In April, Listed Private Equity reported a significant increase in value. Thereby all segments contributed positively to the Fund`s performance. Intermediate Capital Group (ICG), a British alternative asset manager, achieved the largest value gain in the reporting month. The company continues to further expand its asset management division by launching a new investment strategy focused on European infrastructure. Furthermore, ICG realized its first real estate investment in its joint venture company Wise Living. Also ICG Enterprise Trust, a fund of funds managed by ICG, convinced its investors with the release of its preliminary annual report. Compared to last year, the company reached a NAV increase of 12.5% driven by the operating performance of its portfolio companies as well as from successful exits. During the reporting period, ICG achieved for the 59 exits an investment cost multiple of 2.7x and increased on average the aggregated carrying value of the realized companies by 40%. In addition, the 30 largest portfolio companies generated a profit growth of 12% over the last 12 months. Further, the British private equity company HgCapital Trust also benefited from the favorable exit environment and
sold successfully several companies above the carrying value in April. For example Teufel, a German-based manufacturer of loudspeakers, hi-fi and home cinema systems, was sold at a 56% premium to the published NAV as of end of March.
