Intermediate Capital Group plc: Q1 Trading Statement for the three months ended 30 June 2024
July 16 2024 - 2:00AM
UK Regulatory
Intermediate Capital Group plc: Q1 Trading Statement for the three
months ended 30 June 2024
ICG plc
16 July 2024
Q1 update for the three months ended 30 June
2024
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AUM increases to $101bn |
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Highlights
- AUM of $101bn;
fee-earning AUM of $70bn; AUM not yet earning fees of $18bn
- Strong quarter of
fundraising, with $4.7bn raised driven by SDP ($2.1bn) and
Strategic Equity V ($1.4bn)
- Elevated
transaction activity compared to Q1 FY24, with
deployment1 of $3.9bn (Q1 FY24: $1.0bn) and
realisations1,2 of $2.5bn (Q1 FY24: $0.6bn)
- Expectations
remain unchanged from our FY24 results
- Marking a decade
of responsible investing at ICG with the publication of our latest
Sustainability and People Report, available here
Unless otherwise stated the financial results discussed herein are
on the basis of alternative performance measures (APM) basis; see
full year results
1 Direct investment funds; 2 Realisations of fee-earning AUM |
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PERFORMANCE REVIEW
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AUM |
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Growth1 |
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30 June 2024 |
Last three months |
Year-on-year |
Last five years (CAGR) |
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AUM |
$101bn |
3.0% |
23.7% |
19.5% |
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Fee-earning
AUM |
$70bn |
—% |
10.0% |
15.9% |
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1 On a constant currency basis |
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Business
activity |
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$bn
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Fundraising |
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Deployment1 |
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Realisations1,2 |
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Q1 FY25 |
LTM |
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Q1 FY25 |
LTM |
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Q1 FY25 |
LTM |
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Structured and Private Equity |
1.8 |
6.4 |
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2.8 |
4.4 |
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0.7 |
1.5 |
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Private Debt |
2.1 |
6.2 |
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1.0 |
4.5 |
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1.7 |
3.1 |
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Real Assets |
0.3 |
1.2 |
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0.1 |
2.2 |
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0.1 |
0.9 |
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Credit |
0.5 |
2.3 |
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— |
— |
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— |
— |
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Total |
4.7 |
16.1 |
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3.9 |
11.1 |
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2.5 |
5.5 |
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1 Direct investment funds; 2 Realisations of fee-earning AUM |
PERIOD IN REVIEW
AUM and FY25 fundraising
AUM of $101bn
AUM ($m) |
Structured and Private Equity |
Private Debt |
Real Assets |
Credit |
Seed investments |
Total |
At 31 March 2024 |
40,872 |
28,302 |
10,815 |
17,944 |
499 |
98,432 |
Fundraising |
1,807 |
2,109 |
277 |
540 |
— |
4,733 |
Other
additions |
249 |
75 |
7 |
— |
— |
331 |
Realisations |
(692) |
(694) |
(77) |
(220) |
— |
(1,683) |
Market and other
movements |
(839) |
(140) |
289 |
(47) |
— |
(737) |
Balance sheet movement |
(89) |
(20) |
1 |
13 |
14 |
(81) |
At 30 June 2024 |
41,308 |
29,632 |
11,312 |
18,230 |
513 |
100,995 |
Change $m |
436 |
1,330 |
497 |
286 |
14 |
2,563 |
Change % |
1.1% |
4.7% |
4.6% |
1.6% |
2.8% |
2.6% |
Change % (constant exchange rate) |
1.4% |
5.1% |
4.9% |
2.0% |
2.6% |
3.0% |
Fee-earning AUM of $70bn
Fee-earning AUM ($m) |
Structured and Private Equity |
Private Debt |
Real Assets |
Credit |
Total |
At 31 March 2024 |
28,334 |
15,910 |
7,733 |
17,681 |
69,658 |
Funds raised: fees on committed capital |
1,339 |
— |
181 |
— |
1,520 |
Deployment of funds: fees on invested capital |
243 |
1,007 |
58 |
578 |
1,886 |
Total
additions |
1,582 |
1,007 |
239 |
578 |
3,406 |
Realisations |
(652) |
(1,694) |
(107) |
(261) |
(2,714) |
Net
additions / (realisations) |
930 |
(687) |
132 |
317 |
692 |
FX and other |
(160) |
(251) |
(330) |
(44) |
(785) |
At 30 June 2024 |
29,104 |
14,972 |
7,535 |
17,954 |
69,565 |
Change $m |
770 |
(938) |
(198) |
273 |
(93) |
Change % |
2.7% |
(5.9%) |
(2.6%) |
1.5% |
(0.1%) |
Change % (constant exchange rate) |
3.1% |
(5.7%) |
(2.3%) |
2.0% |
0.2% |
The bridge between AUM and fee-earning AUM is as
follows:
$m |
Structured and Private Equity |
Private Debt |
Real Assets |
Credit |
Seed investments |
Total |
Fee-earning AUM |
29,104 |
14,972 |
7,535 |
17,954 |
— |
69,565 |
AUM not yet earning fees |
3,245 |
13,827 |
627 |
477 |
— |
18,176 |
Fee-exempt
AUM |
6,768 |
664 |
2,641 |
— |
— |
10,073 |
Balance sheet investment portfolio1 |
2,191 |
169 |
509 |
(201) |
513 |
3,181 |
AUM |
41,308 |
29,632 |
11,312 |
18,230 |
513 |
100,995 |
1 Includes elimination of $616m (£487m) within Credit due to how
the balance sheet investment portfolio accounts for and invests
into CLO's managed by ICG and its affiliates |
- $27.9bn of AUM
available to deploy in new investments ("dry powder"), of which
$18.2bn was not yet earning fees
- At 30 June 2024,
closed-end funds and associated SMAs that were actively fundraising
included SDP V; Strategic Equity V; North America Credit Partners
III; Europe Mid-Market II; Infrastructure Europe II; Life Sciences
I; and various Real Estate equity and debt strategies. During the
remainder of FY25 we expect to hold final closes for a number of
those including SDP V, Strategic Equity V, North America Credit
Partners III and Infrastructure II. We anticipate launching a
number of funds during FY25 including Core Private Equity and
Europe IX. The timings of launches and closes for these funds
depends on a number of factors, including the prevailing market
conditions
Balance sheet
- The balance sheet
investment portfolio generated positive net investment returns over
the quarter, and at 30 June 2024 was valued at £3,003m. The
reduction in absolute value compared to 31 March 2024 was largely
due to net realisations during the period, as well as the impact of
FX
£m |
31 March 2024 |
30 June 2024 |
Structured and Private Equity |
1,807 |
1,720 |
Private Debt |
149 |
134 |
Real Assets |
402 |
402 |
Credit |
318 |
341 |
Seed investments |
394 |
406 |
Balance sheet investment portfolio |
3,070 |
3,003 |
- At 30 June 2024 the Group had total
available liquidity of £1,129m (FY24: £1,124m), comprised of £579m
available cash (FY24: £574m) and a £550 committed liquidity
facility. During the quarter the Group repaid £137m of debt that
matured
FOREIGN EXCHANGE RATES
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Average rate |
Period end |
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Q1 FY24 |
Q1 FY25 |
31 March 2024 |
30 June 2024 |
GBP:EUR |
1.1561 |
1.1753 |
1.1697 |
1.1802 |
GBP:USD |
1.2570 |
1.2626 |
1.2623 |
1.2645 |
EUR:USD |
1.0874 |
1.0743 |
1.0792 |
1.0714 |
COMPANY TIMETABLE
Half year results
announcement |
13 November 2024 |
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ENQUIRIES
Shareholders and
debtholders / analysts: |
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Chris Hunt, Head
of Corporate Development and Shareholder Relations, ICG |
+44(0)20 3545 2020 |
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: ICG). Further details are available at
www.icgam.com.
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