ICG reported solid results in terms of both fundraising and profits in its interim statement for the six months ending 30 September. Assets under management (AUM) rose 12 percent to reach €20.2 billion while profits before tax were flat year-on-year (y-o-y) at £88.1 million ($134 million; €125 million).
The London-headquartered asset manager grew return on equity 2.3 percent y-o-y to 12.1 percent while the firm’s gearing increased to 0.8x up from 0.39x at the end of September 2014.
The firm raised €3.2 billion in new capital boosting third party fee-earning AUM 18 percent y-o-y to €14.4 billion. The firm said it is actively marketing five first time funds and four successor vehicles and noted that its funds are investing on target. AUM has also been boosted by the slowing pace of realisations, according to ICG’s investor presentation.
Of the €3.2 billion raised, the firm’s flagship European strategies, its fifth mezzanine vehicle and its second direct lending fund dominated, raising over €1 billion each in the six months to 30 September. Both vehicles reached a final close of €3 billion earlier this year.
Net impairments fell to £18.1 million from £21.1 million a year earlier.
ICG’s board reaffirmed that it was targeting return on equity of over 13 percent by July 2016 and will re-leverage its balance sheet to between 0.8-1.2x.
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