Slide 1: A defining year
A defining year Results for twelve months to 31 March 2022 26 May 2022 PRIVATE AND CONFIDENTIAL
Slide 2: Agenda
Agenda • Business performance • Financial results Benoît Durteste CEO and CIO • Looking ahead Questions Vijay Bharadia CFOO PRIVATE AND CONFIDENTIAL 1
Slide 3: Business performance
Business performance PRIVATE AND CONFIDENTIAL
Slide 4: FY22 highlights
FY22 highlights Defining year in the financial and strategic development of ICG Virtuous circle: increasingly visible in growth of client base and in operational and financial results Pulled forward fundraising in FY22 to take advantage of market conditions; record year Investment discipline anchori
Slide 5: FY22 performance review
FY22 performance review FUNDRAISING AUM INVESTMENT ACTIVITY1 Total AUM Third-party fee- Deployment Realisations earning AUM $22.5bn $15.0bn $6.4bn $72bn $58bn $4.6bn “Growing Up” “Growing Out” $7.2bn 26% YoY3 30% YoY3 FY21 FY22 FY21 FY22 SUSTAINABILITY AND PEOPLE FINANCIAL PERFORMANCE FUND PERFORMAN
Slide 6: Multiple levers of growth
Multiple levers of growth “GROWING UP” “GROWING OUT” Europe VIII Strategic Equity IV Asia Pacific IV SDP (SMAs) Sale and Leaseback I Infrastructure Equity I Structured and Private Structured and Private Structured and Private Private Debt Real Assets Real Assets Equity Equity Equity €7.2bn2 $3.0bn $
Slide 7: Expanding and diversified client base
Expanding and diversified client base NUMBER OF CLIENTS FY18 – FY22 CAGR 15% 586 476 439 396 331 FY18 FY19 FY20 FY21 FY22 DIVERSIFIED CLIENT BASE 15% 4% 20% 29% 12% 44% 12% 10% We manage 146 funds and mandates 26% 11% 13% 25% 16% Pension funds Insurance companies Largest client Top 2-5 clients EMEA
Slide 8: Investing effectively
Investing effectively DEPLOYMENT1 MANAGING OUR PORTFOLIO REALISATIONS1 $15.0bn “Through-the-cycle” $6.4bn approach Opportunities for growth $3.6bn $7.2bn Exposure to key risks Business FY21 FY22 resilience FY21 FY22 1 Direct investment funds. Realisations of third-party fee-earning AUM within direct
Slide 9: Continuing to build on our track record
Continuing to build on our track record RETURNS OF ESTABLISHED STRATEGIES PLATFORM 1 Fund V 151% Fund VI 136% Fund VII 15% European 2011 2015 2018 Corporate Local teams Fund II 140% Fund III 10% Strategic 2016 2018 Equity Focus on core sectors Fund II 69% Fund III 22% Flexible solutions across Senio
Slide 10: Substantial runway for further growth
Substantial runway for further growth ESTABLISHED STRATEGIES EMERGING STRATEGIES OTHER STRATEGIES European Corporate Infrastructure Equity • Structured • and Private Equity • €16bn • €25bn 3.5x 10.7x • Private Debt • €7.2bn €1.5bn • Real Assets • Europe VIII Leader Infrastructure Leader Equity I • •
Slide 11: Financial results
Financial results PRIVATE AND CONFIDENTIAL
Slide 12: FY22 financial review
FY22 financial review FUNDRAISING THIRD-PARTY AUM THIRD-PARTY FEE INCOME FMC PBT DIVIDEND PER SHARE $22.5bn $68.5bn £449m £286m 76.0p 112% YoY 27% YoY1 34% YoY 41% YoY 36% YoY Supported by well capitalised balance sheet providing financial and strategic flexibility Proven business model delivering l
Slide 13: Record fundraising locks in future revenue
Record fundraising locks in future revenue FUNDRAISING FUTURE FEE POTENTIAL $22.5bn1 ~£147m2 Annualised management fee potential $10.6bn ~11 years3 Weighted average contractual life FY21 FY22 Structured and Private Equity Private Debt Real Assets Credit 1 Excluding $0.9bn of capital that we have cal
Slide 14: Resilient growth in AUM through cycles
Resilient growth in AUM through cycles THIRD-PARTY AUM FY18 - FY22 CAGR 20% $68bn1 $56bn $47bn $39bn $33bn $23bn $22bn $15bn $17bn $12bn $13bn FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 Structured and Private Equity Private Debt Real Assets Credit Timings of highlighted macro events are
Slide 15: Powerful embedded fee generation
Powerful embedded fee generation ANNUALISED FEE POTENTIAL ~£391m ~£64m Potential Potential Performance fee management fees1 management fees1 potential 88bps fee rate (+7bps YoY) $58.3bn $10.1bn fee-earning AUM AUM not-yet-earning fees Management fees on closed-ended funds not impacted by market vola
Slide 16: Significant step-up in third-party fee income
Significant step-up in third-party fee income FY18 - FY22 CAGR 28% £449m £334m £278m £220m £167m FY18 FY19 FY20 FY21 FY22 Structured and Private equity Private Debt Real Assets Credit PRIVATE AND CONFIDENTIAL 15
Slide 17: Strong margin, investing for the future
Strong margin, investing for the future FMC OPERATING MARGIN GROUP PERMANENT HEADCOUNT FY21 FY22 FY18 - FY22 CAGR 15% Employee costs £136m £163m Depreciation and amortisation £7m £8m 470 408 Other operating expenses £43m £55m 336 Total operating expenses £186m £227m 297 Operating margin 52.1% 55.8%
Slide 18: Long-term growth in FMC profits and dividend
Long-term growth in FMC profits and dividend FMC PBT FY18 – FY22 CAGR 32% £286m £202m £183m £144m £95m £74m £52m £61m £38m £40m £35m FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 Third-party Other Expenses FY22 fee income income Dividend of 76.0p per share (+36% compared to FY21), 12th consecuti
Slide 19: A successful balance sheet strategy
A successful balance sheet strategy Align the Group’s interests with its Grow Third-Party Fee Income in the Maintain robust capitalisation clients FMC 5.0% LP Secondaries £1,312m 0.45x Life Sciences Co-investment ratio1 Real Estate Europe Equity Liquidity Net gearing North America Private Equity Lon
Slide 20: Resilient balance sheet generating attractive returns
Resilient balance sheet generating attractive returns DIVERSIFIED INVESTMENT PORTFOLIO GENERATING VALUE FOR SHAREHOLDERS Diversification by underlying company1 Attractive net investment returns 18.1% 12.8% FY22 NIR Five-year average NIR NAV per share 696p 566p 491p 461p 436p FY18 FY19 FY20 FY21 FY22
Slide 21: Guidance
Guidance FUNDRAISING PERFORMANCE FEES FMC OPERATING MARGIN NET INVESTMENT RETURNS At least $40bn fundraising in Performance fees to In excess of 50% Low double-digit percentage aggregate between 1 April represent 10 - 15% of Third- points NIR over the medium 2021 and 31 March 2024 Party Fee Income o
Slide 22: Looking ahead
Looking ahead PRIVATE AND CONFIDENTIAL
Slide 23: FY23 fundraising pipeline
FY23 fundraising pipeline CURRENTLY POTENTIAL LAUNCHES FUNDRAISING IN FY23 Europe VIII Strategic Equity IV Asia Pacific IV LP Secondaries I Europe Life North America Structured and Mid-Market II Sciences I Private Equity I Private Equity Currently €7.2bn1 Currently $3.0bn $1.1bn final close2 New3 Fu
Slide 24: Looking ahead
Looking ahead FY22 a defining year, entering FY23 in a strong position strategically and financially Private markets expected to continue to benefit from asset re-allocation in uncertain times Broad, scaled and attractive waterfront of strategies Powerful client franchise Substantial runway to grow
Slide 25: Questions?
Questions? PRIVATE AND CONFIDENTIAL
Slide 26: About ICG
About ICG ICG is a global alternative asset manager specialising in providing OUR VISION OUR PURPOSE flexible solutions across the capital structure. We manage funds on behalf of our global client base across four asset classes: Structured and Private Equity, Private Debt, Real Assets, and Credit. W
Slide 27: Attractive waterfront of strategies
Attractive waterfront of strategies Structured & Private Equity Private Debt Real Assets Credit Strategic Equity 18% + LP Secondaries Target Gross IRR Life Sciences* North American Private Equity* Real Estate Europe Equity* European Corporate 12 - 18% Asia Pacific Corporate North American Real Estat
Slide 28: Disclaimer
Disclaimer PRIVATE AND CONFIDENTIAL 27