Evain leaving Intermediate Capital in 'excellent position'

Intermediate Capital saw inflows of €0.6bn in its first quarter, it said on Tuesday, driven by “robust demand” for current fundraising.

The FTSE 250 firm said inflows in the second quarter would be higher still as a result of fund closes, notably in respect of its ‘senior debt partners’ strategy.

It reported total assets under management at the end of the quarter as being 2% lower at €23.3bn, with third-party fee-earning assets under management 3% lower at €18.2bn, which the board said was due to “strong realisations”, and the strengthening of the euro against the dollar and sterling.

Fund investment was in line with expectations - despite a “competitive” investment market, the company said, while fund performance remained “strong”, benefiting from “robust” portfolio partners.

“I am pleased with our start to the financial year, with both fundraising and capital deployment remaining on track,” said CEO Christophe Evain.

“Our expectation continues that this will be a strong fundraising year and we will be able to maintain the deployment pace of our funds.”

Evain said that, as he handed over to Benoit Durteste as CEO at the company’s annual general meeting later today, he was “proud” to have led the team which has brought about a “transformation” of ICG to a specialist, alternative asset manager.

“Our success is built on a disciplined investment culture, an entrepreneurial approach to deals, and local access and insight.

“I am proud to be leaving ICG in such an excellent position.”