Intermediate Capital Intermediate Capital Group Plc : Q1 Trading Statement For The Three Months Ended 30 June 2023
20 July 2023 - 4:00PM
UK Regulatory
TIDMICP
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
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 EUR2bn signed since December 2022
-- Real Assets franchise building momentum:
Infrastructure II activated at EUR125m third-party
AUM, continuing to fundraise (Infrastructure I:
EUR1.5bn 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
1. 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 CAGR(1)
------------------------------- -----------------------
Third-party AUM 19 %
Fee-earning AUM 18 %
1 On a constant currency basis
AUM
30 June 2023 31 March 2023 Change(1)
------------------------------- ------------- -------------- -----------
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
Fundraising Deployment(1) Realisations(1,2)
------------- ------------------- ------------------- ---------------------
Q1 Q1 Q1 Q1
$bn FY24 FY23 LTM FY24 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, $14.6bn of which is not yet paying fees and will
do so when the capital is invested or enters its investment period
-- At 30 June 2023, funds that were fundraising included SDP V and SDP SMAs;
Strategic Equity V; North America Credit Partners III; Europe Mid-Market
II; Infrastructure II; LP Secondaries I; Life Sciences I; and various
Real Estate and Credit strategies
Structured
Third-party AUM and Private Private
($m) Equity 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 $m 1,462 470 357 (397) 1,892
Change % 5 % 2 % 5 % (2) % 2 %
Change % (constant
exchange rate) 5 % 1 % 2 % (3) % 2 %
------------------- ----------- ----------- ----------- ------------- -----------
Structured
Fee-earning AUM and Private
($m) 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
GBP2,894m, broadly flat compared to 31 March 2023 (GBP2,902m)
GBPm 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
----------------------------------- ------------ -------------
-- During the period, private placements with a value of GBP51m at 31 March
2023 matured and were repaid from cash resources
-- At 30 June 2023 the Group had total liquidity of GBP1,081m (FY23:
GBP1,100m), cash of GBP531m (FY23: GBP550m) and net financial debt of
GBP919m (FY23: GBP988m)
FOREIGN EXCHANGE RATES
30
June
2023
Average rate Average rate Average rate period 30 June 2022 31 March 2023
Q1 FY24 Q1 FY23 FY23 end period end year 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.
(END) Dow Jones Newswires
July 20, 2023 02:00 ET (06:00 GMT)
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