Business
Intermediate Capital Group plc : 1st Quarter Re...
Intermediate Capital Group plc : 1st Quarter Re....
About this update from Icg Plc
[{"type":"text","content":"\n Intermediate Capital Group plc : 1st Quarter Results Trading Statement or the period to 30 June 2018HighlightsInflows in the first quarter were €4.8bn. 2018/19 fundraising is weighted to the first quarter of the financial year; €3.7bn has been raised for Europe Fund VII Total AUM 15% higher at €32.9bn and third party fee earning AUM 20% higher at €25.2bn Fund deployment remains strong across strategies All funds on course to meet or exceed their return hurdle ratesBenoit Durteste, CEO, said:\"As anticipated, the new financial year has started strongly with AUM breaking €30bn driven by fundraising for Europe Fund VII which is currently 48% larger than its predecessor fund. The size of the fund demonstrates our ability to scale our proven strategies. \"Our increasing size and market presence is allowing us to source attractive investment opportunities for our funds, without compromising on our investment discipline. Our focus remains on deploying capital and raising new funds, while selectively using our balance sheet to add to our range of scalable strategies.\" Business reviewTotal AUM increased 15% over the three months to 30 June 2018 to €32.9bn, including our €2.3bn balance sheet investment portfolio. Europe Fund VII has a higher fee rate than its predecessor fund and, with fees charged on committed capital, is resulting in an immediate increase in our profits. We have a healthy fundraising pipeline but as expected, current year fundraising has been weighted to the first quarter of the financial year.Third party AUM by strategic asset class at 30 June 2018 was as follows: Corporate Investments€m Capital Market Investments€m Real Asset Investments€m Secondary Investments€m TotalThird Party AUM€m At 31 March 2018 13,873 7,683 3,509 1,469 26,534 Additions 3,977 479 374 - 4,830 Realisations (630) (63) (338) - (1,031) FX and other 108 188 (37) 50 309 At 30 June 2018 17,328 8,287 3,508 1,519 30,642 Fee earning AUM - at 30 June 2018 12,829 8,268 2,769 1,331 25,197 In addition to Europe Fund VII, we completed fundraising for our North American Private Debt Fund with an additional €280m taking it to its maximum size of US$1.35bn, including $150m from the balance sheet. We also closed one European CLO and saw further inflows for ICG Longbow Fund V.We have continued to source attractive investments and de...