New investments: As of Q2 2025, the combined main funds’ portfolio consists of 6 transactions, accounting for roughly 33% of total fund size (ICG SE V is ~48% invested, including deferred payments, and the sidecar ~18%). After the reporting date, ICG SE V made a seventh investment in Creative Planning.
Valuation development: In Q1 2025, the gross MOIC of ICG SE V rose from 1.5x to 1.7x, and the sidecar’s gross MOIC increased from 1.3x to 1.5x. This puts the feeder at an average valuation of 1.6x. The portfolio is off to a strong start, with nearly all portfolio companies marked up to date. The outlook remains positive, aided by ICG’s ability to acquire stakes at a discount to fair value.
Capital calls: As of the reporting date, approximately 25% of the feeder’s size has been called. Due to the larger size of the main funds, expected drawdowns in 2025 are lower than previously anticipated. For Q4 2025, a further ~4–7% is expected to be called.
