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: 
https://www.globenewswire.com/Tracker?data=MFSpud5NsSz3ft1F4cXVug0ZT2eWtkQggya6MDKS1ozohmaFggf_IXWSMz06-Ex1xntCC7OXQHRRP1z9sNxFZg== 
www.icgam.com. You can follow ICG on LinkedIn 
https://www.globenewswire.com/Tracker?data=M_5HsKCtfOMrpWlJ2AtMjx-vK2-n1D8oc7MJhzDSp3M4lI9f92yK5eHTU0qtz91wPIo4Vj-FzE_QU2h33khi2hbYpgJo-D32214JaD_GCEnUtc6f0PL90ONv3uT22J1X 
. 
 
 
 
 

(END) Dow Jones Newswires

January 28, 2021 02:00 ET (07:00 GMT)

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