Intermediate Capital plays the middleman

Intermediate Capital (ICP) enjoyed a very solid half after higher-than-expected fundraising brought in third-party assets-under-management (AUM) of $13.8bn (£10.2bn.) The beauty of not going through the hard graft of marketing and acquiring clients’ funds and acting instead as middleman between investors and companies that require investment capital or private debt. This happy situation was reflected in the fee income that this core activity generated – fees for third-party funds were up by an impressive 29 per cent to £199m.