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
|
| Long-term growth | ||
| Last five years CAGR1 | ||
| Third-party AUM | 19 % | |
| Fee-earning AUM | 18 % | |
| 1 On a constant currency basis |
| AUM | ||||
| 30 June 2023 | 31 March 2023 | Change1 | ||
| 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 FY24 | Q1 FY23 | LTM | Q1 FY24 | Q1 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, $14.6bn of which is not yet paying fees and will do so when the capital is invested or enters its investment period
- At 30 June 2023, funds that were fundraising included SDP V and SDP SMAs; Strategic Equity V; North America Credit Partners III; Europe Mid-Market II; Infrastructure II; LP Secondaries I; Life Sciences I; and various Real Estate and Credit strategies
| Third-party AUM ($m) | Structured and Private Equity | Private 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 $m | 1,462 | 470 | 357 | (397) | 1,892 |
| Change % | 5 % | 2 % | 5 % | (2) % | 2 % |
| Change % (constant exchange rate) | 5 % | 1 % | 2 % | (3) % | 2 % |
| Fee-earning AUM ($m) | Structured and Private 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 £2,894m, broadly flat compared to 31 March 2023 (£2,902m)
| £m | 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 £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 end | 30 June 2022 period end | 31 March 2023 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.
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