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Interim results statement for the six months ended 30 September 2024

13 November 2024

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Benefiting from our differentiated client offering

Highlights

  • AUM of $106bn, including fee-earning AUM of $73bn (up 4% compared to 31 March 2024) and $19bn AUM not yet earning fees
  • Fundraising of $10bn, ICG’s second-highest ever six month fundraise. Included final closes of SDP V and NACP III, both with ~50% more client capital than prior vintage. First close of Europe IX expected in FY25
  • Investment activity continues to build; Private Debt reverted to net deployment in Q2
  • Management fees of £287m, up 23% year-on-year (+10% LTM compared to FY24)
  • Performance fees of £32m, up 9% year-on-year
  • Fund Management Company profit before tax of £196m, up 21% year-on-year (+9% LTM compared to FY24). FMC PBT margin of 55.3%
  • Group operating expenses of £197m, flat compared to H2 FY24 and up 8% year-on-year
  • Balance sheet generated NIR of £48m (3% return, five year average return of 11%); NAV per share1 of 788p
  • Group PBT of £198m (H1 FY24: £242m) and Group EPS of 57.6p (H1 FY24: 71.5p)
  • Interim dividend of 26.3p per share, in line with policy (H1 FY24: 25.8p per share)
Benoît Durteste
Benoît Durteste

Benoît Durteste, CEO and CIO:

During the last six months we have reinforced our leading positions in flagship strategies and have significantly progressed a number of scaling strategies. We are reporting near-record levels of fundraising, increasing transaction activity, higher client numbers, and growth across almost all key financial metrics.

Senior Debt Partners completed the largest ever direct lending fundraise in Europe at $17bn2, reinforcing ICG’s position of strength and incumbency to capitalise on that market. Our structured capital, secondaries and real assets strategies3 – which account for ~55% of our fee-earning AUM – are originating attractive opportunities and experienced higher levels of investment activity than recent periods.

We have just hosted our annual LP gatherings in Europe, the US and Asia. ICG’s differentiated client offering resonates strongly, founded upon our distinctive waterfront of products with top quartile performance and DPI in a number of strategies, supported by our continued platform investments.

While uncertainty persists in many areas, we are seeing that top-tier managers such as ICG can generate attractive returns and raise significant amounts of client capital. This is accelerating the development of a relatively small group of globally relevant, scaled private market managers, and gives us confidence as we look to our next $100bn and beyond.

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References

Note: unless otherwise stated the financial results discussed herein are on the basis of Alternative Performance Measures (APM) – see page 5.

  1. The number of shares used to calculate NAV per share includes shares held in the EBT, to reflect how the Group uses the EBT to neutralise the impact of share based payments (a different basis to Group earnings per share). See page 13 for details. Prior period NAV per share figures have been adjusted to reflect this methodology.
  2. See page 7 for further details.
  3. Structured and Private Equity and Real Assets.

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