ICM

What they do

ICM Limited is a specialist investment firm that combines the patient, long-term vision of a family office with the disciplined, active management style of a private equity house. Founded by Duncan Saville in 1988, the firm has grown from a boutique adviser into a global asset manager with over 80 staff across 10 offices. They are best known for managing a suite of listed investment companies and for their deep expertise in complex, "unloved," or under-researched sectors like utilities, mining, and mobility. Unlike typical VCs that chase hype, ICM often targets structural market imperfections and undervalued assets, taking concentrated positions where they can exert influence and drive operational improvements.

What they look for

ICM employs a "strong conviction-led, bottom-up investment approach." They prioritize value creation over momentum, seeking out assets that are misunderstood, structurally complex, or undervalued by the broader market. They are long-term investors willing to hold illiquid assets, frequently take board seats, and focus on specialist sectors where they have deep in-house technical expertise.

Stage

Seed, Series A, Series B+

Sectors

Fintech, Deeptech, AI, Healthcare, Mobility and logistics, SaaS, Climate

Based

Hamilton, BM