Business
Statement re Intermediate Capital Group plc Int...
Statement re Intermediate Capital Group plc Int....
About this update from Icg Plc
[{"type":"text","content":"\n Statement re Intermediate Capital Group plc Interim Management Statement for 16 July 2013Embargoed until 7.00am on Wednesday 17 July 2013 Intermediate Capital Group plc (ICG) announces its Interim Management Statement for the period to 16 July 2013HighlightsFundraising success continues with Longbow Fund III closing at its maximum size and a further close on Senior Debt Partners, our direct lending product New third party money raised in the quarter to 30 June 2013 totals €560m, with a further €274m raised in July Strong period of realisations leading to £433m of cash inflows to the Investment Company in the quarter AUM decreased by 3% to €12.5bn in the quarter to 30 June 2013, due to successful realisations Resilient portfolio and solid pipeline of investment opportunities Fund Management CompanyWe continued to make good progress in fundraising, raising €560m of new third party money in the quarter to 30 June 2013, in line with our expectations. This period has also seen a high level of realisations, generating strong cash inflows for the Investment Company and our Funds. As a result assets under management have decreased by 3% since the start of the financial year to €12.5bn at 30 June 2013. Mezzanine FundsWe are delighted to have had a final close on ICG Longbow Fund III at its maximum permitted size of £700m, which includes £50 million committed by ICG.Our mezzanine portfolio performance continues to be broadly resilient, despite the challenging economic environment. We continue to see a solid pipeline of investment opportunities across all our mezzanine products. We closed one deal in the period with our European Fund V supporting a management led buyout of Euro Cater, a Nordic foodservice wholesaler. This takes ICG Europe Fund V to 34% invested.Credit FundsWe are pleased that Senior Debt Partners, our direct lending strategy, has closed a further €274m in the period, including €191m of Business Finance Partnership funds which will be invested in mid-market companies across the UK. This takes the total amount raised for Senior Debt Partners to €391m and with continuing strong investor interest we remain confident of achieving our €1bn target. Elsewhere, we priced a €400m European CLO earlier this week and it is expected to close later this month. This CLO will acquire the majority of...