Intermediate Capital Group (ICP) shares increased 0.4% to 1,422.5p in early morning trading on Thursday following a 3% increase in assets under management (AUM) to $71.3 billion over Q1 and a 19% rise over the past 12 months.
The company reported a third-party fee-earning AUM of $58.8 billion, representing a 5% growth over Q1 and a 27% climb over the past year on a constant currency basis.
The global asset manager confirmed a total fundraising of $4.5 billion throughout the Q1 period.
Intermediate Capital highlighted its Europe VIII fund size, which is currently at €7.8 billion, exceeding its €7 billion aim and accounting for 1.8 times more third-party AUM than its Europe VII fund.
The firm added its fundraising was almost completed, with the final close expected by the end of July 2022.
The group also mentioned the final closes of its Strategic Equity IV with a total fund size of $4.2 billion, and its Asia Pacific IV with a total fund size of $1.1 billion.
“We remained active in the quarter. Fundraising was robust, including holding successful final closes for Strategic Equity IV and Asia Pacific IV,” said Intermediate Capital Group CEO and CIO Benoît Durteste.
“As anticipated, deployment and realisation levels across the market were lower than in previous quarters and in this context we continued to execute a number of transactions across all our asset classes.”
“Our pipeline remains constructive, particularly within direct lending (SDP) where we are seeing a growing set of future deployment opportunities.”
Intermediate Capital confirmed its fund valuations were in-line with 31 March 2022, which the company said reflected its focus on structuring transactions to provide downside protection and strong operational performance of underlying portfolio companies to offset valuation pressures.
“The breadth of ICG’s strategies and our firm-wide focus on downside protection are powerful characteristics of our business, especially in the current environment,” said Durteste.
“We focus on investing in resilient companies with strong market positions and are able to provide them with flexible capital in the form most appropriate to their needs, from full equity buyouts to senior debt.”
“In doing so, we help our clients achieve their investment objectives in private markets through economic cycles.”
The firm noted its balance sheet was in a strong position for the financial term, with a total available liquidity of £1.4 billion at 30 June 2022.