• Intermediate Capital Group plc: Q1 Trading Statement for the three months ended 30 June 2024

    ソース: Nasdaq GlobeNewswire / 16 7 2024 02:00:00   America/New_York

    ICG plc

    16 July 2024

    Q1 update for the three months ended 30 June 2024

       
     AUM increases to $101bn 
     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    		 

    PERFORMANCE REVIEW

     AUM    
       Growth1
      30 June 2024Last three monthsYear-on-yearLast five years (CAGR)
     AUM$101bn3.0%23.7%19.5%
     Fee-earning AUM$70bn—%10.0%15.9%
          
     1 On a constant currency basis    


     Business activity        
              
     $bn

    		Fundraising Deployment1 Realisations1,2
     Q1 FY25LTM Q1 FY25LTM Q1 FY25LTM
     Structured and Private Equity1.86.4 2.84.4 0.71.5
     Private Debt2.16.2 1.04.5 1.73.1
     Real Assets0.31.2 0.12.2 0.10.9
     Credit0.52.3 —— ——
     Total4.716.1 3.911.1 2.55.5
              
     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 EquityPrivate DebtReal AssetsCreditSeed investmentsTotal
    At 31 March 202440,87228,30210,81517,94449998,432
    Fundraising1,8072,109277540—4,733
    Other additions249757——331
    Realisations(692)(694)(77)(220)—(1,683)
    Market and other movements(839)(140)289(47)—(737)
    Balance sheet movement(89)(20)11314(81)
    At 30 June 202441,30829,63211,31218,230513100,995
    Change $m4361,330497286142,563
    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 EquityPrivate DebtReal AssetsCreditTotal
    At 31 March 202428,33415,9107,73317,68169,658
    Funds raised: fees on committed capital1,339—181—1,520
    Deployment of funds: fees on invested capital2431,007585781,886
    Total additions1,5821,0072395783,406
    Realisations(652)(1,694)(107)(261)(2,714)
    Net additions / (realisations)930(687)132317692
    FX and other(160)(251)(330)(44)(785)
    At 30 June 202429,10414,9727,53517,95469,565
    Change $m770(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:

    $mStructured and Private EquityPrivate DebtReal AssetsCreditSeed investmentsTotal
    Fee-earning AUM29,10414,9727,53517,954—69,565
    AUM not yet earning fees3,24513,827627477—18,176
    Fee-exempt AUM6,7686642,641——10,073
    Balance sheet investment portfolio12,191169509(201)5133,181
    AUM41,30829,63211,31218,230513100,995
    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
    £m31 March 202430 June 2024
    Structured and Private Equity1,8071,720
    Private Debt149134
    Real Assets402402
    Credit318341
    Seed investments394406
    Balance sheet investment portfolio3,0703,003
    • 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

     Average ratePeriod end
     Q1 FY24Q1 FY2531 March 202430 June 2024
    GBP:EUR1.15611.17531.16971.1802
    GBP:USD1.25701.26261.26231.2645
    EUR:USD1.08741.07431.07921.0714

    COMPANY TIMETABLE

    Half year results announcement13 November 2024
      

    ENQUIRIES

    Shareholders and debtholders / analysts: 
    Chris Hunt, Head of Corporate Development and 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: ICG). Further details are available at www.icgam.com.


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