ICG : Q3 Trading Statement for nine months ended 31 December 2023
| Fee-earning AUM up 6.5% in the quarter | ||
Highlights
Unless otherwise stated the financial results discussed herein are on the basis of alternative performance measures (APM) basis unless otherwise stated; see full year results |
PERFORMANCE REVIEW
| AUM | |||||
| Growth1 | |||||
| 31 December 2023 | Last three months | Year-on-year | Last five years (CAGR) | ||
| Total AUM | $86.3bn | 3.4% | 13.0% | 20.6% | |
| Fee-earning AUM | $68.4bn | 3.4% | 10.0% | 20.6% | |
| 1 On a constant currency basis | |||||
| Business activity | |||||||||
| $bn | Fundraising1 | Deployment2 | Realisations2,3 | ||||||
| Q3 FY24 | LTM | Q3 FY24 | LTM | Q3 FY24 | LTM | ||||
| Structured and Private Equity | 1.1 | 4.0 | 0.5 | 1.2 | 0.3 | 1.6 | |||
| Private Debt | 1.9 | 4.1 | 1.9 | 4.4 | 0.3 | 1.3 | |||
| Real Assets | 0.4 | 1.0 | 0.5 | 2.0 | 0.1 | 0.7 | |||
| Credit | 0.2 | 1.2 | — | — | — | — | |||
| Total | 3.6 | 10.3 | 2.9 | 7.6 | 0.7 | 3.6 | |||
| 1 Includes $0.2bn of leverage attributable to equity that was raised in previous periods; 2 Direct investment funds; 3 Realisations of third-party fee-earning AUM | |||||||||
PERIOD IN REVIEW
AUM
- Total AUM: $86.3bn, of which the balance investment portfolio accounted for 3.9%
- Dry powder: $24.5bn
- AUM not yet earning fees: $15.2bn
- Current fundraising: at 31 December 2023, funds that were actively fundraising included SDP V and SDP SMAs; Strategic Equity V; North America Credit Partners III; Europe Mid-Market II; Infrastructure II; LP Secondaries I; Life Sciences I; and various Real Estate and Credit strategies
| Third-party AUM ($m) | Structured and Private Equity | Private Debt | Real Assets | Credit | Total |
| At 30 September 2023 | 28,796 | 24,230 | 7,973 | 16,768 | 77,767 |
| Additions | 1,330 | 2,153 | 371 | 175 | 4,029 |
| Realisations | (339) | (121) | (111) | (743) | (1,314) |
| Net additions / (realisations) | 991 | 2,032 | 260 | (568) | 2,715 |
| FX and other | 896 | 751 | 298 | 460 | 2,405 |
| At 31 December 2023 | 30,683 | 27,013 | 8,531 | 16,660 | 82,887 |
| Change $m | 1,887 | 2,783 | 558 | (108) | 5,120 |
| Change % | 6.6% | 11.5% | 7.0% | (0.6%) | 6.6% |
| Change % (constant exchange rate) | 3.7% | 8.0% | 2.6% | (3.1%) | 3.5% |
| Fee-earning AUM ($m) | Structured and Private Equity | Private Debt | Real Assets | Credit | Total |
| At 30 September 2023 | 25,331 | 14,651 | 7,163 | 17,059 | 64,204 |
| Funds raised: fees on committed capital | 1,076 | — | 176 | — | 1,252 |
| Deployment of funds: fees on invested capital | 447 | 1,878 | 196 | 185 | 2,706 |
| Total additions | 1,523 | 1,878 | 372 | 185 | 3,958 |
| Realisations | (339) | (298) | (73) | (832) | (1,542) |
| Net additions / (realisations) | 1,184 | 1,580 | 299 | (647) | 2,416 |
| FX and other | 684 | 431 | 170 | 470 | 1,755 |
| At 31 December 2023 | 27,199 | 16,662 | 7,632 | 16,882 | 68,375 |
| Change $m | 1,868 | 2,011 | 469 | (177) | 4,171 |
| Change % | 7.4% | 13.7% | 6.5% | (1.0%) | 6.5% |
| Change % (constant exchange rate) | 4.4% | 10.2% | 2.2% | (3.5%) | 3.4% |
Balance sheet
- At 31 December 2023 the balance sheet investment portfolio was valued at £3,079m. The increase was driven by a combination of net deployment within seed investments and positive net investment returns during the quarter, partially offset by the strengthening of GBP against USD
| £m | 30 September 2023 | 31 December 2023 |
| Structured and Private Equity | 1,766 | 1,802 |
| Private Debt | 170 | 168 |
| Real Assets | 333 | 381 |
| Credit | 377 | 312 |
| Seed investments | 375 | 416 |
| Balance sheet investment portfolio | 3,021 | 3,079 |
- At 31 December 2023 the Group had total available liquidity of £1,053m (FY23: £1,100m), comprised of £503m cash (FY23: £550m) and a £550 committed liquidity facility
Other
- Debt ratings: ICG’s corporate debt was upgraded to positive outlook by S&P (from stable) during the period. At 31 December 2023 ICG was rated BBB (positive) by S&P and BBB (stable) by Fitch
- ESG ratings: ICG retained its Industry Leader ‘AAA’ ESG rating by MSCI and its membership of the Dow Jones Sustainability Europe Index
FOREIGN EXCHANGE RATES
| Average rate | Period end | |||
| Q3 FY23 | Q3 FY24 | 30 September 2023 | 31 December 2023 | |
| GBP:EUR | 1.1496 | 1.1539 | 1.1541 | 1.1536 |
| GBP:USD | 1.1870 | 1.2503 | 1.2200 | 1.2731 |
| EUR:USD | 1.0329 | 1.0835 | 1.0571 | 1.1036 |
COMPANY TIMETABLE
| Shareholder seminar: “Deep dive on scaling-out” | 21 February 2024, 2pm GMT |
| Full year results announcement | 28 May 2024 |
ENQUIRIES
| Shareholders and debtholders / analysts: | |
| Chris Hunt, Head of Corporate Development and Shareholder Relations, ICG | +44(0)20 3545 2020 |
| Media: | |
| Fiona Laffan, Global Head of Corporate Affairs, ICG | +44(0)20 3545 1510 |
This results 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.
ABOUT ICG
ICG provides flexible capital solutions to help companies develop and grow. We are a global alternative asset manager with over 30 years’ history, operating across four asset classes: Structured and Private Equity, Private Debt, Real Assets, and Credit.
We develop long-term relationships with our business partners to deliver value for shareholders, clients and employees. We are committed to being a net zero asset manager across our operations and relevant investments by 2040.
ICG is listed on the London Stock Exchange (ticker symbol: ICP). Further details are available at www.icgam.com.
