Intermediate Capital Group posts higher-than-expected total Q1 AuM

Intermediate Capital Group raised more funds than expected at the start of its fiscal year amid "elevated" transaction activity.

During the quarter ending in June, assets under management at the alternative asset manager rose by 23.7% year-on-year to reach $101bn (consensus: $97.82bn).

But of that amount only $70bn were fee-earning (consensus: $71.69bn) following 10% growth in annual terms.

The firm raised $4.7bn of new funds during the quarter (consensus: $3.44bn), including $2.1bn for its Senior Debt fund and another $1.4bn for the Strategic Equity V fund.

Analysts at UBS had anticipated $0.5bn in monies raised for each of those funds.

Intermediate Capital deployed $3.9bn of funds during the period and achieved realisations of $2.5bn, against $1.0bn and $0.6bn one year before, respectively.

The firm's expectations were unchanged from at the time of its full-year results presentation.

As of 1242 BST, shares in Intermediate Capital were slipping by 1.34% to 2,208.0p.