ICG plc
16 July 2024
Q1 update for the three months ended 30 June 2024
| AUM increases to $101bn | ||
Highlights
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 2024 | Last three months | Year-on-year | Last five years (CAGR) | ||
| AUM | $101bn | 3.0% | 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 FY25 | LTM | Q1 FY25 | LTM | Q1 FY25 | LTM | ||||
| Structured and Private Equity | 1.8 | 6.4 | 2.8 | 4.4 | 0.7 | 1.5 | |||
| Private Debt | 2.1 | 6.2 | 1.0 | 4.5 | 1.7 | 3.1 | |||
| Real Assets | 0.3 | 1.2 | 0.1 | 2.2 | 0.1 | 0.9 | |||
| Credit | 0.5 | 2.3 | - | - | - | - | |||
| Total | 4.7 | 16.1 | 3.9 | 11.1 | 2.5 | 5.5 | |||
| 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 Equity | Private Debt | Real Assets | Credit | Seed investments | Total |
| At 31 March 2024 | 40,872 | 28,302 | 10,815 | 17,944 | 499 | 98,432 |
| Fundraising | 1,807 | 2,109 | 277 | 540 | - | 4,733 |
| Other additions | 249 | 75 | 7 | - | - | 331 |
| Realisations | (692) | (694) | (77) | (220) | - | (1,683) |
| Market and other movements | (839) | (140) | 289 | (47) | - | (737) |
| Balance sheet movement | (89) | (20) | 1 | 13 | 14 | (81) |
| At 30 June 2024 | 41,308 | 29,632 | 11,312 | 18,230 | 513 | 100,995 |
| Change $m | 436 | 1,330 | 497 | 286 | 14 | 2,563 |
| 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 Equity | Private Debt | Real Assets | Credit | Total |
| At 31 March 2024 | 28,334 | 15,910 | 7,733 | 17,681 | 69,658 |
| Funds raised: fees on committed capital | 1,339 | - | 181 | - | 1,520 |
| Deployment of funds: fees on invested capital | 243 | 1,007 | 58 | 578 | 1,886 |
| Total additions | 1,582 | 1,007 | 239 | 578 | 3,406 |
| Realisations | (652) | (1,694) | (107) | (261) | (2,714) |
| Net additions / (realisations) | 930 | (687) | 132 | 317 | 692 |
| FX and other | (160) | (251) | (330) | (44) | (785) |
| At 30 June 2024 | 29,104 | 14,972 | 7,535 | 17,954 | 69,565 |
| Change $m | 770 | (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:
| $m | Structured and Private Equity | Private Debt | Real Assets | Credit | Seed investments | Total |
| Fee-earning AUM | 29,104 | 14,972 | 7,535 | 17,954 | - | 69,565 |
| AUM not yet earning fees | 3,245 | 13,827 | 627 | 477 | - | 18,176 |
| Fee-exempt AUM | 6,768 | 664 | 2,641 | - | - | 10,073 |
| Balance sheet investment portfolio1 | 2,191 | 169 | 509 | (201) | 513 | 3,181 |
| AUM | 41,308 | 29,632 | 11,312 | 18,230 | 513 | 100,995 |
| 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
| £m | 31 March 2024 | 30 June 2024 |
| Structured and Private Equity | 1,807 | 1,720 |
| Private Debt | 149 | 134 |
| Real Assets | 402 | 402 |
| Credit | 318 | 341 |
| Seed investments | 394 | 406 |
| Balance sheet investment portfolio | 3,070 | 3,003 |
- 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 rate | Period end | |||
| Q1 FY24 | Q1 FY25 | 31 March 2024 | 30 June 2024 | |
| GBP:EUR | 1.1561 | 1.1753 | 1.1697 | 1.1802 |
| GBP:USD | 1.2570 | 1.2626 | 1.2623 | 1.2645 |
| EUR:USD | 1.0874 | 1.0743 | 1.0792 | 1.0714 |
COMPANY TIMETABLE
| Half year results announcement | 13 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.
