ICG PLC on Wednesday hailed a ‘modest recovery’ in transactions, with assets under management ahead of the level reported a year ago.
The London-based private equity firm said AuM totalled about $127 billion at the end of December, the third quarter of its financial year which ends on March 31. The total represents an increase from approximately $107 billion a year earlier and from $124 billion at September 30.
Fee-earning AuM amounted to $84.86 billion at December 31, rising 19% from $71.14 billion a year before, and up 1.3% on-quarter from $83.79 billion.
Third-quarter fundraising totalled $4.4 billion. Of this, $800 million was largely from credit, ICG noted.
Funds and separately managed accounts which actively fundraised during the quarter included Asia-Pacific Infrastructure I and Real Estate equity, as well as Europe IX, which raised $1.6 billion. LP Secondaries II raised $300 million, expected to be fee-earning in the quarters ahead.
ICG held £1.4 billion in available liquidity at December 31, up roughly 7.7% from £1.3 billion at the end of September. Net financial debt was £239 million, down from £401 million three months before.
Transaction activity is ‘continuing to show modest recovery with some variability between asset classes’, ICG said, and it saw a ‘positive total balance sheet return’ for the quarter and year-to-date.
ICG shares were down 2.4% to 1,971.00 pence on Wednesday morning in London. They have lost 6.9% over the past 12 months.
Back in November, Amundi SA, the European asset manager formed through a merger of the asset management activities of Credit Agricole SA and Societe Generale SA, took a 9.9% stake in ICG.
The 10-year deal came as ICG posted better-than-expected half-year results, with pretax profit up 77% to £351.6 million in the six months ended September 30 from £198.4 million the year prior.
It sees Amundi become a ‘strategic shareholder’ in a manner that is ‘non-dilutive to existing ICG’s shareholders and anchoring the long-term partnership’.
Effectively, Amundi will become the exclusive global distributor in the wealth channel for ICG’s evergreen and certain other products. ICG will be Amundi’s exclusive provider for those products to Amundi’s distribution business. The two firms also plan to develop new products targeting wealth investors.
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