ICP Intermediate Capital Group plc

Intermediate Capital Group plc : Q1 Trading Statement for the three months ended 30 June 2023

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 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


  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 CAGR1
 Third-party AUM        19  %
 Fee-earning AUM        18  %
   
 1 On a constant currency basis 



 AUM   
     
  30 June 202331 March 2023Change1
 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 FY24Q1 FY23LTM Q1 FY24Q1 FY23LTM Q1 FY24Q1 FY23LTM
 Structured and Private Equity1.72.72.5 0.20.83.7 0.10.61.8
 Private Debt0.60.53.9 0.41.33.6 0.41.21.1
 Real Assets0.30.51.0 0.40.71.4 0.10.30.8
 Credit—0.91.0        
 Total2.64.68.4 1.02.88.7 0.62.13.7
             
 1 Direct investment funds; 2 Realisations of third-party fee-earning AUM 

AUM

  • Dry powder of $22.5bn, $14.6bn of which is not yet paying fees and will do so when the capital is invested or enters its investment period
  • At 30 June 2023, funds that were fundraising included SDP V and SDP SMAs; Strategic Equity V; North America Credit Partners III; Europe Mid-Market II; Infrastructure II; LP Secondaries I; Life Sciences I; and various Real Estate and Credit strategies
Third-party AUM ($m)Structured and Private EquityPrivate DebtReal AssetsCreditTotal
At 31 March 202327,72823,6417,86317,75576,987
Additions1,696662324192,701
Realisations(78)(186)(91)(555)(910)
FX and other(156)(6)124139101
At 30 June 202329,19024,1118,22017,35878,879
Change $m1,462470357(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 EquityPrivate DebtReal AssetsCreditTotal
At 31 March 202323,84014,2496,86217,89862,849
Funds raised: fees on committed capital1,009—147—1,156
Deployment of funds: fees on invested capital47419376121963
Total additions1,0564195231212,119
Realisations(60)(425)(126)(561)(1,172)
FX and other11094(100)214318
At 30 June 202324,94614,3377,15917,67264,114
Change $m1,10688297(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)
£m30 June 202331 March 2023
Structured and Private Equity1,7371,751
Private Debt163169
Real Assets304289
Credit351363
Seed investments339330
Balance sheet investment portfolio2,8942,902
  • 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

 Average rate

Q1 FY24		Average rate

Q1 FY23		Average rate

FY23		30 June 2023 period end30 June 2022

period end		31 March 2023

year end
GBP:EUR1.15611.17601.15601.16371.16171.1375
GBP:USD1.25701.24521.20511.27031.21781.2337
EUR:USD1.08741.05881.04261.09161.04831.0846

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



EN
20/07/2023

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