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Intermediate Capital Group Full Year Results Shows Assets Up A Fifth

London-listed private markets investor Intermediate Capital Group released its financial year end results today, showing that assets under management are up 22% to EUR45.3bn. Fund management company profits were also up, 27%, to £183.1mn from £143.8mn in 2009, but the investment company lost £68.6mn, "reflecting lower valuations of unrealised assets in the final quarter as a result of Covid-19." Group profits before tax were down 37% to £114mn, from 182.9mn in 2019.

“This has been another strong year for ICG, and with our strategic focus on the growth and performance of our fund management business, we raised €10.2bn during the year. Despite the impact of the Covid-19 pandemic on the latter part of our fiscal year, we continue to drive long-term value creation for our shareholders. We are in a resilient position with long-term contracted fee streams, a strong balance sheet and £1.2bn of available liquidity," said CEO Benoit Durteste. "We expect lower fundraising and investment activity in the short term, but our market fundamentals remain strong, our exposure to the most affected sectors is limited, and we are working closely with all our investments and portfolio companies to help them adapt to this new environment. We believe that the long-term drivers of increased allocations to the alternative asset class will continue and the current conditions will present investment opportunities for private capital to help bolster economies. 

"Given our strengthened business model, €11.4bn of investment capacity and disciplined investment capabilities, we are well placed to benefit from these opportunities and continue to create value for our shareholders and clients.”  

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