• Intermediate Capital Group plc: Q3 trading statement for the nine months ended 31 December 2024

    来源: Nasdaq GlobeNewswire / 22 1月 2025 02:00:00   America/New_York

     ICG plc
    22 January 2025
    Q3 update for the nine months ended 31 December 2024

    		 
     $22bn raised in the last twelve months 
     Highlights         

    • Strong fundraising of $7.2bn in the quarter resulting in $22bn raised in the last twelve months, more than twice as much as raised in calendar 2023 and supporting long-term growth in client capital and management fees
    • Client commitments included $1.8bn to Strategic Equity and $1.8bn to Europe IX. Europe IX expected to be activated and fee-earning by March 2025
    • AUM of $107bn (+5.1% q-o-q1); fee-earning AUM of $71bn (+2.8% q-o-q1); AUM not yet earning fees of $20bn
    • Investment environment remains in line with recent quarters
    • Balance sheet investment portfolio during the quarter generated positive NIR in all asset classes and net cash realisations
    • AAA ESG rating awarded by MSCI for the fourth consecutive year, membership of the Dow Jones Sustainability Index (Europe) for the second consecutive year
    • Shareholder seminar on ICG Strategic Equity to be held online on 5 March 2025 at 5pm GMT. Register here
    • Sonia Baxendale joined the Board as a Non-Executive Director in January 20252
    Unless otherwise stated the financial results discussed herein are on the basis of alternative performance measures (APM) basis; see full year results
    1 On a constant currency basis; 2 As previously announced.    		 

    PERFORMANCE REVIEW

     AUM    
       Growth1
      31 December 2024Last three monthsYear-on-yearLast five years (CAGR)
     AUM$107bn5.1%27.5%19.3%
     Fee-earning AUM$71bn2.8%8.1%14.7%
          
     1 On a constant currency basis
    Note: historical AUM has not been updated to reflect AUM policy change effective March 2024. This does not impact fee-earning AUM


     Business activity        
              
     $bn

    		Fundraising Deployment1 Realisations1,2
     Q3 FY25LTM Q3 FY25LTM Q3 FY25LTM
     Structured and Private Equity5.310.1 1.07.4 0.21.0
     Private Debt0.26.6 1.23.3 1.74.4
     Real Assets0.71.5 0.82.0 0.51.4
     Credit1.03.6      
     Total7.221.8 3.012.7 2.46.8
              
     1 Direct investment funds; 2 Realisations of fee-earning AUM

    PERIOD IN REVIEW

    AUM and FY25 fundraising

    At 31 December 2024, AUM stood at $107bn and fee-earning AUM at $71bn. The bridge between AUM and fee-earning AUM is as follows:

    $mStructured and Private EquityPrivate DebtReal AssetsCreditSeed investmentsTotal
    Fee-earning AUM31,93214,3537,40117,451—71,137
    AUM not yet earning fees4,44913,956751356—19,512
    Fee-exempt AUM8,3651,3183,035——12,718
    Balance sheet investment portfolio12,329148458(183)4523,204
    AUM47,07529,77511,64517,624452106,571
    1 Includes elimination of $634m (£507m) within Credit due to how the balance sheet investment portfolio accounts for and invests into CLO's managed by ICG and its affiliates

    At 31 December 2024 we had $30bn of AUM available to deploy in new investments ("dry powder"), of which $20bn was not yet earning fees.

    The stronger US Dollar at 31 December 2024 compared to 30 September 2024 impacted the US Dollar value of our non-US Dollar (predominantly Euro) funds. We receive management fees in the fund currency.

    AUM

    AUM ($m)Structured and Private EquityPrivate DebtReal AssetsCreditSeed investmentsTotal
    At 1 October 2024 43,45331,90612,26618,106527106,258
    Fundraising5,3501816801,029 7,240
    Other additions81552193 385
    Realisations(168)(848)(427)(852) (2,295)
    Market and other movements(1,518)(1,612)(1,082)(688) (4,900)
    Balance sheet movement(50)(7)(11)26(75)(117)
    At 31 December 202447,07529,77511,64517,624452106,571
    Change $m3,622(2,131)(621)(482)(75)313
    Change %8%(7%)(5%)(3%)(14%)—%
    Change % (constant exchange rate)13%(2%)2%2%(8%)5%

    Fee-earning AUM

    Fee-earning AUM ($m)Structured and Private EquityPrivate DebtReal AssetsCreditTotal
    At 1 October 2024 31,18415,6857,73117,95772,557
    Funds raised: fees on committed capital1,941—543—2,484
    Deployment of funds: fees on invested capital521,1483091,0642,573
    Total additions1,9931,1488521,0645,057
    Realisations(159)(1,683)(529)(872)(3,243)
    Net additions / (realisations)1,834(535)3231921,814
    FX and other(1,086)(797)(653)(698)(3,234)
    At 31 December 202431,93214,3537,40117,45171,137
    Change $m748(1,332)(330)(506)(1,420)
    Change %2%(9%)(4%)(3%)(2%)
    Change % (constant exchange rate)7%(4%)2%2%3%

    FY25 fundraising

    At 31 December 2024, funds that were actively fundraising included Strategic Equity V; Europe Mid-Market II; Europe IX; Core Private Equity; European Infrastructure II; and various Real Estate strategies. We anticipate having final closes for Strategic Equity V and Europe Mid-Market II before the end of FY25, although the size and timing of such closes remains dependent on market conditions.

    Balance sheet

    • The balance sheet investment portfolio generated positive NIR across all asset classes and net cash realisations during the quarter. We remain confident our balance sheet will continue to deliver in line with our guidance. At 31 December 2024 it was valued at £3,067m:
    £m30 September 202431 December 2024
    Structured and Private Equity1,7781,861
    Private Debt116119
    Real Assets350365
    Credit319361
    Seed investments394361
    Balance sheet investment portfolio2,9573,067
    • At 31 December 2024 the Group had total available liquidity of £1.1bn (H1 FY25: £0.9bn)

    FOREIGN EXCHANGE RATES

     Average ratePeriod end
     Q3 FY24Q3 FY2530 September 202431 December 2024
    GBP:EUR1.15391.19921.20121.2086
    GBP:USD1.25031.27171.33751.2516
    EUR:USD1.08351.07401.11351.0356

    COMPANY TIMETABLE

    Shareholder seminar (online):
    ICG Strategic Equity
    		5 March 2025, 5pm GMT
    Register here
    Full year results announcement21 May 2025

    ENQUIRIES

    Shareholders and debtholders / analysts: 
    Chris Hunt, Head of Corporate Development and Shareholder Relations, ICG+44(0)20 3545 2020
    Media: 
    Clare Glynn, Head of Corporate Communications, ICG+44(0)79 3435 7794

    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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