Interim results statement for the six months ended 30 September 2023

Delivering growth today, visibility on future opportunities


  • Total AUM of $81.0bn, up 3%1 compared to 31 March 2023
  • Fee-earning AUM of $64.2bn, up 4%1 compared to 31 March 2023, and $14.3bn of AUM not yet earning fees
  • Fundraising in line with our expectations at $5.0bn, with demand both for our flagship strategies ($3.2bn) and scaling strategies ($1.8bn); remain on track to meet our medium-term fundraising guidance
  • Management fee income of £234m (H1 FY23: £252m), up 5% YoY excluding catch-up fees (H1 FY23: £29.3m, H1 FY24: nil)
  • Performance fee income of £29m (H1 FY23: £14m)
  • FMC PBT of £162.7m (H1 FY23: £143.7m), operating margin of 55%
  • Balance sheet investment performance delivering an annualized NIR of 11% (five year average: 11%)
  • Group profit before tax of £241.9m (H1 FY23: £35.6m) and Group EPS of 71.5p (H1 FY23: 13.5p)
  • NAV per share of 714p (31 March 2023: 694p), robust capitalisation: net gearing of 0.48x, total available liquidity of £1.0bn
  • Interim dividend of 25.8p per share, in line with policy (H1 FY23: 25.3p per share)

Benoît Durteste, CEO and CIO:

Benoît Durteste, CEO and CIO, ICG
Benoît Durteste, CEO and CIO

ICG had a strategically and financially successful first half. We are executing on our strategy of “scaling up” and “scaling out”, and are investing in our people and platform. Our broad waterfront of products today, built on our 35 years’ experience of managing credit, positions us well to succeed across cycles. During the period we made progress across flagship, scaling and seeding strategies. Fee-earning AUM, profits from our fund management activities, and the value of our balance sheet all grew. Visibility on our future growth and earnings prospects increased.

Key funds generated value for our clients and shareholders, with low default rates, resilient NAVs, and $1.9bn of realisations2. This is underpinned by portfolio companies being appropriately capitalised and growing their earnings. Today, clients in our debt funds are enjoying historically high returns, and our teams in more equity-oriented funds are successfully navigating the impact of rising rates on those portfolios.

We are continuing to invest in further diversification, making seed investments during the period for strategies including LP Secondaries, Real Estate Equity, Life Sciences, and Infrastructure Asia. We are also exploring ways to leverage the breadth of ICG’s platform to distribute products to the HNW and UHNW market, building on success of Strategic Equity.

In a fast-changing macro background, our long-term business model is performing. We have the right strategic and financial resources to execute on the substantial growth potential embedded in ICG today, and we expect to make further strategic and financial progress in the second half of the year and beyond.

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Note: unless otherwise stated the financial results discussed herein are on the basis of Alternative Performance Measures (APM) – see page 5 of PDF (above).


  1. On a constant currency basis
  2. Fee-earning AUM of direct investment funds