Highlights
- Fundraising of $4.5bn during the quarter
- Total AUM of $71.3bn, an increase on a constant-currency basis of 3% in the quarter and 19% in the last twelve months
- Third-party fee-earning AUM of $58.8bn, an increase on a constant-currency basis of 5% in the quarter and 27% in the last twelve months
- Europe VIII total fund size currently €7.8bn, materially above original target size of €7.0bn and 1.8x more third-party AUM than Europe VII. Fundraising largely complete, final close expected by end of July
- Final closes held for Strategic Equity IV ($4.2bn total fund size, 2.4x more third-party AUM than Strategic Equity III) and Asia Pacific IV ($1.1bn total fund size, 1.8x more third-party AUM than Asia Pacific III)
- Fund valuations in-line with 31 March 2022, reflecting ICG’s focus on structuring transactions for downside protection and the continued strong operational performance of underlying portfolio companies offsetting valuation pressures
- Strong balance sheet, with total available liquidity of £1.4bn at 30 June 2022
Benoît Durteste, CEO and CIO:
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. 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.
We remained active in the quarter. Fundraising was robust, including holding successful final closes for Strategic Equity IV and Asia Pacific IV. 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.
As a firm we continued executing on our strategic agenda to reinforce our long-term growth trajectory, including selectively building out our marketing and client relations team and onboarding a real estate equity team in Asia. The management fee-centric nature of our fund management company gives us confidence in the resilience of our business through periods of uncertainty, and our performance remains in-line with the outlook we recently gave in our full year results.
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