Intermediate Capital Group plc : Q1 Trading Statement for the three months ended 30 June 2023
20 Luglio 2023 - 8:00AM
Intermediate Capital Group plc : Q1 Trading Statement for the three
months ended 30 June 2023
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Fee-earning AUM +2% in the quarter,
positive momentum across ICG platform |
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Highlights
- Total AUM of
$82.1bn; fee-earning AUM ($64.1bn) +2% in the quarter, +18%
annualised over the last five years1
- Fundraising of
$2.6bn including $1bn for Strategic Equity V; $0.6bn for Europe Mid
Market II2; and $0.6bn in Private Debt. Fundraising guidance
maintained
- Senior Debt
Partners V, our flagship direct lending strategy, performing
strongly: nine transactions totalling ~€2bn signed since December
2022
- Real 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
Mile
- Breadth of ICG
platform has supported activity levels in recent quarters, pipeline
building in many strategies
- Many 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 |
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Long-term growth |
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Last five years CAGR1 |
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Third-party AUM |
19 % |
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Fee-earning AUM |
18 % |
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1 On a constant currency basis |
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AUM |
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30 June 2023 |
31 March 2023 |
Change1 |
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Total AUM |
$82.1bn |
$80.2bn |
2 % |
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Third-party AUM |
$78.9bn |
$77.0bn |
2 % |
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Fee-earning AUM |
$64.1bn |
$62.8bn |
2 % |
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1 On a constant currency basis |
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Business activity |
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$bn |
Fundraising |
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Deployment1 |
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Realisations1,2 |
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Q1 FY24 |
Q1 FY23 |
LTM |
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Q1 FY24 |
Q1 FY23 |
LTM |
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Q1 FY24 |
Q1 FY23 |
LTM |
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Structured and Private Equity |
1.7 |
2.7 |
2.5 |
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0.2 |
0.8 |
3.7 |
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0.1 |
0.6 |
1.8 |
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Private Debt |
0.6 |
0.5 |
3.9 |
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0.4 |
1.3 |
3.6 |
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0.4 |
1.2 |
1.1 |
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Real Assets |
0.3 |
0.5 |
1.0 |
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0.4 |
0.7 |
1.4 |
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0.1 |
0.3 |
0.8 |
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Credit |
— |
0.9 |
1.0 |
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Total |
2.6 |
4.6 |
8.4 |
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1.0 |
2.8 |
8.7 |
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0.6 |
2.1 |
3.7 |
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1 Direct investment funds; 2 Realisations of third-party
fee-earning AUM |
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AUM
- Dry powder of
$22.5bn, $14.6bn of which is not yet paying fees and will do so
when the capital is invested or enters its investment period
- At 30 June 2023,
funds that were fundraising included SDP V and SDP SMAs; Strategic
Equity V; North America Credit Partners III; Europe Mid-Market II;
Infrastructure II; LP Secondaries I; Life Sciences I; and various
Real Estate and Credit strategies
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Third-party AUM ($m) |
Structured and Private Equity |
Private Debt |
Real Assets |
Credit |
Total |
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At 31 March 2023 |
27,728 |
23,641 |
7,863 |
17,755 |
76,987 |
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Additions |
1,696 |
662 |
324 |
19 |
2,701 |
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Realisations |
(78) |
(186) |
(91) |
(555) |
(910) |
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FX and other |
(156) |
(6) |
124 |
139 |
101 |
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At 30 June 2023 |
29,190 |
24,111 |
8,220 |
17,358 |
78,879 |
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Change $m |
1,462 |
470 |
357 |
(397) |
1,892 |
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Change % |
5 % |
2 % |
5 % |
(2) % |
2 % |
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Change % (constant exchange rate) |
5 % |
1 % |
2 % |
(3) % |
2 % |
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Fee-earning AUM ($m) |
Structured and Private Equity |
Private Debt |
Real Assets |
Credit |
Total |
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At 31 March 2023 |
23,840 |
14,249 |
6,862 |
17,898 |
62,849 |
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Funds raised: fees on committed capital |
1,009 |
— |
147 |
— |
1,156 |
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Deployment of funds: fees on invested capital |
47 |
419 |
376 |
121 |
963 |
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Total additions |
1,056 |
419 |
523 |
121 |
2,119 |
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Realisations |
(60) |
(425) |
(126) |
(561) |
(1,172) |
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FX and other |
110 |
94 |
(100) |
214 |
318 |
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At 30 June 2023 |
24,946 |
14,337 |
7,159 |
17,672 |
64,114 |
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Change $m |
1,106 |
88 |
297 |
(226) |
1,265 |
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Change % |
5 % |
1 % |
4 % |
(1) % |
2 % |
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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)
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£m |
30 June 2023 |
31 March 2023 |
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Structured and Private Equity |
1,737 |
1,751 |
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Private Debt |
163 |
169 |
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Real Assets |
304 |
289 |
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Credit |
351 |
363 |
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Seed investments |
339 |
330 |
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Balance sheet investment portfolio |
2,894 |
2,902 |
- During the period,
private placements with a value of £51m at 31 March 2023 matured
and were repaid from cash resources
- At 30 June 2023
the Group had total liquidity of £1,081m (FY23: £1,100m), cash of
£531m (FY23: £550m) and net financial debt of £919m (FY23:
£988m)
FOREIGN EXCHANGE
RATES
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Average rate Q1 FY24 |
Average rate Q1 FY23 |
Average rateFY23 |
30 June 2023 period end |
30 June 2022 period end |
31 March 2023year end |
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GBP:EUR |
1.1561 |
1.1760 |
1.1560 |
1.1637 |
1.1617 |
1.1375 |
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GBP:USD |
1.2570 |
1.2452 |
1.2051 |
1.2703 |
1.2178 |
1.2337 |
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EUR:USD |
1.0874 |
1.0588 |
1.0426 |
1.0916 |
1.0483 |
1.0846 |
ENQUIRIES
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Shareholders / analysts: |
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Chris Hunt, Head of Shareholder Relations, ICG |
+44 (0)20 3545 2020 |
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Media: |
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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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