ICG plc

16 July 2024

Q1 update for the three months ended 30 June 2024

   
 AUM increases to $101bn 
 Highlights

  • AUM of $101bn; fee-earning AUM of $70bn; AUM not yet earning fees of $18bn
  • Strong quarter of fundraising, with $4.7bn raised driven by SDP ($2.1bn) and Strategic Equity V ($1.4bn)
  • Elevated transaction activity compared to Q1 FY24, with deployment1 of $3.9bn (Q1 FY24: $1.0bn) and realisations1,2 of $2.5bn (Q1 FY24: $0.6bn)
  • Expectations remain unchanged from our FY24 results
  • Marking a decade of responsible investing at ICG with the publication of our latest Sustainability and People Report, available here

Unless otherwise stated the financial results discussed herein are on the basis of alternative performance measures (APM) basis; see full year results
1 Direct investment funds; 2 Realisations of fee-earning AUM		 

PERFORMANCE REVIEW

 AUM    
   Growth1
  30 June 2024Last three monthsYear-on-yearLast five years (CAGR)
 AUM$101bn3.0%23.7%19.5%
 Fee-earning AUM$70bn—%10.0%15.9%
      
 1 On a constant currency basis    


 Business activity        
          
 $bn

Fundraising Deployment1 Realisations1,2
 Q1 FY25LTM Q1 FY25LTM Q1 FY25LTM
 Structured and Private Equity1.86.4 2.84.4 0.71.5
 Private Debt2.16.2 1.04.5 1.73.1
 Real Assets0.31.2 0.12.2 0.10.9
 Credit0.52.3 —— ——
 Total4.716.1 3.911.1 2.55.5
          
 1 Direct investment funds; 2 Realisations of fee-earning AUM

PERIOD IN REVIEW

AUM and FY25 fundraising

AUM of $101bn

AUM ($m)Structured and Private EquityPrivate DebtReal AssetsCreditSeed investmentsTotal
At 31 March 202440,87228,30210,81517,94449998,432
Fundraising1,8072,109277540—4,733
Other additions249757——331
Realisations(692)(694)(77)(220)—(1,683)
Market and other movements(839)(140)289(47)—(737)
Balance sheet movement(89)(20)11314(81)
At 30 June 202441,30829,63211,31218,230513100,995
Change $m4361,330497286142,563
Change %1.1%4.7%4.6%1.6%2.8%2.6%
Change % (constant exchange rate)1.4%5.1%4.9%2.0%2.6%3.0%

Fee-earning AUM of $70bn

Fee-earning AUM ($m)Structured and Private EquityPrivate DebtReal AssetsCreditTotal
At 31 March 202428,33415,9107,73317,68169,658
Funds raised: fees on committed capital1,339—181—1,520
Deployment of funds: fees on invested capital2431,007585781,886
Total additions1,5821,0072395783,406
Realisations(652)(1,694)(107)(261)(2,714)
Net additions / (realisations)930(687)132317692
FX and other(160)(251)(330)(44)(785)
At 30 June 202429,10414,9727,53517,95469,565
Change $m770(938)(198)273(93)
Change %2.7%(5.9%)(2.6%)1.5%(0.1%)
Change % (constant exchange rate)3.1%(5.7%)(2.3%)2.0%0.2%

The bridge between AUM and fee-earning AUM is as follows:

$mStructured and Private EquityPrivate DebtReal AssetsCreditSeed investmentsTotal
Fee-earning AUM29,10414,9727,53517,954—69,565
AUM not yet earning fees3,24513,827627477—18,176
Fee-exempt AUM6,7686642,641——10,073
Balance sheet investment portfolio12,191169509(201)5133,181
AUM41,30829,63211,31218,230513100,995
1 Includes elimination of $616m (£487m) within Credit due to how the balance sheet investment portfolio accounts for and invests into CLO's managed by ICG and its affiliates
  • $27.9bn of AUM available to deploy in new investments ("dry powder"), of which $18.2bn was not yet earning fees
  • At 30 June 2024, closed-end funds and associated SMAs that were actively fundraising included SDP V; Strategic Equity V; North America Credit Partners III; Europe Mid-Market II; Infrastructure Europe II; Life Sciences I; and various Real Estate equity and debt strategies. During the remainder of FY25 we expect to hold final closes for a number of those including SDP V, Strategic Equity V, North America Credit Partners III and Infrastructure II. We anticipate launching a number of funds during FY25 including Core Private Equity and Europe IX. The timings of launches and closes for these funds depends on a number of factors, including the prevailing market conditions

Balance sheet

  • The balance sheet investment portfolio generated positive net investment returns over the quarter, and at 30 June 2024 was valued at £3,003m. The reduction in absolute value compared to 31 March 2024 was largely due to net realisations during the period, as well as the impact of FX
£m31 March 202430 June 2024
Structured and Private Equity1,8071,720
Private Debt149134
Real Assets402402
Credit318341
Seed investments394406
Balance sheet investment portfolio3,0703,003
  • At 30 June 2024 the Group had total available liquidity of £1,129m (FY24: £1,124m), comprised of £579m available cash (FY24: £574m) and a £550 committed liquidity facility. During the quarter the Group repaid £137m of debt that matured

FOREIGN EXCHANGE RATES

 Average ratePeriod end
 Q1 FY24Q1 FY2531 March 202430 June 2024
GBP:EUR1.15611.17531.16971.1802
GBP:USD1.25701.26261.26231.2645
EUR:USD1.08741.07431.07921.0714

COMPANY TIMETABLE

Half year results announcement13 November 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: ICG). Further details are available at www.icgam.com.