital Group (ICG), one of Europe’s largest alternative asset managers. The trust manages approximately GBP 1.5 billion in net assets and provides investors with diversified exposure to private equity through a fund-of-funds approach.

The trust invests in private equity through a combination of primary fund commitments, co-investments, and secondary acquisitions. ICG Enterprise Trust’s portfolio is concentrated in European and North American buyout and growth equity strategies, managed by ICG’s dedicated private equity fund investment team. The team leverages ICG’s broader platform, which manages over $90 billion across alternatives, to source GP relationships and co-investment opportunities.

ICG Enterprise Trust has been actively increasing its co-investment allocation, moving toward a portfolio with more direct deal exposure alongside its fund commitments. This shift provides investors with more concentrated exposure to individual companies and improved fee efficiency within the trust’s overall portfolio.

How to Approach

GPs seeking commitments from ICG Enterprise Trust should engage with ICG’s private equity fund investment team. The trust’s focus on European and North American buyout and growth equity means that GPs in these segments are the primary target.

ICG’s broader platform provides the trust’s investment team with a practitioner’s perspective on private equity deal execution. GPs should be prepared for a due diligence process informed by direct investing experience, where the team can evaluate strategies, portfolios, and track records with deep market knowledge. GPs offering co-investment access will be particularly attractive given the trust’s strategic shift toward greater direct deal exposure.