Intermediate Capital Icg: Q3 Trading Statement For The Period To 31 December 2020
28 Enero 2021 - 01:00AM
UK Regulatory
TIDMICP
28 January 2021
Q3 Trading Statement for the period to 31 December 2020
Very Positive Momentum in Fundraising and Deployment
Intermediate Capital Group plc (ICG or the Group) provides an update for
the period to 31 December 2020.
Highlights
-- Strong fundraising momentum continues: EUR2.0bn of Third Party AUM raised
during the quarter. Fundraising for the full financial year expected to
exceed EUR6bn, significantly ahead of our initial expectations for an
off-cycle year
-- Third Party AUM of EUR44.5bn: increase of 2% during the quarter and 12%
since 31 December 2019
-- Significant deployment: EUR2.1bn invested in the quarter and EUR6.2bn
since 31 December 2019
-- Portfolio performing well: benefitting from continued improvement in
underlying performance, valuation environment, and underpinned by
selective realisations
-- Well capitalised balance sheet: GBP898m of available liquidity at 31
December 2020
-- ESG-linked GBP550m RCF signed after the quarter end: refinancing existing
facilities and further enhancing our long-standing focus on our broader
positive impact on society
Commenting, Benoit Durteste, CEO, said:
"We maintained very positive momentum in our business through the third
quarter, raising significant Third Party AUM and deploying a substantial
amount of capital across all our strategic asset classes.
"Two of our flagship funds, Europe Fund VII and Strategic Equity III,
were particularly active, and we were also pleased to see ongoing
deployment in our more recently launched strategies such as
Infrastructure Equity and Sale and Leaseback.
"Looking forward, we are well positioned to continue this trajectory.
Our deployment rate and the performance of our funds through 2020 gives
us confidence in our fundraising pipeline, and we are experiencing
strong client demand for our strategies. Our global platform and our
funds' abilities to invest across the capital structure are strategic
advantages to ICG, particularly at this point in the cycle, and we
continue to invest in our capabilities to accelerate our future growth,
most recently adding a Life Sciences team to enhance our capability in
the Healthcare sector.
"While remaining alert to the current macro uncertainty, I am encouraged
by the momentum I see across the business and I am looking forward to
ICG continuing to deliver significant long-term growth and shareholder
value."
Business review
Total AUM increased 2% during the quarter to EUR47.2bn. Third Party AUM
drove this increase: we raised EUR2.0bn, bringing our total fundraising
during the financial year to-date to EUR4.6bn and our Third Party AUM to
EUR44.5bn. Our fundraising pipeline, including for Europe Fund VIII,
remains on track.
Senior Debt Partners IV, which charges fees on invested capital, raised
EUR1.1bn in the quarter and we continued to raise funds in our recently
launched strategies, including Infrastructure Equity and Sale &
Leaseback, both charging fees on committed capital. In addition, there
were inflows for our liquid open-ended credit strategies (EUR0.3bn) and
we closed one US CLO.
Growth in Third Party AUM continues to drive the growth in our Total
AUM:
31 December 2020 30 September 2020 31 March 2020
-------------------------- ---------------- ----------------- -------------
Third Party AUM EUR44,546m EUR43,688m EUR42,829m
Balance sheet investment
portfolio EUR2,657m EUR2,410m EUR2,471m
-------------------------- ---------------- ----------------- -------------
Total AUM EUR47,203m EUR46,098m EUR45,300m
-------------------------- ---------------- ----------------- -------------
Balance sheet portfolio as
a percentage of total
AUM 5.6% 5.2% 5.5%
Third Party Fee Earning AUM decreased 1% to EUR36.7bn since 30 September
2020, largely driven by some realisations in our Senior Debt Partners
strategy.
Third Party AUM by strategic asset class at 31 December 2020 was as
follows:
Corporate Investments Capital Market Investments Real Asset Investments Secondary Investments Total
EURm EURm EURm EURm EURm
----------------- --------------------- -------------------------- ---------------------- --------------------- ------
At 30 September
2020 21,347 14,314 4,884 3,143 43,688
----------------- --------------------- -------------------------- ---------------------- --------------------- ------
Additions 1,112 653 79 172 2,016
----------------- --------------------- -------------------------- ---------------------- --------------------- ------
Realisations (350) (108) (206) (52) (716)
----------------- --------------------- -------------------------- ---------------------- --------------------- ------
FX and other (187) (301) 89 (43) (442)
----------------- --------------------- -------------------------- ---------------------- --------------------- ------
At 31 December
2020 21,922 14,558 4,846 3,220 44,546
----------------- --------------------- -------------------------- ---------------------- --------------------- ------
Third Party Fee
Earning AUM at
30 September
2020 16,167 13,880 4,033 3,025 37,105
----------------- --------------------- -------------------------- ---------------------- --------------------- ------
Third Party Fee
Earning AUM at
31 December
2020 15,523 13,852 4,172 3,103 36,650
----------------- --------------------- -------------------------- ---------------------- --------------------- ------
Our investment teams continued to source attractive opportunities across
strategies and geographies, deploying EUR2.1bn during the quarter both
in new acquisitions and in supporting our existing portfolio companies
to make value-accretive bolt-on acquisitions as part of our commitment
to providing capital to help companies grow.
Realisation activity during the quarter was strong as we selectively
took advantage of opportunities to underpin the performance of our
portfolio. We continue to see a healthy path for realisations across the
portfolio.
The proportion of Third Party AUM invested across our Corporate
Investments, Real Asset Investments and Secondary Investments strategic
asset classes was as follows:
% invested at % invested at New deals
31 December 30 September Assets in fund at completed
2020 2020 31 December 2020 in Q3
---------------- ------------- ------------- ----------------- ----------
Corporate
Investments
ICG Europe Fund
VII 65% 53% 10 2
Senior Debt
Partners IV* 21% 16% 14 4
North American
Private Debt
Fund II 51% 42% 12 1
Asia Pacific
Fund IV 22% 0% 1 1
Europe
Mid-Market
Fund 15% 14% 2 0
Real Asset
Investments
Sale &
Leaseback 40% 26% 4 1
Infrastructure
Equity 39% 28% 3 1
ICG Longbow
Real Estate
Fund V 80% 69% 18 3
--------------- ------------- ------------- ----------------- ----------
Secondary
Investments
Strategic
Equity III 67% 48% 8 3
---------------- ------------- ------------- ----------------- ----------
* Co-mingled fund, excluding mandates and undrawn commitments
The balance sheet investment portfolio was valued at GBP2,375m at 31
December 2020 (30 September 2020: GBP2,186m), with the increase largely
driven by deployment to support our fund management activities and
unrealised valuation gains, partially offset by realisations and FX
moves. While subject to market conditions, based on the strong
performance of our fund portfolio during the quarter, we are very
positive on the outlook for the Investment Company's performance for
this financial year. As the balance sheet invests solely to support our
fund management activities, its size will fluctuate depending on the
deal activity and performance of the funds in which it invests.
We remain well capitalised, with available cash and unutilised bank
lines of GBP898m at 31 December 2020
(30 September 2020: GBP1,015m).
After the quarter end, we entered into a new GBP550m ESG-linked
Revolving Credit Facility to replace our existing GBP500m Revolving
Credit Facility and GBP50m bilateral facility. The facility, which has
an initial term of three years with the possibility to extend for an
additional two years, was oversubscribed by a syndicate of leading
global financial institutions and provides us with a substantial
liquidity cushion for the coming years. The terms are linked to specific
targets for our carbon emissions and for integrating Climate Risk
Assessments into our investment decisions, underlining our commitment to
implementing meaningful measures to benefit the environment and society.
Last Twelve Months' Performance
-- Total AUM +11%, Third Party AUM +12%, Third Party Fee Earning AUM +6%
-- EUR8.5bn Third Party AUM raised (compared to EUR8.3bn LTM to 31 December
2019)
-- EUR6.2bn of capital deployed (compared to EUR5.0bn LTM to 31 December
2019)
-- EUR3.4bn of realisations (compared to EUR2.3bn LTM to 31 December 2019)
FYE March 2021 Results Date
ICG will announce its Annual Results for the year ended 31 March 2021 on
8 June 2021. Further details will be published in due course.
Enquiries
Analyst / Investor enquiries:
Vijay Bharadia, CFOO, ICG +44 (0) 20 3545 2000
Chris Hunt, Investor Relations, ICG +44 (0) 20 3545 2020
Media enquiries:
Fiona Laffan, Global Head of Corporate Affairs, ICG
+44 (0) 20 3545 1510
This trading statement has been prepared solely to provide additional
information to shareholders and meets the relevant requirements of the
UK Listing Authority's Disclosure and Transparency Rules. The trading
statement should not be relied on by any other party or for any other
purpose.
This trading 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.
These written materials are not an offer of securities for sale in the
United States. Securities may not be offered or sold in the United
States absent registration under the US Securities Act of 1933, as
amended, or an exemption therefrom. The issuer has not and does not
intend to register any securities under the US Securities Act of 1933,
as amended, and does not intend to offer any securities to the public in
the United States. No money, securities or other consideration from any
person inside the United States is being solicited and, if sent in
response to the information contained in these written materials, will
not be accepted.
About ICG
ICG provides capital to help companies grow. We are a global
alternative asset manager with over 30 years' history, managing
EUR47.2bn of assets in private debt, credit and equity, principally in
closed-end funds.
We develop long-term relationships with our business partners to deliver
value for shareholders, clients and employees, and use our position of
influence to benefit the environment and society.
We operate across four strategic asset classes: corporate, capital
market, real asset and secondary investments. In addition to growing
existing strategies, we innovate and pioneer new strategies where the
market opportunity exists.
ICG is listed on the London Stock Exchange (ticker symbol: ICP). Further
details are available at:
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www.icgam.com. You can follow ICG on LinkedIn
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.
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