Resilient performance at Intermediate Capital

Assets under management at mezzanine finance specialist Intermediate Capital have headed higher since the end of March.

Assets under management are up 3.5% to €11.8bn since the beginning of the company's financial year.

On the mezzanine funds side, the group said it is making progress towards the €2bn target for its European Fund V and the launch of a successor to its Longbow fund.

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As for its credit funds, the portfolios have been "defensively positioned" and "are showing resilience in the current market," the group said. As a result, the company added, the loan funds continue to deliver a strong performance, with minimal default rates.

The investment company's portfolio performance was also described as "resilient", although, the general economic conditions are affecting a small number of the group's weaker assets.

A total of £41m of principal repayments have been received in the quarter and £10m of rolled up interest has been crystallised. New investments totalling £88m were made during the quarter. The group had untapped bank facilities of £449m as at the end of June.

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