Intermediate Capital reports positive quarterly momentum

20th Jul 2023 10:00

(Sharecast News) - Alternative asset manager Intermediate Capital Group reported positive growth and momentum in its first quarter on Thursday.

The FTSE 250 company said its total assets under management reached $82.1bn by the end of the three months to 30 June.

It said fee-earning assets under management saw a 2% increase in the quarter, with an annualised growth rate of 18% over the last five years.

ICG said its fundraising efforts were also successful during the quarter, with a total of $2.6bn raised.

That included $1bn for Strategic Equity V, $0.6bn for Europe Mid Market II, and another $0.6bn in Private Debt.

ICG maintained its fundraising guidance, indicating confidence in its ability to attract capital from investors.

The company said its flagship direct lending strategy, Senior Debt Partners V, exhibited robust performance with the signing of nine transactions totalling €2bn since December.

Its Real Assets franchise was meanwhile building momentum.

Infrastructure II, with third-party assets under management of €125m, had been activated and was continuing to raise funds.

Elsewhere, Infrastructure I, with a total fund size of €1.5bn, had also performed well, while ICG Real Estate announced the formation of Metropolitan Last Mile, further expanding its presence in the real estate sector.

At 0948 BST, shares in Intermediate Capital Group were up 1.4% at 1,497.2p.

Reporting by Josh White for Sharecast.com.