Intermediate Capital AUM continues to grow in Q1

Private equity investment firm Intermediate Capital Group said on Thursday that assets under management had continued to grow in the first trading quarter of 2022.

Intermediate Capital said AUM rose 3% in the quarter and 19% year-on-year to $71.3bn, while third-party fee-earnings AUM increased 5% quarter-on-quarter and 27% year-on-year to $58.8bn.

The FTSE 100-listed firm stated the total size of its Europe VIII fund was currently sitting at €7.8bn, materially above its original target size of €7.0bn and 1.8 times the size of its Europe VII fund. ICP also said fundraising was now largely complete, with final close expected by the end of July.

Final closes were held for ICP's Strategic Equity IV and Asia Pacific IV funds, with total fund sizes of $4.2bn and $1.1bn, respectively.

Fund valuations were also said to be in line with 31 March, reflecting the group's focus on structuring transactions for downside protection and the continued strong operational performance of its underlying portfolio companies offsetting valuation pressures.

ICP also highlighted its "strong balance sheet", with total available liquidity of £1.4bn at 30 June.

As of 0940 BST, ICP shares were up 0.28% at 1,420.50p.

Reporting by Iain Gilbert at Sharecast.com