26th Jan 2023 11:18
(Alliance News) - Intermediate Capital Group PLC on Thursday said assets under management have increased as the company continues to launch new funds.
The London-based asset manager said AuM at December 31 was USD74.5 billion, up 8.8% from USD68.5 billion at September 30. Fee-earning AuM was USD60.9 billion, increasing 6.3% from USD57.3 billion at September 30.
Intermediate Capital said it raised USD2.8 billion during the quarter, with a total of USD8.5 billion having been raised by the company in the nine months since March 31 last year. Intermediate Capital it is on track to meet its accelerated fundraising target of USD40 billion by March 31, 2024.
The group deployed USD4.1 billion in the third quarter, focusing on Strategic Equity, Senior Debt Partners, and European Corporate strategies.
Intermediate Capital also noted that it began the marketing for various new funds, including Europe Mid-Market II, Infrastructure II and Life Sciences I.
The company had available liquidity of GBP1.3 billion at December 31.
Chief Executive Officer Benoit Durteste said: "ICG has continued to raise, deploy and realise AuM during this quarter, building on our long-term track record of delivering for our clients. The benefits of our breadth and diversification in sustaining business activity across economic cycles are evermore clear in our financial performance.
"Notably our flagship direct lending strategy, Senior Debt Partners, attracted USD1.8bn of fundraising from clients in these three months. It also continued to experience an attractive pipeline of investment opportunities in an environment where debt remains scarce, deploying over USD1 billion.
"We have launched a number of new funds during the quarter and, while they may take some time to raise, the fact that we have brought them to market underlines our confidence in the long-term prospects of those strategies."
Intermediate Capital shares were up 6.8% trading at 1,384.50 pence per share on Thursday morning in London.
By Harvey Dorset, Alliance News reporter
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