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22.01.2025 08:00:00
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Intermediate Capital Group plc: Q3 trading statement for the nine months ended 31 December 2024
| ICG plc 22 January 2025 Q3 update for the nine months ended 31 December 2024 | ||
| $22bn raised in the last twelve months | ||
Highlights
1 On a constant currency basis; 2 As previously announced. |
PERFORMANCE REVIEW
| AUM | |||||
| Growth1 | |||||
| 31 December 2024 | Last three months | Year-on-year | Last five years (CAGR) | ||
| AUM | $107bn | 5.1% | 27.5% | 19.3% | |
| Fee-earning AUM | $71bn | 2.8% | 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 FY25 | LTM | Q3 FY25 | LTM | Q3 FY25 | LTM | ||||
| Structured and Private Equity | 5.3 | 10.1 | 1.0 | 7.4 | 0.2 | 1.0 | |||
| Private Debt | 0.2 | 6.6 | 1.2 | 3.3 | 1.7 | 4.4 | |||
| Real Assets | 0.7 | 1.5 | 0.8 | 2.0 | 0.5 | 1.4 | |||
| Credit | 1.0 | 3.6 | |||||||
| Total | 7.2 | 21.8 | 3.0 | 12.7 | 2.4 | 6.8 | |||
| 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:
| $m | Structured and Private Equity | Private Debt | Real Assets | Credit | Seed investments | Total |
| Fee-earning AUM | 31,932 | 14,353 | 7,401 | 17,451 | — | 71,137 |
| AUM not yet earning fees | 4,449 | 13,956 | 751 | 356 | — | 19,512 |
| Fee-exempt AUM | 8,365 | 1,318 | 3,035 | — | — | 12,718 |
| Balance sheet investment portfolio1 | 2,329 | 148 | 458 | (183) | 452 | 3,204 |
| AUM | 47,075 | 29,775 | 11,645 | 17,624 | 452 | 106,571 |
| 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 Equity | Private Debt | Real Assets | Credit | Seed investments | Total |
| At 1 October 2024 | 43,453 | 31,906 | 12,266 | 18,106 | 527 | 106,258 |
| Fundraising | 5,350 | 181 | 680 | 1,029 | 7,240 | |
| Other additions | 8 | 155 | 219 | 3 | 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 2024 | 47,075 | 29,775 | 11,645 | 17,624 | 452 | 106,571 |
| Change $m | 3,622 | (2,131) | (621) | (482) | (75) | 313 |
| Change % | 8% | (7%) | (5%) | (3%) | (14%) | —% |
| Change % (constant exchange rate) | 13% | (2%) | 2% | 2% | (8%) | 5% |
Fee-earning AUM
| Fee-earning AUM ($m) | Structured and Private Equity | Private Debt | Real Assets | Credit | Total |
| At 1 October 2024 | 31,184 | 15,685 | 7,731 | 17,957 | 72,557 |
| Funds raised: fees on committed capital | 1,941 | — | 543 | — | 2,484 |
| Deployment of funds: fees on invested capital | 52 | 1,148 | 309 | 1,064 | 2,573 |
| Total additions | 1,993 | 1,148 | 852 | 1,064 | 5,057 |
| Realisations | (159) | (1,683) | (529) | (872) | (3,243) |
| Net additions / (realisations) | 1,834 | (535) | 323 | 192 | 1,814 |
| FX and other | (1,086) | (797) | (653) | (698) | (3,234) |
| At 31 December 2024 | 31,932 | 14,353 | 7,401 | 17,451 | 71,137 |
| Change $m | 748 | (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:
| £m | 30 September 2024 | 31 December 2024 |
| Structured and Private Equity | 1,778 | 1,861 |
| Private Debt | 116 | 119 |
| Real Assets | 350 | 365 |
| Credit | 319 | 361 |
| Seed investments | 394 | 361 |
| Balance sheet investment portfolio | 2,957 | 3,067 |
- At 31 December 2024 the Group had total available liquidity of £1.1bn (H1 FY25: £0.9bn)
FOREIGN EXCHANGE RATES
| Average rate | Period end | |||
| Q3 FY24 | Q3 FY25 | 30 September 2024 | 31 December 2024 | |
| GBP:EUR | 1.1539 | 1.1992 | 1.2012 | 1.2086 |
| GBP:USD | 1.2503 | 1.2717 | 1.3375 | 1.2516 |
| EUR:USD | 1.0835 | 1.0740 | 1.1135 | 1.0356 |
COMPANY TIMETABLE
| Shareholder seminar (online): ICG Strategic Equity | 5 March 2025, 5pm GMT Register here |
| Full year results announcement | 21 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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