20th Jul 2023 07:00
Intermediate Capital Group plc : Q1 Trading Statement for the three months ended 30 June 2023| Fee-earning AUM +2% in the quarter, positive momentum across ICG platform | ||
| Highlights Total AUM of $82.1bn; fee-earning AUM ($64.1bn) +2% in the quarter, +18% annualised over the last five years1Fundraising of $2.6bn including $1bn for Strategic Equity V; $0.6bn for Europe Mid Market II2; and $0.6bn in Private Debt. Fundraising guidance maintainedSenior Debt Partners V, our flagship direct lending strategy, performing strongly: nine transactions totalling ~€2bn signed since December 2022Real Assets franchise building momentum: Infrastructure II activated at €125m third-party AUM, continuing to fundraise (Infrastructure I: €1.5bn total fund size); first seed investment made for Infrastructure Asia; ICG Real Estate announced formation of Metropolitan Last MileBreadth of ICG platform has supported activity levels in recent quarters, pipeline building in many strategiesMany opportunities for further growth lie ahead for ICG: our continued performance and long-term track record reinforce confidence in our ability to successfully execute on them AUM growth on a constant currency basis; 2. Europe Mid Market II is not yet activated or in fee-earning AUM Unless otherwise stated the financial results discussed herein are on the basis of alternative performance measures (APM) basis unless otherwise stated; see full year results |
| Long-term growth | ||
| Last five years CAGR1 | ||
| Third-party AUM | 19 % | |
| Fee-earning AUM | 18 % | |
| 1 On a constant currency basis |
| AUM | ||||
| 30 June 2023 | 31 March 2023 | Change1 | ||
| Total AUM | $82.1bn | $80.2bn | 2 % | |
| Third-party AUM | $78.9bn | $77.0bn | 2 % | |
| Fee-earning AUM | $64.1bn | $62.8bn | 2 % | |
| 1 On a constant currency basis |
| Business activity | ||||||||||||
| $bn | Fundraising | Deployment1 | Realisations1,2 | |||||||||
| Q1 FY24 | Q1 FY23 | LTM | Q1 FY24 | Q1 FY23 | LTM | Q1 FY24 | Q1 FY23 | LTM | ||||
| Structured and Private Equity | 1.7 | 2.7 | 2.5 | 0.2 | 0.8 | 3.7 | 0.1 | 0.6 | 1.8 | |||
| Private Debt | 0.6 | 0.5 | 3.9 | 0.4 | 1.3 | 3.6 | 0.4 | 1.2 | 1.1 | |||
| Real Assets | 0.3 | 0.5 | 1.0 | 0.4 | 0.7 | 1.4 | 0.1 | 0.3 | 0.8 | |||
| Credit | — | 0.9 | 1.0 | |||||||||
| Total | 2.6 | 4.6 | 8.4 | 1.0 | 2.8 | 8.7 | 0.6 | 2.1 | 3.7 | |||
| 1 Direct investment funds; 2 Realisations of third-party fee-earning AUM | ||||||||||||
AUM
Dry powder of $22.5bn, $14.6bn of which is not yet paying fees and will do so when the capital is invested or enters its investment periodAt 30 June 2023, funds that were fundraising included SDP V and SDP SMAs; Strategic Equity V; North America Credit Partners III; Europe Mid-Market II; Infrastructure II; LP Secondaries I; Life Sciences I; and various Real Estate and Credit strategies| Third-party AUM ($m) | Structured and Private Equity | Private Debt | Real Assets | Credit | Total |
| At 31 March 2023 | 27,728 | 23,641 | 7,863 | 17,755 | 76,987 |
| Additions | 1,696 | 662 | 324 | 19 | 2,701 |
| Realisations | (78) | (186) | (91) | (555) | (910) |
| FX and other | (156) | (6) | 124 | 139 | 101 |
| At 30 June 2023 | 29,190 | 24,111 | 8,220 | 17,358 | 78,879 |
| Change $m | 1,462 | 470 | 357 | (397) | 1,892 |
| Change % | 5 % | 2 % | 5 % | (2) % | 2 % |
| Change % (constant exchange rate) | 5 % | 1 % | 2 % | (3) % | 2 % |
| Fee-earning AUM ($m) | Structured and Private Equity | Private Debt | Real Assets | Credit | Total |
| At 31 March 2023 | 23,840 | 14,249 | 6,862 | 17,898 | 62,849 |
| Funds raised: fees on committed capital | 1,009 | — | 147 | — | 1,156 |
| Deployment of funds: fees on invested capital | 47 | 419 | 376 | 121 | 963 |
| Total additions | 1,056 | 419 | 523 | 121 | 2,119 |
| Realisations | (60) | (425) | (126) | (561) | (1,172) |
| FX and other | 110 | 94 | (100) | 214 | 318 |
| At 30 June 2023 | 24,946 | 14,337 | 7,159 | 17,672 | 64,114 |
| Change $m | 1,106 | 88 | 297 | (226) | 1,265 |
| Change % | 5 % | 1 % | 4 % | (1) % | 2 % |
| Change % (constant exchange rate) | 5 % | — % | 2 % | (2) % | 2 % |
Balance sheet
At 30 June 2023 the balance sheet investment portfolio was valued at £2,894m, broadly flat compared to 31 March 2023 (£2,902m)| £m | 30 June 2023 | 31 March 2023 |
| Structured and Private Equity | 1,737 | 1,751 |
| Private Debt | 163 | 169 |
| Real Assets | 304 | 289 |
| Credit | 351 | 363 |
| Seed investments | 339 | 330 |
| Balance sheet investment portfolio | 2,894 | 2,902 |
FOREIGN EXCHANGE RATES
| Average rate Q1 FY24 | Average rate Q1 FY23 | Average rateFY23 | 30 June 2023 period end | 30 June 2022 period end | 31 March 2023year end | |
| GBP:EUR | 1.1561 | 1.1760 | 1.1560 | 1.1637 | 1.1617 | 1.1375 |
| GBP:USD | 1.2570 | 1.2452 | 1.2051 | 1.2703 | 1.2178 | 1.2337 |
| EUR:USD | 1.0874 | 1.0588 | 1.0426 | 1.0916 | 1.0483 | 1.0846 |
ENQUIRIES
| Shareholders / analysts: | |
| Chris Hunt, Head of Shareholder Relations, ICG | +44 (0)20 3545 2020 |
| Media: | |
| Fiona Laffan, Global Head of Corporate Affairs, ICG | +44 (0)20 3545 1510 |
This results statement may contain forward looking statements. These statements have been made by the Directors in good faith based on the information available to them up to the time of their approval of this report and should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying such forward looking information.
ABOUT ICG
ICG provides flexible capital solutions to help companies develop and grow. We are a global alternative asset manager with over 30 years' history, operating across four asset classes: Structured and Private Equity, Private Debt, Real Assets, and Credit.
We develop long-term relationships with our business partners to deliver value for shareholders, clients and employees. We are committed to being a net zero asset manager across our operations and relevant investments by 2040.
ICG is listed on the London Stock Exchange (ticker symbol: ICP). Further details are available at www.icgam.com.
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