Highlights
- AUM of $112bn; fee-earning AUM of $75bn, up 8%[1] compared to FY24 and five-year annualised growth of 14%[1]
- $24bn of fundraising, securing cycle and underpinning near-term financial performance
- Management fees of £604m, up 19%[2] compared to FY24
- Performance fee income of £86m (FY24: £74m)
- Total Balance Sheet Return of £241m[3]
- Fund Management Company profit before tax of £461m, up 23% compared to FY24
- Group profit before tax of £532m; NAV per share of 859p
- Operating cashflow of £518m, up 44% compared to FY24 (£359m)
- Total ordinary dividend per share for FY25 of 83p, 15th consecutive annual increase
- Reiterating medium-term guidance
- Will seek shareholder approval at 2025 Annual General Meeting to change name to “ICG plc”
Overview
Benoît Durteste, CEO and CIO:
FY25 was a milestone year for ICG during which we made significant progress in delivering on our ambition to offer our clients and shareholders breadth at scale.
We raised $24bn from our global client base. Fundraising highlights for the year include closing the world’s largest fund dedicated to GP-led secondaries (Strategic Equity V) and Europe’s largest direct lending fundraising (SDP V), as well as having our largest ever vintage-to-vintage upsize (Europe Mid-Market II, 3x larger than the prior vintage).
We have therefore secured this fundraising cycle and have anchored management fees and dry powder, materially underpinning our near-term financial performance. Today we have leading positions in structured capital, secondaries and debt, and have a real assets platform that is positioned for growth. Longer-term, ICG has clearly emerged as one of the few global alternative asset managers who are seeing their competitive position strengthened by today’s challenging market conditions.
Strategically our track record, product offering, culture and people drive our relevance to clients and our ability to originate differentiated investment opportunities. Financially we are generating substantial earnings. These qualities position us well to deliver further long-term value for our clients and shareholders.
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References
Note: unless otherwise stated the financial results discussed herein are on the basis of Alternative Performance Measures (APM) – see page 3.
1 On a constant currency basis.
2 Includes NIR and CLO dividend.
3 Sum of NIR and CLO dividend received.
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