ICG Enterprise Trust PLC

ICG Enterprise Trust PLC, formerly Graphite Enterprise Trust, focuses on direct and fund-of-funds investments. It does not invest in venture capital for startups or early-stage funds, nor does it actively invest in publicly quoted companies, though it may gain listed exposure through IPOs used as exit routes. Direct co-investments target private equity in growth capital, middle market, and buyouts of mature companies. Fund-of-funds investments include primary funds, secondary purchases, buyout funds, growth capital funds, and mezzanine funds. The trust prefers sectors such as healthcare, education, industrials, business services, consumer goods and services, leisure, materials, utilities, energy, technology, infrastructure services, media, telecommunication, and financials. It invests in unquoted companies and primary funds across all industries in Europe, including the UK and Western Europe, and in buyouts in North America and Europe, exclusively in developed markets globally. Fund-of-funds activities focus on Europe and the US. It typically invests between $100 million and $200 million in firms with enterprise values between £25 million ($34.13 million) and £200 million ($273.09 million). The trust primarily invests in profitable, cash-generative unquoted companies in Europe and the US. Previously managed by Graphite Capital and known as Graphite Enterprise Trust until February 2016, it was renamed ICG Enterprise Trust when Intermediate Capital Group took over management. It also co-invests alongside its funds, makes secondary purchases of existing funds, and invests in new sector funds such as public finance initiative funds and funds of new managers.