Half Year 2025 Intermediate Capital Group PLC Earnings Call Transcript
Key Points
- Intermediate Capital Group PLC (ICGUF) reported near-record fundraising, with total assets under management (AUM) reaching $106 billion.
- Management fee income increased by 23% year-on-year, reflecting strong financial performance.
- The company has reinforced its leading positions in European direct lending and GP-led secondaries, with significant progress in scaling strategies.
- ICGUF's SDP V strategy direct lending fund raised just under $17 billion, marking the largest ever European direct lending fundraise.
- The company has seen a strong increase in client numbers, now close to 750, indicating growing market interest and client base expansion.
- The private equity market is experiencing a disconnect between perception and reality, with global private equity deployment and realizations running lower than previous years.
- Total fundraising volumes in the sector are down again in 2024, continuing a downward trend since 2021.
- Private debt deployment remains lower than recent periods, partially due to dependency on buyout market activity levels.
- The company faces challenges in maintaining fee-earning AUM due to a wave of realizations as debt markets reopen.
- There is increased competition in the GP-led secondaries market, with traditional secondary players and private equity funds entering the space.
(audio in progress) -- David Bicarregui, who will give an overview of our performance during the period, and we'll then take questions.
The slides along with the accompanying results announcement are available on our website. (Event Instructions)
And at this point, I will hand over to Benoit.
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Thank you, Chris. Good morning, everyone. Today, we are reporting results that bucked the trend of what remains a challenging environment for private markets. Near record fundraising. Total AUM has reached $106 billion increasing transaction activity, higher client numbers, now close to 750, and growth across almost key financial metrics with of note management fee income up 23% year-on-year. In the first half, we have reinforced leading positions in our flagship strategies of European direct lending and GP-led
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