Embargoed until 7.00am on Tuesday 17 January 2012
Interim Management Statement
for the three months to 31 DECEMBER 2011




Intermediate Capital Group plc (ICG) releases its Interim Management Statement
for the three months to 30 December 2011


Fund Management Company
Assets under management remained stable over the period, at ¢‚¬12 billion.

Mezzanine Funds
Our mezzanine portfolio continues to perform well.
The last quarter of 2011 saw a very low level of activity in the European
private equity industry due to the uncertain economic outlook and, above all, to
the absence of senior debt financing. We are seeing evidence that European banks
are further retrenching from LBO financing. As a result, private equity sponsors
are now focussing on the refinancing risk of their portfolio companies and we
have seen a material pick up in the pipeline of potential new investments in
capital restructurings of solid companies.

In addition, there is an uptick in the number of ICG-sponsored pipeline
opportunities in Europe and Asia Pacific. Our Asia Pacific 2008 Fund supported
Ventura Motors, a leading urban buses operator in the Melbourne area, in its
acquisition of Grenda Motors in the quarter and is now 45% invested.  This is
our first ICG-sponsored transaction in Australia.

We continue to market our European Fund V and are making progress towards a next
closing.


Credit Funds
Our loan and High Yield bonds portfolios are also performing well.

We have experienced no defaults during the quarter and our loan funds continue
to deliver a strong performance. In the period we have won another segregated
mandate to manage a ¢‚¬100 million portfolio of senior loans on behalf of a
European institution.


Investment Company
Repayments and capital gains
The Investment Company (IC)'s portfolio performance remains solid.

No additional exits occurred over the period but a number of processes remain on
track for completion in the period. Repayment of principal for the first nine
months of the year totalled £307 million.  In addition, we crystallised £84
million of rolled up interest.



New Investments
New investments for the IC totalled £34 million during the period, primarily in
the Ventura transaction, bringing new investments for the first nine months of
the year to £111 million.

Balance Sheet
We raised £35 million in December through a Retail Bond, further diversifying
our funding sources. The balance sheet remains strong with unutilised bank lines
of £724 million at 31 December 2011.


Analyst / Investor enquiries:
Christophe Evain, CEO, ICG                        +44 (0) 20 3201 7700
Philip Keller, CFO, ICG                         +44 (0) 20 3201 7700
Jean-Christophe Rey, Investor Relations, ICG                        +44 (0)
20 3201 7768


Media enquiries:
Neil Bennett/Tom Eckersley/Andrea Coleman, Maitland                         +44
(0) 20 379        5151

This Interim Management Statement has been prepared solely to provide additional
information  to  shareholders  and  meets  the  relevant  requirements of the UK
Listing  Authority's Disclosure  and Transparency  Rules. The Interim Management
Statement should not be relied on by any other party or for any other purpose.

This  Interim Management Statement may contain forward looking statements. These
statements  have  been  made  by  the  Directors  in  good  faith  based  on the
information  available to them up  to the time of  their approval of this report
and  should be treated with caution due to the inherent uncertainties, including
both  economic  and  business  risk  factors,  underlying  such  forward looking
information.

These  written materials are not  an offer of securities  for sale in the United
States.  Securities  may  not  be  offered  or  sold in the United States absent
registration  under the US  Securities Act of  1933, as amended, or an exemption
therefrom.  The issuer has  not and does  not intend to  register any securities
under  the US Securities Act  of 1933, as amended, and  does not intend to offer
any  securities to  the public  in the  United States.   No money, securities or
other  consideration from any person inside the United States is being solicited
and,  if  sent  in  response  to  the  information  contained  in  these written
materials, will not be accepted.


About ICG
Founded in 1989, ICG is a specialist investment firm and asset manager providing
mezzanine finance, leveraged credit and minority equity, managing ¢‚¬12 billion of
assets  in  proprietary  capital  and  third  party  funds.  ICG has a large and
experienced  investment team  operating from  its head  office in  London with a
strong  local  network  of  offices  in  Paris,  Madrid,  Stockholm,  Frankfurt,
Amsterdam,  Hong Kong, Sydney  and New  York. Its  stock (ticker symbol: ICP) is
listed   on   the   London  Stock  Exchange.  Further  information  is available
at:www.icgplc.com.






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     originality of the information contained therein. 
    
Source: Intermediate Capital Group plc via Thomson Reuters ONE

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