ICG Enterprise Trust has made two new direct co-investments and invested in a secondary portfolio on behalf of its shareholders.
Precisely
On 15 June 2022, the trust invested in Precisely alongside Clearlake Capital and Insight Partners, both leading US private equity managers. Precisely operates in the software sector and is a market leader in data integrity software, serving over 12,000 customers in more than 100 countries, including 90% of the Fortune 100.
ICG Enterprise Trust will invest through a direct investment and is expected to invest an additional $20m in Precisely.
The trust has previously invested in Precisely alongside funds advised by its manager, ICG, who invested alongside Clearlake Capital. At 30 April 2022, Precisely was amongst the trust’s 30-largest company exposures (ranking 22nd), accounting for 0.8% of the portfolio.
ECA Group
On 24 June 2022, ICG Enterprise Trust invested in ECA Group, a business combination of two French companies, ECA and iXblue. The combination creates a leading player in the hi-tech manufacturing sector, where it focuses on maritime autonomous systems and navigation solutions.
The investment is being made alongside ICG Europe Mid-Market Fund I, and the trust will also make a direct co-investment of approximately €15m in ECA Group.
Project Ludgate Hill IIIA
On 28 June 2022, ICG Enterprise Trust invested in Project Ludgate Hill IIIA, a secondary portfolio of North American buyout investments. The portfolio is highly diversified, with over 110 companies managed by six third-party managers. The companies operate a range of sectors that are consistent with the trust’s investment approach, including in insurance and business services.
ICG Enterprise Trust is investing alongside ICG LP Secondaries Fund I, and will also make a direct co-investment of approximately $25m in Project Ludgate Hill III.
ICGT : Three new investments for ICG Enterprise