ICG: Q1 Trading Statement for the three months ...

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		Last three months		Last twelve months
	30 June 2022	31 March 2022	*Change %*	30 June 2021	*Change %*
Total AUM	$71,284m	$72,051m	3% ¹	$65,237m	19% ¹
Third-party AUM	$68,246m	$68,468m	4% ¹	$61,545m	21% ¹
Fee-earning AUM	$58,767m	$58,335m	5% ¹	$50,626m	27% ¹

	1 Apr 2022 - 30 June 2022	1 Apr 2021 - 30 June 2021	*Change %*
Fundraising during period	$4,518m	$8,159m	(45)%
Realisations during period²	$1,998m	$3,710m	(46)%
Deployment during period³	$2,751m	$4,531m	(39)%

	30 June 2017 - 30 June 2022
Total AUM	23%
Third-party fee-earning AUM	25%

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

Third-party AUM ($m)	Structured and Private Equity	Private Debt	Real Assets	Credit	Total third-party AUM
At 1 April 2022	22,507	19,806	8,028	18,127	68,468
Additions	2,814	488	483	940	4,725
Realisations	(595)	(349)	(323)	(731)	(1,998)
FX and other	(737)	(829)	(393)	(990)	(2,949)
At 30 June 2022	23,989	19,116	7,795	17,346	68,246
Change $m	1,482	(690)	(233)	(781)	(222)
Change %	7%	(3)%	(3)%	(4)%	—%
Change % (constant exchange rate)¹	11%	1%	4%	(1)%	4%

Companies

UK 100

Latest directors dealings

	21 July 2022 Q1 Trading Statement for the three months ended 30 June 2022
	Resilient business performance; fundraising of $4.5bn
	Highlights Fundraising of $4.5bn during the quarter Total AUM of $71.3bn, an increase on a constant-currency basis of 3% in the quarter and 19% in the last twelve months Third-party fee-earning AUM of $58.8bn, an increase on a constant-currency basis of 5% in the quarter and 27% in the last twelve months Europe VIII total fund size currently €7.8bn, materially above original target size of €7.0bn and 1.8x more third-party AUM than Europe VII. Fundraising largely complete, final close expected by end of July Final closes held for Strategic Equity IV ($4.2bn total fund size, 2.4x more third-party AUM than Strategic Equity III) and Asia Pacific IV ($1.1bn total fund size, 1.8x more third-party AUM than Asia Pacific III) Fund valuations in-line with 31 March 2022, reflecting ICG's focus on structuring transactions for downside protection and the continued strong operational performance of underlying portfolio companies offsetting valuation pressures Strong balance sheet, with total available liquidity of £1.4bn at 30 June 2022

	Benoît Durteste
	CEO and CIO
	The breadth of ICG’s strategies and our firm-wide focus on downside protection are powerful characteristics of our business, especially in the current environment. We focus on investing in resilient companies with strong market positions and are able to provide them with flexible capital in the form most appropriate to their needs, from full equity buyouts to senior debt. In doing so, we help our clients achieve their investment objectives in private markets through economic cycles. We remained active in the quarter. Fundraising was robust, including holding successful final closes for Strategic Equity IV and Asia Pacific IV. As anticipated, deployment and realisation levels across the market were lower than in previous quarters and in this context we continued to execute a number of transactions across all our asset classes. Our pipeline remains constructive, particularly within direct lending (SDP) where we are seeing a growing set of future deployment opportunities. As a firm we continued executing on our strategic agenda to reinforce our long-term growth trajectory, including selectively building out our marketing and client relations team and onboarding a real estate equity team in Asia. The management fee-centric nature of our fund management company gives us confidence in the resilience of our business through periods of uncertainty, and our performance remains in-line with the outlook we recently gave in our full year results.

Third-party fee-earning AUM ($m)	Structured and Private Equity	Private Debt	Real Assets	Credit	Total third-party fee-earning AUM
At 1 April 2022	22,100	11,953	6,873	17,409	58,335
Funds raised: fees on committed capital	2,658	—	—	—	2,658
Deployment of funds: fees on invested capital	219	1,309	576	940	3,044
Total additions	2,877	1,309	576	940	5,702
Realisations	(595)	(1,194)	(323)	(531)	(2,643)
FX and other	(745)	(444)	(525)	(913)	(2,627)
At 30 June 2022	23,637	11,624	6,601	16,905	58,767
Change $m	1,537	(329)	(272)	(504)	432
Change %	7%	(3)%	(4)%	(3)%	1%
Change % (constant exchange rate)¹	12%	1%	3%	—%	5%

$m	Q1 FY23
Structured and Private Equity	760
Private Debt	1,309
Real Assets	682
Group	2,751

	Average rate for Q1 FY23	Average rate for FY22	30 June 2022 period end	31 March 2022 year end
GBP:EUR	1.1760	1.1755	1.1617	1.1876
GBP:USD	1.2452	1.3626	1.2178	1.3138
EUR:USD	1.0588	1.1595	1.0483	1.1063

Term	Short Form	Definition
Additions (of AUM)		Within third-party AUM: the aggregate of new commitments of capital by clients, and calls of capital from funds that have previously had a step-down and are therefore reflected in third-party AUM on a net invested capital basis. Within third-party fee-earning AUM: the aggregate of new commitments of capital by clients that pay fees on committed capital, and deployment of capital that charges fees on invested capital (including calls of capital from funds that have previously had a step-down and therefore charge fees on a net invested capital basis).
Balance sheet investment portfolio		Balance sheet investments made alongside funds, or where the balance sheet is seeding investments for new strategies. The balance sheet investment portfolio is revalued at each reporting date.
Close (of a fund)		A stage in fundraising whereby a fund is able to release or draw down the capital contractually committed at that date.
Closed-end fund		A fund where investor’s commitments are fixed for the duration of the fund and the fund has a defined investment period.
Co-investment	Co-invest	A direct investment made alongside or in a fund taking a pro-rata share of all instruments.
Collateralised Loan Obligation	CLO	CLO is a type of investment grade security backed by a pool of loans.
Close		A stage in fundraising whereby a fund is able to release or draw down the capital contractually committed at that date.
Deployment		Investment of AUM on behalf of our direct investment funds.
Direct investment funds		Funds which invest in self-originated transactions for which there is a low volume, illiquid secondary market. Specifically, this excludes our Credit asset class as well as ICG Enterprise Trust (within Structured and Private Equity).
Fund		A pool of third-party capital allocated to a specific investment strategy or strategies, managed by ICG plc or its affiliates.
Liquid assets		Asset classes with an active, established market in which assets may be readily bought and sold.
Open-ended fund		A fund which remains open to new commitments and where an investor’s commitment may be redeemed with appropriate notice.
Realisation		The return of invested capital in the form of principal, rolled-up interest and/or capital gain.
Realisations		Reductions in AUM due to capital being returned to investors and / or no longer able to be called by the fund, and the reduction in AUM due to step-downs.
Recycle		Where the fund is able to re-invest capital that has previously been invested and then realised. This is typically only within a defined period during the fund's investment period and is generally subject to certain requirements.
Separately Managed Account	SMA	Third-party capital committed by a single investor allocated to a specific investment strategy or strategies, managed by ICG plc or its affiliates.
EU Sustainable Finance Disclosure Regulation	SFDR	A set of EU rules that aim to make the sustainability profile of funds more comparable. Funds and mandates can be classified into one of three categories, as laid out by Articles 6, 8 and 9 of the SFDR.
Step-down / step-up		A reduction in AUM resulting from the end of the investment period in an existing fund or when a subsequent fund starts to invest. Funds that charge fees on committed capital during the investment period will normally shift to charging fees on net invested capital post step-down. There is generally the ability to continue to call further capital from funds that have had a step-down in certain circumstances. In this instance, fees will be earned on that invested capital and it will be added to AUM through Additions and this is termed as step-up.
Total AUM		The aggregate of the Third Party AUM and the Balance Sheet investment portfolio (excluding warehoused investments).
Total fund size		The total AUM within a fund.
Warehoused investments		Investments within the balance sheet investment portfolio that the Group anticipates transferring to a fund in due course, typically made where the Group is seeding new strategies in anticipation of raising a fund.

£m	30 June 2022	31 March 2022
Structured and Private Equity	1,770	1,826
Private Debt	156	149
Real Assets	327	305
Credit	409	447
Balance sheet investment portfolio ( excluding warehoused investments)	2,662	2,727
Warehoused investments	177	95
Balance sheet investment portfolio ( including warehoused investments)	2,839	2,822