Quiet quarter results in AUM drop at ICG

The firm is expecting to still hit its €4bn yearly fundraising target and is expecting a first close on its latest senior debt partners fund in the next quarter.

Assets under management at ICG dropped by 2 percent in the first quarter following a quiet fundraise period for the London-headquartered firm.

The firm said it had been anticipating a quiet period at the beginning of this year and is on track to hit its fundraising target of €4 billion this year.

Total AUM stands €23.3 billion, dropping from €23.8 billion and fee revenue dropped 3 percent to €18.2 billion. This was due to the increasing value of the Euro against the US dollar and sterling as well as a number of realisations across its portfolio, according to a trading statement.

A busier fundraising quarter is expected as the firm is preparing a close of the third incarnation of its senior debt partners fund. So far, the strategy has attracted €428 million from institutional investors.

The predecessor vehicle raised €3 billion in 2015 and has so far invested three-quarters of the committed capital.

The strategy has added four assets to its portfolio this year. Recently the firm jointly arranged a €160 billion unitranche facility with Goldman Sachs to refinance the existing debt of pharmaceutical manufacturer Synerlab.

It also backed the refinancing of Dutch medical group Bergman Clinics with a €140 million debt package.

ICG’s real estate debt fund is 71 percent invested and has completed two deals this year. The fund hit a £1 billion ($933 million; €864 million) hard-cap towards the end of last year and the latest platform has attracted €147 million in commitments.

The first quarter results come as Benoit Durteste takes over from outgoing chief executive Christophe Evain, who announced his retirement earlier this year.

“Our expectation continues that this will be a strong fundraising year and we will be able to maintain the deployment pace of our funds,” Evain said.