- Strong momentum continuing across our three strategic objectives encompassing fundraising, deployment and realisations
- Record fundraising: $13.8bn raised, Europe VIII already 42% larger than Europe VII and continuing to fundraise
- Third-party AUM: $65.3bn, an increase of 28% compared to H1 FY21
- Continued growth in third-party fee income: £199.0m during the period, an increase of 29% compared to H1 FY21
- Fund Management Company: profit before tax of £120.9m, an increase of 35% compared to H1 FY21
- Investment Company: NIR of 18% driven by strong fund performance, profit before tax of £143.8m
- Balance sheet supporting growth: seed investments made on behalf of new strategies totalling £115.7m
- Dividend policy maintained: interim dividend of 18.7p, in line with policy of paying a third of prior full year dividend
- Sustainability and people: post period-end, committed to reach net zero by 2040; 2030 emissions reduction targets covering 100% of relevant investments approved and validated by the Science Based Targets initiative
Note: unless otherwise stated the financial results discussed herein are on the basis of Alternative Performance Measures – see Performance overview, below.
Benoît Durteste, CEO and CIO:
“This has been a record period for ICG on a number of levels, continuing the strong momentum of H2 FY21 and delivering progress against all three of our strategic priorities encompassing fundraising, deployment and realisations. We anticipated the first half would be strong, and it has exceeded our expectations.
Fundraising has been remarkable: we have raised more in six months than in any full year in the history of ICG. Notably it has been across both established and emerging strategies, evidencing the breadth of our embedded growth opportunities. We have also attracted a substantial number of new clients during the period across a range of established and emerging strategies.
I am delighted that we continue to help lead our industry on sustainability, with our commitment to net zero by 2040 supported by approved and validated science-based targets for reductions in greenhouse gas emissions by 2030.
Looking ahead, activity levels across our business remain high. Our performance demonstrates our multiple drivers of compounding growth, and gives us further confidence in our medium-term guidance. As we raise successor vintages of current strategies and expand our product offering, our visible and long-term third-party fee income on a growing base of AUM is poised to increase meaningfully over the next several years.”
A presentation for investors and analysts will be held at 09:00 GMT today on our website via the link on Results Centre FY22 (icgam.com).
A recording of the presentation will be available on demand at Results Centre FY22 (icgam.com) later in the day.
Shareholder / analyst enquiries:
Fiona Laffan, Global Head of Corporate Affairs, ICG +44(0)20 3545 1510
This results 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 results statement should not be relied on by any other party or for any other purpose.
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.
ICG provides flexible capital solutions to help companies develop and grow. We are a global alternative asset manager with over 30 years’ history, managing $69bn of assets and investing across the capital structure. We operate 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, and use our position of influence to benefit the environment and society. We are committed to being a net zero asset manager across our operations and relevant investments by 2040.