Icg Plc · LSE:ICG
Icg — Intermediate Capital Group — Investor Presentation (September 2021)
30 slides from Icg's investor presentation, Sep 8, 2021
Slide 1: Updating our asset classes
Updating our asset classes 8 SEPTEMBER 2021 PRIVATE AND CONFIDENTIAL
Slide 2: Updating our asset classes to reflect the breadth of the ICG platform
Updating our asset classes to reflect the breadth of the ICG platform ICG is a global alternative asset manager, investing on behalf of our clients. We provide flexible financing solutions across the capital structure to help companies develop and grow. Structured and Private Debt Real Assets Credit
Slide 3: Mapping asset classes to strategies
Mapping asset classes to strategies Structured and Asset Classes Private Debt Real Assets Credit Private Equity Asia Corporate Australian Senior Loan Real Estate Infrastructure European CLO Partnership Equity Strategies European Corporate North America Private Debt Capital Multi-Asset Credit Europe
Slide 4: Clear characteristics within each asset class
Clear characteristics within each asset class INDICATIVE LENGTH BLENDED TARGET BASIS OF OF FUND CONTRACTUAL LIFE1 MANAGEMENT FEE RATE1 MANAGEMENT FEE1 Structured and 10 – 12 years ~150bps Committed Private Equity Private Debt 7 – 10 years ~90bps Invested Committed (~20%) Real Assets 7 – 12 years ~10
Slide 5: ICG today: an attractive and broad platform
ICG today: an attractive and broad platform THIRD-PARTY AUM THIRD-PARTY FEE-EARNING AUM THIRD-PARTY FEE INCOME 30 JUNE 2021 30 JUNE 2021 FY21 29% 30% 20% 34% 34% 52% $62bn $51bn 11% £334m 10% 11% 17% 31% 21% • Structured and Private Equity provides outsized contribution to third-party fee income giv
Slide 6: Outperforming a fast-growing market, substantial opportunity in all asset classes
Outperforming a fast-growing market, substantial opportunity in all asset classes GLOBAL ALTERNATIVES AUM 2020 – 2025 CAGR +16% $12.6tn 2020 – 2025 CAGR: Market : 13% Private Equity 2015 – 2020 CAGR: Market : 12% ICG: 19%1 $7.0tn +11% Private Debt $4.0tn +4% 2015 2020 2025 Real Assets2 Private Equit
Slide 7: Long-term track record of growing and broadening our asset classes
Long-term track record of growing and broadening our asset classes THIRD-PARTY AUM 5 19 $62bn $56bn $47bn $39bn $33bn $23bn $22bn $17bn $15bn $13bn $12bn FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 Q1 FY22 Structured and Private Equity Private Debt Real Assets Credit [] Indicates number of str
Slide 8: Substantial embedded medium-term growth potential
Substantial embedded medium-term growth potential CUMULATIVE THIRD PARTY FUNDS RAISED SINCE INCEPTION1 Senior Debt Partners $20bn European Corporate $15bn Established Strategic Equity $5bn Real Estate Partnership Capital $4bn Organic path to $100bn+ N. American Private Debt $2bn Asia Pacific Corpora
Slide 9: Two messages to finish with… Q&A?
Two messages to finish with… New asset classes make clear the breadth of our platform Well-positioned to benefit from long-term structural growth across the alternatives space Q&A? PRIVATE AND CONFIDENTIAL 9
Slide 10: Appendix I: Further information on asset classes
Appendix I: Further information on asset classes PRIVATE AND CONFIDENTIAL
Slide 11: Structured and Private Equity
Structured and Private Equity $18bn third-party AUM1 Providing structured and equity financing solutions to private companies Focus on mid-market (broadly-defined), EVs typically €100m – 2bn Includes flagship European Corporate, Europe Mid-Market, Asia Pacific Corporate, Strategic Equity New strateg
Slide 12: Private Debt
Private Debt $19bn third-party AUM1 Providing debt financing to high-quality corporate borrowers Focus on lower and mid-market, generally lending between €200m – 800m per transaction2 Includes Senior Debt Partners, North America Private Debt, Australian Senior Loan THIRD-PARTY FEE INCOME (£M) % Grou
Slide 13: Real Assets
Real Assets $6bn third-party AUM1 Providing financing solutions in the real estate and infrastructure sectors Focus predominantly on European mid-market (broadly-defined), investments typically £25m – 300m Includes Real Estate Debt, Infrastructure Equity and Sale and Leaseback New strategies include
Slide 14: Credit
Credit $18bn third-party AUM1 Investing in primary and secondary credit markets Focus on Europe and US Combination of long-duration closed-end funds (CLOs) and open-ended liquid funds THIRD-PARTY FEE INCOME (£M) % Group third-party fee income2 20% FY17 FY18 FY19 FY20 FY21 Third-party fee income £24m
Slide 15: Appendix II: AUM bridges and balance sheet investment portfolio
Appendix II: AUM bridges and balance sheet investment portfolio PRIVATE AND CONFIDENTIAL
Slide 16: Third-party AUM by asset class
Third-party AUM by asset class THIRD-PARTY AUM $m Structured & Private Equity Private Debt Real Assets Credit Total 31 March 19 11,586 10,149 4,017 12,907 38,659 Additions 2,399 4,173 1,886 2,795 11,253 Realisations (967) (449) (298) (318) (2,032) FX and other (103) (254) (151) (127) (635) 31 March
Slide 17: Third-party fee-earning AUM by asset class
Third-party fee-earning AUM by asset class THIRD-PARTY FEE-EARNING AUM $m Structured & Private Equity Private Debt Real Assets Credit Total 31 March 19 11,390 6,123 3,244 12,478 33,235 Additions 2,415 3,411 1,283 2,647 9,756 Realisations (974) (1,299) (273) (405) (2,951) FX and other (44) (172) (80)
Slide 18: Balance sheet investment portfolio
Balance sheet investment portfolio HISTORICAL NET INVESTMENT RETURNS BALANCE SHEET INVESTMENT PORTFOLIO AT 31 MARCH 2021 FY19 FY20 FY21 £m NIR % £m NIR% £m NIR% 18% Structured and Private £212m 16% £122m 9% £342m 24% 15% 61% Equity Private Debt £18m 13% £4m 3% £19m 12% 6% Real Assets £9m 5% £11m 3%
Slide 19: Historical balance sheet investment portfolio bridges
Historical balance sheet investment portfolio bridges FY18 – FY191 £190m Unrealised gains FY19 – FY201 £(34)m Unrealised gains / (losses FY20 – FY21 £375m Unrealised gains 1 Historical disclosure now updated to include impact of warehoused investments * Realisations is the cash received on exit incl
Slide 20: Appendix III: Fund information
Appendix III: Fund information At 31 March 2021 PRIVATE AND CONFIDENTIAL
Slide 21: Structured and Private Equity
Structured and Private Equity Investment Period Third-party (USD)7 Curr. ICG drawn4 (‘m) TP AUM 1 ICG2 Fund Size 3 Fund Status Starts Ends (£m) Mgmt fee 5 Fee basis Perf. Fee Invested6 AUM FE AUM European Corporate: 20% of 15 European over 8 and 2 Fund 2006 EUR 940 - 940 Realisation N/A N/A - 0.75%
Slide 22: Structured and Private Equity (cont.)
Structured and Private Equity (cont.) Investment Period Third-party (USD)7 Curr. ICG drawn4 (‘m) TP AUM 1 ICG2 Fund Size 3 Fund Status Starts Ends (£m) Mgmt fee 5 Fee basis Perf. Fee Invested6 AUM FE AUM Strategic Equity: 20% of 12.5 Fund II USD 866 200 1,066 Realisation Mar-16 Feb-20 86 1.25% Inves
Slide 23: Private Debt
Private Debt Investment Period Third-party (USD)7 Curr. ICG drawn4 (‘m) TP AUM 1 ICG2 Fund Size 3 Fund Status Starts Ends (£m) Mgmt fee 5 Fee basis Perf. Fee Invested6 AUM FE AUM Senior Debt Partners*: 20% of 15 from 4-7 Fund II EUR 3,153 25 3,178 Realisation Mar-15 Nov-17 16 0.75% Invested 785 920
Slide 24: Real Assets
Real Assets Investment Period Third-party (USD)7 Curr. ICG drawn4 (‘m) TP AUM 1 ICG2 Fund Size 3 Fund Status Starts Ends (£m) Mgmt fee 5 Fee basis Perf. Fee Invested6 AUM FE AUM Real Estate Senior Debt : Fund I GBP 400 - 400 Realisation Feb-14 Apr-15 - 0.43% Invested N/A 71 105 98 Fund II GBP 360 -
Slide 25: Real Assets (cont.)
Real Assets (cont.) Investment Period Third-party (USD)7 Curr. ICG drawn4 (‘m) TP AUM 1 ICG2 Fund Size 3 Fund Status Starts Ends (£m) Mgmt fee 5 Fee basis Perf. Fee Invested6 AUM FE AUM Real Estate Development: Longbow 20% over Development GBP 616 19 635 Investing Mar-15 Dec-21 17 1.00% Invested 9%
Slide 26: Credit
Credit Investment Period Third-party (USD)7 Curr. ICG drawn4 (‘m) TP AUM 1 ICG2 Fund Size 3 Fund Status Starts Ends (£m) Mgmt fee 5 Fee basis Perf. Fee Invested6 AUM FE AUM Syndicated Loans: Eurocredit EUR 77 - 77 Investing May-06 N/A - 0.51% NAV N/A 110 130 130 Investment I EOS Loan EUR 1,364 48 1,
Slide 27: Credit (cont.)
Credit (cont.) Investment Period Third-party (USD)7 Curr. ICG drawn4 (‘m) TP AUM 1 ICG2 Fund Size 3 Fund Status Starts Ends (£m) Mgmt fee 5 Fee basis Perf. Fee Invested6 AUM FE AUM Secured Finance: ICG Secured Finance EUR 185 - 185 Investing Sep-19 N/A - 0.50% NAV N/A 224 255 263 Fund Secured Financ
Slide 28: Credit (cont.)
Credit (cont.) Investment Period Third-party (USD)7 Curr. ICG drawn4 (‘m) TP AUM 1 ICG2 Fund Size 3 Fund Status Starts Ends (£m) Mgmt fee 5 Fee basis Perf. Fee Invested6 AUM FE AUM US CLOs: US CLO I USD 328 48 377 Investing Mar-14 Jan-22 9 0.50% Invested N/A 296 296 296 (2014-1) US CLO II USD 387 27
Slide 29: Credit (cont.)
Credit (cont.) Investment Period Third-party (USD)7 Curr. ICG drawn4 (‘m) TP AUM 1 ICG2 Fund Size 3 Fund Status Starts Ends (£m) Mgmt fee 5 Fee basis Perf. Fee Invested6 AUM FE AUM European CLOs: St Pauls II EUR 396 40 436 Investing Jul-13 Oct-21 23 0.50% Invested N/A 402 429 429 St Pauls III EUR 53
Slide 30: Disclaimer
Disclaimer The materials being provided to you are intended only for informational purposes and convenient reference and may not be relied upon for any purpose. This information is not intended to provide, and should not be relied upon, for accounting, legal, tax advice or investment recommendations
Intermediate Capital Group — Investor Presentation (September 2021) on 6ix