Q1 Trading Statement for the period to 30 June 2020

3D Circular Maze
Our existing portfolios are performing well, there are positive indications of a recovery in valuations, with resumption in realisation activity at pre-Covid-19 valuations.
  • Continued AUM growth: total AUM up 1% on 31 March 2020 to €45.6bn, with third party fee earning AUM 1.4% higher at €36.4bn over the same period
  • Investment activity rebounding as Covid-19 restrictions ease: €2.4bn of deals in exclusivity, good indicator of investment pace and future fundraising pipeline
  • Fundraising momentum continues, in line with expectations: €1.2bn of new money raised in the first quarter, with good visibility for the coming months

Benoît Durteste, CEO, said:

I want to thank all our employees and those of our portfolio companies for their dedication and commitment during these challenging times. People are fundamental to ICG’s success and their health is of upmost importance.

“The start of the financial year has been encouraging. Our portfolios are showing signs of improved performance, noticeably better than expected at year-end, indicating a recovery of valuations from their end of March lows. We have also seen an early rebound in investment activity as lockdown measures have eased and business activity resumes. This bodes well for next year’s fundraising prospects.

“We are approaching this market from a position of strength. Our diversified strategies and global capabilities are more relevant than ever in today’s markets. Our business is in a resilient position, with long-term fee streams, diversified portfolios and well-capitalised balance sheet. We are therefore well-placed for significant long-term growth and value creation.