ICG PLC: Management-to-sales feedback

Research evidence excerpt

ICG PLC: Management-to-sales feedback

mi-liquid evergreen products.

The financial impact is unlikely to be meaningful for 3-5yrs and ICG views the partnership as a

5-10yr growth opportunity, highlighting Asia as an opportunity. The partnership is expected

to be used selectively rather than across all products.

• Fees remain resilient: Management highlighted that Europe IX closed without first-close

discounts, and highlighted that this was unusual in the current environment. Whilst parts of

private credit remain highly competitive on pricing (ICG charge of 85bps for Senior Debt

Partners currently, whereas some competitors can charge even half the price), management

were confident they can continue to support management fee rates across their products

provided its strong performance is maintained.

• Balance sheet continues to deleverage: The cash generation from both the Fund

management company and Investment company segments of ICG’s business means that the

gearing in the balance sheet has been reducing over the last decade. ICG confirmed that on

reasonable assumptions (and without assuming large performance fee crystallisation)

gearing should reduce to nil over the next 12-18 months, thus providing fresh strategic

flexibility over the next few years.

• Excess capital plans: ICG remains totally focused on maintaining its progressive dividend

(with 16 years of growth). With the business set to be adding to excess capital beyond what is

required to grow the business organically following its deleveraging, ICG is assessing any and

all of potential uses of capital in the future, including further capital returns via buyback and

special dividends. Alongside these options, ICG continues to consider M&A opportunities as

well.

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