Hardman & Co Research on ICG Enterprise Trust (ICGT):

Spotlight on secondaries

ICGT reported a further strong quarter of NAV growth to October 2021. One highlight from these results was secondary fund investments. This note reviews the strategic allocation that may see these assets become 20%-25% of ICGT's portfolio over the next few years. The reasons ICGT is increasing the assets' weighting include i) these assets have known underlying investments, ii) they return cash quickly, and iii) they do not incur material future commitments - all fitting ICGT's portfolio management well. The raised allocation reflects new, highly experienced and well- connected hires who have a strong track record in secondary fund investments. Please click on the link below for the full report:

https://www.hardmanandco.com/research/corporate-research/spotlight-on-secondaries/

If you are interested in meeting the company, you can register your interest by clicking on the above link

Hardman & Co Research can still be accessed for free after MiFID II. Please click here to read the statement.

About Hardman & Co: For the past 25 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge.  Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.

Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259.

Our research is provided for the use of the professional investment community, market counterparties and sophisticated and high net worth investors as defined in the rules of the regulatory bodies.  It is not intended to be made available to unsophisticated retail investors. Anyone who is unsure of their categorisation should consult their professional advisors. This research is neither an offer, nor a solicitation, to buy or sell any security. Please read the note for the full disclaimer.