23rd Jul 2014 08:30
LONDON (Alliance News) - Intermediate Capital Group PLC Wednesday said its assets under management increased by 2% in the first-quarter, reaching EUR13.3 billion at the end of June, as the group continues to introduce new products.
In a statement, Intermediate Capital, which provides mezzanine finance, private debt, leveraged credit and minority equity, said that EUR1.0 billion of new third party money was raised in the first-quarter, though it admitted that there also was a strong level of realisations by investors.
Intermediate Capital's US private debt fund had a first close of USD450.0 million in the quarter, including USD200.0 million from the group itself, as well as the final close of its senior debt partners strategy, raising a further EUR455.0 million in the period. Its CG Longbow Senior Debt Fund raised a further ?307m across three mandates, taking the fund size to EUR500 million.
Last week, Intermediate Capital priced its second US collateralised loan obligation of USD417 million, including USD21 million from the group. The group added that it expects to see a first close on its Asia Pacific mezzanine fund, the pricing of our next European CLO, and the formal launch of its Japanese mezzanine fund alongside partner Nomura, all in the next few weeks.
The group also invested EUR579 million during the period, while its investment company invested a total of GBP97.8 million.
Chief Executive Christophe Evain said demand from investors remains solid, and added the group is still seeing a good pipeline of opportunities.
"Market conditions remain favourable to specialist asset managers, although there is no doubt that the investment environment is increasingly competitive. We continue to invest in new strategies, like our alternative credit team, whilst remaining focused on improving the efficiency of our balance sheet and delivering attractive shareholder returns," Evain said in a statement.
Intermediate Capital shares were Wednesday quoted up 2.8% at 421.56 pence.
By Samuel Agini; [email protected]; @samuelagini
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