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HedgeCo.Net \u2014 ICG reported fee-earning assets under management of $90 billion at September 30, up 9% over the past twelve months on a constant-currency basis, as its Europe IX fund held a final close at \u20ac12 billion. The London-listed manager called Europe IX, which was materially oversubscribed, the largest structured capital fund ever raised globally, citing Preqin data.<\/p>\n
ICG raised $7.6 billion in the six months to September 30, with net additions to fee-earning AUM of $4.7 billion. Total AUM stood at $145 billion, a figure that now includes unrealized gains and losses on deployed assets after a methodology change. Structured capital and secondaries accounted for $4.0 billion of the period’s fundraising, real assets $1.4 billion and debt $2.1 billion.<\/p>\n
Management fees rose 12% year on year to \u00a3374 million, and fee-related earnings climbed 18% to \u00a3199 million, or 68 pence per share, lifting the FRE margin to 53.1%. Performance fee income fell to \u00a324 million from \u00a398 million, which had included a one-off transition effect, and group profit before tax on ICG’s alternative performance measures declined 18% to \u00a3287 million. The interim dividend rose to 29.0 pence.<\/p>\n
Chief executive Beno\u00eet Durteste said the firm has had seven funds close at or above target over the past two years, in a year that could see a fifth consecutive annual decline in global private capital fundraising. ICG reaffirmed its target of raising at least $55 billion between April 2024 and March 2028, with $48 billion raised so far, and said it will manage to zero net debt over the medium term and return excess capital to shareholders.<\/p>\n
The results underline a widening gap between scaled institutional franchises and the rest of the private markets industry. Investors facing slow distributions are concentrating commitments with managers that can show realized performance, and hybrid strategies such as structured capital are drawing demand as sponsors look for flexible financing short of full buyouts.<\/p>\n","protected":false},"excerpt":{"rendered":"
HedgeCo.Net \u2014 ICG reported fee-earning assets under management of $90 billion at September 30, up 9% over the past twelve months on a constant-currency basis, as its Europe IX fund\u2026 Continue reading