Intermediate Capital hits fundraising target early as AUM grows in Q3

The share price of Intermediate Capital Group jumped on Thursday after the private equity investment firm reported a solid increase in fee-earnings assets under management (AUM) in its third quarter and reported that it had surpassed its medium-term fundraising targets early.

ICG, which joined the FTSE 100 index in December, said total AUM were $86.3bn in the three months to 31 December, $68.4bn of which was fee-earning AUM.

Fee-earning AUM rose 6.5% during the quarter on a reported basis, though growth was limited to 3.4% on a constant currency basis. Compared with last year, fee-earning AUM has risen 10%.

ICG said fundraising totalled $3.6bn during the quarter, taking the total raised since April 2021 to $41bn, ahead of the $40bn target set for the end of the current financial year.

What's more, the company said that fundraising momentum was "continuing into final quarter of financial year".

Deployment, or the amount invested, totalled $2.9bn during the quarter, and the actionability of pipeline was said to be increasing across a number of strategies.

The stock was up nearly 5% at 1,717.50p by 1206 GMT.