• ICG : Q3 Trading Statement for nine months ended 31 December 2023

    Source: Nasdaq GlobeNewswire / 25 Jan 2024 02:00:00   America/New_York

       
     Fee-earning AUM up 6.5% in the quarter 
     Highlights

    • Total AUM of $86.3bn; fee-earning AUM of $68.4bn; AUM not yet earning fees of $15.2bn
    • Fee-earning AUM +6.5% in the quarter on a reported basis, +3.4% on a constant currency basis; 20.6%1 annualised growth over the last five years
    • Fundraising of $3.6bn2 during the quarter, driven by two flagship strategies: Senior Debt Partners ($1.8bn) and Strategic Equity ($0.8bn). Scaling strategies raised a total of $0.9bn. Momentum continuing into final quarter of financial year
    • Achieved fundraising ambition ahead of target; $41bn raised since 1 April 2021
    • Deployment of $2.9bn during the quarter, particularly strong activity within Senior Debt Partners ($1.9bn). Actionability of pipeline is increasing across a number of strategies
    • Well capitalised and valuable balance sheet: investment portfolio of £3.1bn; total available liquidity of £1.1bn; net financial debt of £954m. ICG's credit rating upgraded to positive outlook by S&P during the period
    • ICG joined the FTSE 100 index effective 18th December 2023
    • Shareholder seminar on 21 February at 2pm GMT: "Deep dive on scaling-out". Register here


    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
    1 Constant currency basis; 2 Includes $0.2bn of leverage attributable to equity that was raised in previous periods    		 

    PERFORMANCE REVIEW

     AUM    
       Growth1
      31 December 2023Last three monthsYear-on-yearLast five years (CAGR)
     Total AUM$86.3bn        3.4%                13.0%                20.6%        
     Fee-earning AUM$68.4bn        3.4%                10.0%                20.6%        
          
     1 On a constant currency basis    


     Business activity        
              
     $bn

    		Fundraising1 Deployment2 Realisations2,3
     Q3 FY24LTM Q3 FY24LTM Q3 FY24LTM
     Structured and Private Equity1.14.0 0.51.2 0.31.6
     Private Debt1.94.1 1.94.4 0.31.3
     Real Assets0.41.0 0.52.0 0.10.7
     Credit0.21.2 —— ——
     Total3.610.3 2.97.6 0.73.6
              
     1 Includes $0.2bn of leverage attributable to equity that was raised in previous periods; 2 Direct investment funds; 3 Realisations of third-party fee-earning AUM

    PERIOD IN REVIEW

    AUM

    • Total AUM: $86.3bn, of which the balance investment portfolio accounted for 3.9%
    • Dry powder: $24.5bn
    • AUM not yet earning fees: $15.2bn
    • Current fundraising: at 31 December 2023, funds that were actively fundraising included SDP V and SDP SMAs; Strategic Equity V; North America Credit Partners III; Europe Mid-Market II; Infrastructure II; LP Secondaries I; Life Sciences I; and various Real Estate and Credit strategies
    Third-party AUM ($m)Structured and Private EquityPrivate DebtReal AssetsCreditTotal
    At 30 September 202328,79624,2307,97316,76877,767
    Additions1,3302,1533711754,029
    Realisations(339)(121)(111)(743)(1,314)
    Net additions / (realisations)9912,032260(568)2,715
    FX and other8967512984602,405
    At 31 December 202330,68327,0138,53116,66082,887
    Change $m1,8872,783558(108)5,120
    Change %        6.6%                11.5%                7.0%                (0.6%)        6.6%        
    Change % (constant exchange rate)        3.7%                8.0%                2.6%                (3.1%)        3.5%        


    Fee-earning AUM ($m)Structured and Private EquityPrivate DebtReal AssetsCreditTotal
    At 30 September 202325,33114,6517,16317,05964,204
    Funds raised: fees on committed capital1,076—176—1,252
    Deployment of funds: fees on invested capital4471,8781961852,706
    Total additions1,5231,8783721853,958
    Realisations(339)(298)(73)(832)(1,542)
    Net additions / (realisations)1,1841,580299(647)2,416
    FX and other6844311704701,755
    At 31 December 202327,19916,6627,63216,88268,375
    Change $m1,8682,011469(177)4,171
    Change %        7.4%                13.7%                6.5%                (1.0%)        6.5%        
    Change % (constant exchange rate)        4.4%                10.2%                2.2%                (3.5%)        3.4%        

    Balance sheet

    • At 31 December 2023 the balance sheet investment portfolio was valued at £3,079m. The increase was driven by a combination of net deployment within seed investments and positive net investment returns during the quarter, partially offset by the strengthening of GBP against USD
    £m30 September 202331 December 2023
    Structured and Private Equity1,7661,802
    Private Debt170168
    Real Assets333381
    Credit377312
    Seed investments375416
    Balance sheet investment portfolio3,0213,079
    • At 31 December 2023 the Group had total available liquidity of £1,053m (FY23: £1,100m), comprised of £503m cash (FY23: £550m) and a £550 committed liquidity facility

    Other

    • Debt ratings: ICG's corporate debt was upgraded to positive outlook by S&P (from stable) during the period. At 31 December 2023 ICG was rated BBB (positive) by S&P and BBB (stable) by Fitch
    • ESG ratings: ICG retained its Industry Leader ‘AAA’ ESG rating by MSCI and its membership of the Dow Jones Sustainability Europe Index

    FOREIGN EXCHANGE RATES

     Average ratePeriod end
     Q3 FY23Q3 FY2430 September 202331 December 2023
    GBP:EUR1.14961.15391.15411.1536
    GBP:USD1.18701.25031.22001.2731
    EUR:USD1.03291.08351.05711.1036

    COMPANY TIMETABLE

    Shareholder seminar: "Deep dive on scaling-out"21 February 2024, 2pm GMT
    Full year results announcement28 May 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: ICP). Further details are available at www.icgam.com.


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