- Intermediate Capital reported Thursday total assets under management rose by 15% in the first quarter driven by a large fundraise.

In the three months to 30 June, assets under management (AUM) grew 15% to €32.9bn, inflows were €4.8bn and third party fee earning AUM was 20% higher at €25.2bn.

'As anticipated, the new financial year has started strongly with AUM breaking €30bn driven by fundraising for Europe Fund VII which is currently 48% larger than its predecessor fund,' the company said.

The company also charged higher fees on committed capital in the Europe Fund VII, which bolstered profits.

The company added that 2018/19 fundraising is weighted to first-quarter of financial year.

During the quarter a further four deals were signed which would take ICG Europe Fund VI to 100% invested, and ICG Europe Fund VII to 28% invested, Intermediate Capital said.

All funds remained on track to meet or exceed their return hurdle rates, the company said.

At 9:10am: [LON:ICP] Intermediate Capital Group PLC share price was +14p at 1094p

Story provided by